All Forum Posts by: Jeff Wallace

There isn't really a "Best" when it comes to investing - There is a lot of "Personal Preference" so find the neighborhoods that meet your specific goals or interests - that may require some legwork or research on your part.... or cast a wide net and pick a deal that presents itself regardless of neighborhood - If you find a good deal anywhere in Spring, the specific neighborhood should not discourage you from moving forward on a flip

@Dillon Hudson - It sounds like you are planning to start slowly - The best play is to buy something close so you can self manage - I would buy a house in the woodlands - opportunities pop up every day - get something small in Grogan's Mill, Panther Creek, or Cochran's Crossing - with interest rates where they are (for now) you can find decent cash flow with 20% down.  With some smart upgrades, you can push the rent numbers beyond the current comps.  Good clean or updated rental properties are in high demand in The Woodlands... you will do well.

A nice property in The Woodlands will lease in a few days in the current market with multiple applicants to choose from - also, your calculations have included money for HOA - The Woodlands does not have an HOA, so you can remove that line item - Good Luck and Happy Investing - jeff

Tons of opportunity in The Woodlands/Conroe/Spring market - low interest rates allow for cashflow on prices that continue to climb.... but rent prices seem to be climbing just as fast and properties lease very quickly - If you want to maximize your investment, I would not lease to family.... typically I see that investors who lease to relatives usually give a fairly substantial discount from market rent.

I’m seeing the same thing - lots of interest/applications - I just listed/leased a house in the woodlands - I thought I was listing it high at $2,400 - after a first day approved application, and 10 subsequent inquiries, I wish I had listed it at $2,600

@Tanner Vandevere that process has become terrible - so much competition and new and uneducated buyers that the prices are retail or higher once the rehab numbers are accounted for.  Feel free to reach out to discuss different options if you would like 

Unfortunately, it isn’t always that simple .... is it vacant or occupied? If vacant, do you have contact info for the owners? Getting the owners on board is only the first but often the most difficult step in the process - without their cooperation, you can’t buy it until the foreclosure.

@Alden Cleveland not all lenders are equal! - you need to find a lender or lender product that uses a new appraisal value and not the original purchase price when doing a cash out refi - or wait 6mos-1yr and then the cashout will automatically get a new appraisal for the refi.

Unfortunately, Multifamily is rare and pricey in the Houston area - or in if it is affordable, it is in areas that aren't ideal for a house hack - What I am advising my children to do (they are in similar situations as you) is to buy single family and rent out a room while you are living there and then transition property number one into a full-time rental and move to your next single family house hack.  If I were you, I would buy in The Woodlands and start collecting properties there.

@Tyler Williams to take complete advantage of the brrrr in your target area, I would save $75,000-$100,000- paying cash for the properties will open doors to buying options that aren’t available when using loans - I have a client who bought a foreclosure two months ago in Baytown for $31,000 - it had to be a cash sale - after rehab, he has about $50,000 in equity - THAT is how multi-millionaires are made! But.... without the cash available, he wouldn’t have been able to make the purchase