Is Houston TX A Good Area To Invest In Rentals?
Hi, I'm looking to potentially cash out of this insane SoCal RE market, sell my personal residence somewhere in the $9's and purchase a similar house in Houston for under $300K. I would have $600K cash leftover to play with. Is this enough capital to control multi-unit rentals that will generate say $80K+ net cash flow and be paid off in 25 years which the equity would essentially be my retirement (I'm in my late 30's). I know this sounds simplistic, but I like to keep things simple. I am new to REI and want to keep my projections realistic. Thanks ahead for your responses.
in short is 600k enough for houston area ? yes should be.
Yes! I am Houston a native, currently living in Dallas. You can purchase a mini mansion in Houston with 300K easily; with 600K you are game in the REI Industry. Big time. Real Estate in Houston is very very reasonable and now is a good time to invest there because the city is booming (outside of the Enron scandal) They have currently renovated all of down town Houston, adding a light rail system, high rise condominiums, a huge entertainment district etc. If I were you I would go for it! Keep us posted
~Shephia~[ Edited by shephia on Date 12/23/2004 ]
I agree with the above post. Houston is a great place for investment property. I plan on buying my first multi this year.
One word of warning, the property tax here is HIGH. be sure to factor that cost in before you buy.
Im in California, own O properties but was thinking of Houston for my first as well.