Hello everyone. I am 35 years old and have lived in Houston all my life. I know the area very well. I currently own or are financing 13 rental units around town and at the beach. Most are 4 and under multi units that are low income and one single family and two beach houses that are vacation rentals that are split with another investor. I have read many books and decided to get off the fence and jump in. So far so good the low income units do wear on me some. but profits are fairly good and they tend to keep my head up at the end.
I am also self employed for 6 years now and do fairly well. The economy has hit us but we are still a float and treading water. I am honestly getting a bit tired of what I am doing even though it has brought home a good amount of money over the years. I would like to get into REI full time.
I have many good contractor hook ups in the area and rehabbed some badly beat up houses out here. Plus my dad owns a reputable remodeling company that I could very well take over. I really enjoy taking ANYTHING beat up and making it a eye catcher. I have wanted to flip houses now for many years I honestly think it would be a career I would enjoy If I could make a decent living from it.
Any advise from Houston flippers out there? I have a feeling most of it might be buy and hold.
I don’t mind buying and holding but I have hit my mortgage limit according to my broker. I can not buy cash houses now. But I do have reserves for remodeling costs.
Any other approach I should look into that some of you Houstonian’s use?
Thanks in advance.