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Home Buying in Houston : Real Estate Advice

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Activity 1,387
Tue May 23, 2017
Ms.smih21k asked:
Tue May 23, 2017
Chelsrc asked:
We bought and moved into a house where a neighbor had built a wood fence on their side of the existing chain link fence, which my survey shows as our property boundary. She is insisting…
0 votes 0 Answers Share Flag
Tue May 16, 2017
Digitaldart answered:
My impression is that rather than spend the time and effort building a soundly constructed house (as one would expect their mission to be), that they instead invest their greatest money in combating negative comments about them on the web. When we were looking to buy a house, we found all kinds of negative comments and such. Even heard about five deaths on the west coast somewhere, when a shoddy constructed balcony fell off a house they built. Only thing is that they all seemed to disappear after we found them (could not find again). This stuff disappears, and then it comes back somewhere else. They must sue people, or pay money to keep things quiet. In our case, we bought KB home, and regularly visited the property while it was being built. Spotted all kinds of things, reported them to our county, and the county investigated. Then the building manager told us, you are now on the county's radar, so all that free stuff we were going to do...we won't. Ok, but we wanted a safe house so... glad we are on someone's radar! We sent them a list of unfinished things in the house since the day we moved in. They fixed a few token things. After a year and a half of not finishing the work, they finally started telling us, you aren't under warranty anymore! Excuse me!? You don't even fix the stuff you're supposed to fix...you delay a year and a half, then tell us not under warranty? This is absurd! They were mad at us when we moved in because we got our own financing (it was a big difference in cost), and somehow they made us pay some bizarre $7,000 tax fee for the state. The state paid us back, so it was no real harm done, but it was such a petty thing for making us have to pay more because we didn't go with their finance... so petty. They even let their finance ping our credit once a month for the first year, and with all those excess pings to the credit, we could not refinance because of so many inquiries. Something really wrong about that one. Just beware. More interested in getting your money than in delivering a quality product. Funny thing is all the broken stuff is really simple and cheap stuff...would take any reasonable person 5-10 minutes for each thing, so nothing major or earth shattering. We were even replacing our sump pump once a month because they didn't finish hooking up the resivour and outside dirt kept running inside...thank god they fixed that one...I hope! ... more
0 votes 86 answers Share Flag
Sat May 13, 2017
Susie Kay answered:
I would suggest that you pick up the phone and call a local realtor to assist you.
0 votes 2 answers Share Flag
Thu May 4, 2017
Tiffany2800 asked:
My husband and I are hoping to purchase a home sometime in the next year (preferably by February or March 2018). our FICO 8 scores both range from the lowest 618 to the highest 690 and 665..…
0 votes 0 Answers Share Flag
Wed May 3, 2017
Alan May answered:
Contact the agent's managing broker and ask to be reassigned to another agent.

And there's not a single thing about your comment that indicates that you need an "Exclusive Buyer's Agent". What you need is an agent who is attentive and responsive. ... more
0 votes 3 answers Share Flag
Tue May 2, 2017
Dora Peacock answered:
Are you looking to buy in Texas? I have a lender that has a bank statement program. You would need a credit score of 720 for the 1 year bank statement program and 640 for the 2 year bank statement program. Your down payment would be 5%-20%, depending on your credit and which program you are under.

Feel free to contact me for more information. My team would be happy to help you!
... more
0 votes 1 answer Share Flag
Tue May 2, 2017
Tdoyle010 answered:
I was able to get an FHA loan about 18 months ago. At first my score was pretty beat up. My first loan officer told me to pay my collections, and that lowered my score even more! I had no choice but to start working on my credit. I was referred to Tom at Select Us and I was at 650 in just over 4 months! Now I have a house that I love in a neighborhood that is ideal! Professional help was the way to go for me. Hope this helps! ... more
0 votes 93 answers Share Flag
Fri Apr 21, 2017
Dan Gaylor answered:
I am a Real Estate Broker and I would suggest working on your credit and getting the score up and try FHA financing or VA if he is a Veteran because they are more lenient on credit ratios. You failed to mention if you also are employed and if you are your credit may not be as bad and 2 buyers are better than one. The bigger down payment the easier the loan.

Presently an $80,000.00 per year and your salary if you are employed with some cash to work with you can get some owner financing and do not have to use a bank. For instance with 20 % of the purchase price you might get a Realtor to find some owner financing for you. You could most likely get a $200,000.00 property with $40,000.00 down or a $100,000.00 with about $20,000.00 down. Payment on $200,000.00 -down payment ($40,000.) at about 5% for 30 years would be $751.55 per month plus taxes and Insurance. Payments on $100,000.00 -down payment ($20,000.) at about 5% Interest would be $429.46 per month plus taxes and Insurance. CALL A Realtor and they can help you.
... more
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Tue Apr 11, 2017
Adrite answered:
Owner Builder Network, Alberto, 281-356-9050. Been in business awhile. Many nice houses built.
0 votes 1 answer Share Flag
Sat Apr 8, 2017
Sigungdan answered:
Hi Tyler,

A good question that my wife and I have been debating the last couple of years as we start dreaming about retirement. We currently live near Everett Washington, with Paine Field, home of Boeing, with several big aviation events annually, a couple of great airplane museum collections where one of my coworkers spends her free time as a CFII and both B25 & DC3 pilot for the Historic Flight Foundation at KPAE. The community has great GA piloting organization including a very active chapter of the Washington Pilots Association and of course Brice's FATPNW (check it out on Facebook :-). And for about 5 months out of the year, the most awesome flying weather and places to fly.... coast, mountains, islands, and without the high altitude concerns of the Rockies or the misty sky's of places of the south eastern US.

So why are we considering other locations. Well, for the other 7 months of the year flying can be a challenge because of weather .... it is so beautiful and green here because of clouds and rain in the long winter off season. The perfect answer might be to become migratory snow birds spent winters in south Texas or Florida or Prescott Arizona, when the thunder storms and squall lines are gone, and then spend the summers in the Pacific Northwest .... where for a few months it is the best place in the world for GA.... though it is not the cheapest place to live....

So there are my thoughts on pros and cons. Still trying to sort it out myself, so if you find the USA GA Shangrala, let me know.

Fly Safe.
Regards,
Dan
... more
0 votes 21 answers Share Flag
Thu Apr 6, 2017
Harleysmom1997 answered:
I have lived in Ponderosa for 17 years. Yes parts do flood but my house hasn't. The front of the subdivsion doesn't flood but the back half does all the time. When Allison hit it was a lake!! You can tell what floods because has you drive down sugarpine there is a sudden slope down, that's where it starts flooding. Another give away is if there are homes with stairs leading to the their front doors your in the area that floods. ... more
0 votes 8 answers Share Flag
Thu Apr 6, 2017
Mays Kuhail answered:
The top neighborhoods to invest in Houston are Midtown, Montrose, The Heights, and Memorial. Prices of median home prices in the neighborhoods range between $385,000 and $612,000.

You're going to have to search for Houston investment properties that match your budget and the location you have in mind. In general, returns are what count. So I would search the returns of these neighborhoods and compare between them to choose the best investment option. ... more
0 votes 12 answers Share Flag
Thu Apr 6, 2017
Mays Kuhail answered:
According to Mashvisor.com these are the top four neighborhoods for Houston real estate investing:

1. Midtown

Midtown might actually be the best neighborhood for buying an investment property in all of Houston. This neighborhood features endless advantages, including: a central location, proximity to key districts such as the Galleria and the Museum District, excellent accessibility along major freeways and hosting major arteries, very good walkability (82/100), and nearness to employment centers such as the central business district. In addition, Midtown is ever-evolving, diverse, and bursting with nightlight and street life including restaurants, bars, coffee shops, lounges, boutiques, and retail stores. Art venues are also abundant.

Real estate property options are various: townhomes, condos, lofts, patio homes, and single-family homes. Prices are generally affordable with a median price of $385,000. According to the Mashmeter, an indicator developed by Mashvisor for grading how good any particular neighborhood is for real estate investing, Midtown scores 81%, which is a very high score. The expected cash on cash return for traditional renting and Airbnb is 4% and 5%, respectively. The expected rental income is $1,978 for traditional and $2,340 for Airbnb. The occupancy rate for Airbnb is 75%. All these combined mean that Airbnb is the optimal renting strategy in the Houston real estate market for Midtown.

2. Montrose

Montrose is another excellent neighborhood for investing in the Houston real estate market. This predominantly residential neighborhood features a demographically diverse population inhibiting townhomes, renovated mansions, bungalows with porches, and cottages. It offers the best cuisine in Houston, various coffee shops, and rich nightlife. It is very walkable with a score of 93/100 and within a walking distance from the city’s most trendy shops, restaurants, and clubs. No wonder that the Mashmeter rated Montrose at 75%.

Homes here though are more expensive than in Midtown with a median price of $612,500. The capitalization rate for an investment in Houston real estate here is 5% for both traditional and Airbnb, while the cash on cash return is 3%. The rental income for both types of renting is close to $2,400. The Airbnb occupancy rate is 67%. The optimal rental strategy is traditional.

3. The Heights

Another top neighborhood for buying a rental property within the Houston real estate is The Heights. That’s the oldest masterplanned neighborhood in Houston, comprised of seven historic districts. It’s highly eclectic with its mix of commercial and residential developments. The Heights features many preserved Craftsman bungalows as well as Queen Anne mansions in addition to a recent rise in condos and townhomes. The neighborhood offers wonderful hike and bike lanes, which makes it perfect for both single landlords and such with children. The Mashmeter valued The Heights at 69%.

Prices are slightly lower than in Montrose but higher than in Midtown with a median home price of $504,900. Traditional renting is the recommended strategy for renting out an income property in The Heights as this method offers a capitalization rate of 5% and cash on cash return of 4%, compared to 5% and 3%, respectively, for Airbnb. The expected rental income is between $2,047 for Airbnb and $2,210 for traditional.

4. Memorial

Memorial is yet another neighborhood which you should definitely consider for your choice of rental properties in the Houston real estate market. It is an excellent home for families with children because of the reasonable commutes, the high-quality schools, and the quiet, safe, tucked-away neighborhoods where kids can run and play. Shopping and dining options are also abundant. The neighborhood offers access to the Terry Hershey Park hike-and-bike trails along the Buffalo Bayou.

The real estate market is dominated by traditional manses as well as modern ranch homes. You may want to know that last year one property in Memorial was listed for sale for $43 million!!! Well, that’s quite far from the median real estate property price of $594,800. According to the Mashmeter, Memorial scores 41% with cash on cash return of 2% for traditional and 1% for Airbnb. The rental income from traditional renting ($1,931) is significantly higher than from Airbnb ($1,627). The optimal strategy here is traditional as that’s the perfect place for families which children.
... more
0 votes 5 answers Share Flag
Thu Apr 6, 2017
Mays Kuhail answered:
Here are the top four neighborhoods for Houston real estate investing.

1. Midtown

Midtown might actually be the best neighborhood for buying an investment property in all of Houston. This neighborhood features endless advantages, including: a central location, proximity to key districts such as the Galleria and the Museum District, excellent accessibility along major freeways and hosting major arteries, very good walkability (82/100), and nearness to employment centers such as the central business district. In addition, Midtown is ever-evolving, diverse, and bursting with nightlight and street life including restaurants, bars, coffee shops, lounges, boutiques, and retail stores. Art venues are also abundant.

Real estate property options are various: townhomes, condos, lofts, patio homes, and single-family homes. Prices are generally affordable with a median price of $385,000. According to the Mashmeter, an indicator developed by Mashvisor for grading how good any particular neighborhood is for real estate investing, Midtown scores 81%, which is a very high score. The expected cash on cash return for traditional renting and Airbnb is 4% and 5%, respectively. The expected rental income is $1,978 for traditional and $2,340 for Airbnb. The occupancy rate for Airbnb is 75%. All these combined mean that Airbnb is the optimal renting strategy in the Houston real estate market for Midtown.

2. Montrose

Montrose is another excellent neighborhood for investing in the Houston real estate market. This predominantly residential neighborhood features a demographically diverse population inhibiting townhomes, renovated mansions, bungalows with porches, and cottages. It offers the best cuisine in Houston, various coffee shops, and rich nightlife. It is very walkable with a score of 93/100 and within a walking distance from the city’s most trendy shops, restaurants, and clubs. No wonder that the Mashmeter rated Montrose at 75%.

Homes here though are more expensive than in Midtown with a median price of $612,500. The capitalization rate for an investment in Houston real estate here is 5% for both traditional and Airbnb, while the cash on cash return is 3%. The rental income for both types of renting is close to $2,400. The Airbnb occupancy rate is 67%. The optimal rental strategy is traditional.

3. The Heights

Another top neighborhood for buying a rental property within the Houston real estate is The Heights. That’s the oldest masterplanned neighborhood in Houston, comprised of seven historic districts. It’s highly eclectic with its mix of commercial and residential developments. The Heights features many preserved Craftsman bungalows as well as Queen Anne mansions in addition to a recent rise in condos and townhomes. The neighborhood offers wonderful hike and bike lanes, which makes it perfect for both single landlords and such with children. The Mashmeter valued The Heights at 69%.

Prices are slightly lower than in Montrose but higher than in Midtown with a median home price of $504,900. Traditional renting is the recommended strategy for renting out an income property in The Heights as this method offers a capitalization rate of 5% and cash on cash return of 4%, compared to 5% and 3%, respectively, for Airbnb. The expected rental income is between $2,047 for Airbnb and $2,210 for traditional.

4. Memorial

Memorial is yet another neighborhood which you should definitely consider for your choice of rental properties in the Houston real estate market. It is an excellent home for families with children because of the reasonable commutes, the high-quality schools, and the quiet, safe, tucked-away neighborhoods where kids can run and play. Shopping and dining options are also abundant. The neighborhood offers access to the Terry Hershey Park hike-and-bike trails along the Buffalo Bayou.

The real estate market is dominated by traditional manses as well as modern ranch homes. You may want to know that last year one property in Memorial was listed for sale for $43 million!!! Well, that’s quite far from the median real estate property price of $594,800. According to the Mashmeter, Memorial scores 41% with cash on cash return of 2% for traditional and 1% for Airbnb. The rental income from traditional renting ($1,931) is significantly higher than from Airbnb ($1,627). The optimal strategy here is traditional as that’s the perfect place for families which children.
... more
0 votes 12 answers Share Flag
Wed Mar 22, 2017
Durham.kendra answered:
My Loan Is Your Loan work with borrowers down to a 550 credit score for VA, FHA, and USDA loans. They have a direct lender who was able to get my loan closed fast. I would check them out. I worked with Brian Young at 2147973479

Myloanyourloan.com
... more
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Mon Mar 13, 2017
Susie Kay answered:
I agree with Scott, the loan officer usually say nothing or very little.
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