Hi everyone. I am a newbie in real estate investment. Also currently moved to Houston one month ago. There are two sets of questions I would like to hear your advice.
How can I educate myself on the real estate investment in Houston area beside exploring this website? I am thinking to become a member in RICH club. Is it good for a newbie like me or it’s too advanced?
I saved about 100k but don’t own a house. Is it a better idea to purchase my own house first or use all these money for investing?
What would be your monthly cost of ownership if you bought a house? Total your monthly mortgage payment, taxes, insurance, maintenance and upkeep, HOA dues, and any other recurring charge that you would have to pay as a homeowner. Next, look in the real estate classifieds to see what the same house would rent for.
Is the cost of renting cheaper than the cost of owning? I bet it is.
If I am right, then consider becoming a renter and use the difference between your rental cost and the cost of ownership to invest. If you are not in a place where you expect to be living five to seven years from now, then I would discourage buying. Renting will be cheaper in the interim.