Houston Texas Real Estate Investing Resources for Investors and Landlords

We at SecretHoustonRealEstateDeals.com are constantly asked questions about our wholesale properties, as well as Houston Investment Property in general. Here are some resources we use to help us as investors, as well as some answers to the most common questions we get.

Q: Where do you get your property values from?

A: We use multiple online sources to determine the current market value of properties, as well as driving the area and checking to make sure we have apples-to-apples comparisons. Here are the best sites to use:

1) HAR.com is the most valuable resource when it comes to Houston real estate. You can search recent sales info to get reasonably accurate comps, as well as see what other properties are listed for sale in that area to see what else is available. It is always good to know what your competition is when it comes to flipping houses, or holding them as rentals.

2) Zillow.com gives a more accurate value in larger urban areas than smaller towns. The values for Houston are usually within 3-5% of a houses value, but can be off by 20% or more in a smaller town like Magnolia.

3) The local county auditor sites:

Harris County: hcad.org

Fort Bend County: fbcad.org

Montgomery County: mcad-tx.org

Galveston County: galvestoncad.org

Q: Where are your bargain Houston investment properties listed?

A: On the Front Page http://secrethoustonrealestatedeals.com/investordeals/ on the right side of the screen is a section titled Recent Entries. This is a list of the available bargain Houston properties as well as Real Estate Investing Tips.

Q: Where can I get financing for Houston area investment real estate?

A: What you plan to do with the property will determine which option is best for you. If you have the cash to buy a discounted property without financing it, that is always the easiest way to go. If you are buying a property as a rental that is in “move-in” condition or already has tenants in place, acquiring conventional financing from your local bank or credit union is an option if you have good credit and a 10-20% down payment. Local credit unions are more investor friendly right now than big banks, and you will likely get a better interest rate as well. If you are…

Rehabbing to resell or rent out: Hard money is the easiest way to go. You will pay a 12-18% interest rate as well as a couple of points, but if you have a good deal on your hands, hard money lenders care more about the deal than about your credit score. Just be aware that a lot of banks will require the title to be in your name(seasoned) for at least3-6 months(sometimes as much as 12 months) before they will make a loan to an end buyer to acquire your property, or let you refinance the renovated property to a conventional non-owner occupied property loan. If you do hold it as a rental and refinance the property, you will likely need a good credit score, and possibly down payment money if the appraisal on the property comes back too low.

Rehabbing to live in yourself: An FHA 203K loan will likely be your best option. It gives you up to a year to complete renovations, and then you will be able to transition into a conventional 15 or 30 year mortgage with little difficulty. You will be required to have good credit and a down payment, but you will get the best interest rate available. http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm

Q: What is wholesale property/wholesaler?

A: A wholesale property is a property sold at a deep discount to its fair market value by a wholesaler. A wholesaler is someone who works with motivated sellers, puts their property under contract, and then sells the rights to their contract to the investor/buyer.

Q: What is the wholesale process?

A: A motivated seller such as a tired landlord calls a wholesaler and offers to sell him/her a house worth $100,000 for $60,000 that needs $5,000 in repairs. The wholesaler inspects the property and verifies the value, then puts the property under contract. The wholesaler then offers the property for sale to their buyers list at $63,000. The buyer meets with the wholesaler, buys the rights to the original purchase contract for $3,000, and has the original contract assigned to them. The buyer then closes on the property, repairs it, and then resells it on the retail market for $100,000, or rents it out generating passive income every month.

This is a win-win-win situation. The seller wins because they were able to sell their property quickly and without having to pay a realtor commission. The wholesaler wins because they were able to make a couple grand by helping put a deal together that otherwise wouldn’t have happened. The buyer wins because they now have a property that they paid $68,000($60k purchase price, $5k repairs, $3k assignment fee) that is worth $100,000.

We’re all in this together!

About the Author

I am a Wholesale real estate investor in Houston, Texas. I buy for myself as well as wholesale truly great deals to my investor network. If you have a great deal or want a great deal around Houston, I’m the person you want to email first.

I also partner with other wholesalers marketing properties, and even work with realtors. Bring me your pretty houses, your ugly houses, your buyers, or your sellers. We will make money together! www.SecretHoustonRealEstateDeals.com

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