2006-10-22 15:29:11 · 9 answers · asked by russel 1 in Business & Finance ➔ Renting & Real Estate
It all depends on what you plan to do with the house. If you can purchase the house significantly under value and resale it or rent it, it could be a good investment depending on how much work it needs. If you plan to hold it and hope it goes up in value over some years, it may not be. The buy and hold investment strategy is a more complex then flipping or renting. If this is your plan you should go to a local real estate investors association meeting and see if you can get some advice from a seasoned investor. I'm on the other side of the country so I don't know the market there but a low price could be a goldmine or a money pit.
2006-10-22 15:42:11 · answer #1 · answered by D. Young 2 · 0⤊ 0⤋
Russel,
Do you live in Houston? No? then don't.
Yes? then maybe. Did you know we have some the highest foreclosure rates in the country? Thanks to creative financing from mortgage companies, Do you have lots of extra cash for untold or unseen expenses?
Do you have 20% or more to put down?
Do you have extra cash for insurance rates that have risen 20 - 50% last year?
Do know how to get the best rates for you on the shortest terms or whats good for the bankers?
Foreclosures are passing this month what we had all last year.
If you got serious cash and knowledge go for it.
Else take the extra money you got pay off credit debt car loans student loans and get a real 10% - 30% ROI.
Oh Drew missed the point - we have land so are cost will never equal some places in the country. Our appreciation of property value varies from 2% - 15% depending our local.
Russel do your homework before wasting your money.
2006-10-22 15:40:58 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Definitely good to invest in housing in Houston...rent is outrageous here! The property is so cheap because Harris County has one of the highest property tax rates....so be sure and check with the tax office before jumping into the market...that is where they get you in the end. I agree that an inspection of the property would be a good idea as they have many very nice homes that have had flood water in them and have a serious mold problem....several houses have been condemned and are being destroyed to prevent ppl from getting lung cancer from the mold!
2006-10-22 15:41:29 · answer #3 · answered by Kimberly 3 · 0⤊ 0⤋
Well, they have a show on TLC called flip that house. I watch it all the time but I have never done this. I think that you should really have someone do an inspection of the house first to make sure you aren't getting yourself into a disaster. But otherwise go for it!
2006-10-22 15:33:08 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Why are the price so low, because no one want to live there.
Also is the housing an open fare and with full disclosure??
And check out this web site to see if there is a bubble.
http://www.breakingbubble.com/index.htm
2006-10-22 15:40:27 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I think its a great idea but will take many years before the demand exceeds the supply therefore making your investment a valuable one.
2006-10-22 15:32:17 · answer #6 · answered by Jason H 2 · 0⤊ 0⤋
The price are lowest,but you have to pay high tax.Ask people live there and compare with where you are now.
2006-10-22 15:33:05 · answer #7 · answered by colorado 3 · 0⤊ 0⤋
i would say in 5 years will pay off.
2006-10-22 15:30:31 · answer #8 · answered by Please Help 1 · 0⤊ 0⤋
YES
2006-10-22 15:30:58 · answer #9 · answered by cork 7 · 0⤊ 0⤋