Are you looking to buy a home? Purchasing your first home is an exciting experience, and one that makes you feel accomplished. Owning a home means you’ll be making monthly mortgage payments instead of monthly rent payments, but your money’s going to go toward building equity—an investment stake in the property that could easily grow in value over time.
The process of building wealth through real estate investing is multi-faceted. Understanding Houston’s real estate market is one component, and developing the right mindset is another. Being a successful real estate investor requires both.
Choosing which renovations to perform on your Houston investment property is equally important to working with the right contractors. You need to determine what work you’re going to do with the same level of diligence you use to vet your contractors.
Pet policies – they’re a divisive topic among landlords, but among those who do allow pets, they tend to be straightforward. Tenants can generally have cats and small dogs, end of list. Some might allow a small fish tank, and really, no one would notice, or hamsters, but nothing more complicated. And few allow more than one or two animals on the premises; crazy cat ladies need not apply. Simple, right? Maybe not.
Multifamily homes, especially duplexes, are popular starter homes for young investors, but eventually, everyone moves on, and that’s when it’s time to sell. Selling a multifamily property, though, is a little different from selling a single-family home; buyers may be fellow investors, families that want to share a home with older relatives, or those casually dipping a toe into the rental market. And if you’re going to get the most for your property, you need to be selective in who you sell to.
If you’re a landlord in the Houston area – or thinking about becoming a landlord in the future – it’s important that you familiarize yourself with all of the laws, restrictions, and requirements that may apply in your situation. In particular, you need to think about Section 8 housing and what it means for your situation.
Many people live for the hustle and bustle of city life. They like being constantly connected and close to as many amenities and entertainment options as possible. But as cities and surrounding suburban communities grow, some people – perhaps yourself included – begin to long for a lifestyle that’s a bit quieter and simpler. And it’s this pull of simplicity that draws many to sell their homes and purchase rural acreage in the countryside.
Real estate is serious business. Whether it’s a young couple purchasing a single-family home to live in and start a family, or an older investor stashing her money away to create an income-earning opportunity, there’s nothing cavalier about a real estate transaction. Thus, it shouldn’t come as a surprise that many deals fall apart before they ever reach the closing table.
If you’ve never purchased a home before – or it’s been a few decades since you’ve done it – you may not be realize that getting a pre-approval letter from a mortgage provider is one of the first steps towards the home search and purchase process. And if you don’t know much about the pre-approval process, now is a great time to learn.