Purchasing a Property in Houston (Spring)

Discussion in 'North America Real Estate' started by kruegs, Nov 20, 2012.

  1. kruegs

    kruegs New Member

    Hi there,
    I have identified a single-family home I wish to make an offer on and hopefully purchase in Houston. This is my first purchase in USA. I have a Texas registered LLC.

    Is it sound to have the listing agent act as 'Intermediary' or should I really be looking to enlist a 'Buyers Agent'.

    Is the standard I-4 contract provided by the Texas Real Estate Commission the only form I need to initiate to get the ball rolling and execute the contract?

    I was thinking of placing a deposit, and seeking to do all inspections and checks within the 10 day cooling off period. Is this doable, and again, would the agent who is acting as an 'Intermediary' be positioned to arrange these requirements?
    If I am going about this process the wrong way, i will sincerely appreciate advice pointing me in the right direction.

    I will be based outside of the US while this transaction is being undertaken.

    Any advice or input would be welcomed.

    Regards
    Kruegs
     
  2. speedy gonzales

    speedy gonzales New Member

    Kruegs,

    Are you buying anywhere near George Bush International Airport ? You were looking at Atlanta in your previous posts so how did you get to Spring TX ?
     
  3. kruegs

    kruegs New Member

    Spring area

    Hi Speedy,

    Yes, looking at this area as I am a bit more familiar with this part of Houston (than I am with Atlanta) having travelled here for work a few times. Also have some work colleagues who are moving into the Woodlands / Lake Conroe / Spring regions of Houston.
    In summary, I feel this area has sound fundamentals (decent quality of life, diversified work options, some good schools) and I had better access to local knowledge in the area. So, overall, felt more confident in buying here.

    Cheers
    Kruegs
     
  4. speedy gonzales

    speedy gonzales New Member

    Where about's in Spring are you talking ? Do you have a link. I happen to be looking around in Spring myself. I have a few in Dallas. The furthest north I have travelled north of Houston on the I45 is Spring. Don't know the Lake Conroe area. Are you financing the property as a foreign national or paying cash ?
     
  5. kruegs

    kruegs New Member

  6. rrwolfpack

    rrwolfpack New Member

    Hi kruegs, are there benefits in purchasing the property in cash? Do you have a trusted property manager/lawyer since you will be operating outside the country?
     
  7. kruegs

    kruegs New Member

    G'Day Wolfy,

    The main benefit I saw in purchasing cash is that I am then not having to seek finance, and also am not exposed to Debt in US (in the event of increased strength of US against AUD). Downside is I have to use my own cash, but I am happy with the prospective returns.
    I used standard house purchase contracts, and an intermediary agent and titles office, so did not see the need to engage a separate attorney or legal representation.

    Regards
    Kruegs
     
  8. Benn

    Benn New Member

    I would be quite keen to hear any options in regards to gaining finance in the USA. If anyone is aware of this please feel free to private message me.
     
  9. Ryan M

    Ryan M New Member

    You need to work with a buyers agent who can represent all your interests especially because you will be based outside US during the transaction.
     
  10. smparnel

    smparnel New Member

    If you want to purchase a property in Houston that will certainly rent out for a good price then I would suggest the following places are best to buy:

    1) Pasadena and Deer Park: This place is the tightest rental market in Houston. Taxes are low here also and this is probably not the greatest area for appreciation but it is a very strong rental market because of all the jobs nearby in the booming petrochemical industry.

    2) Older homes in south Katy: In this area you can also pick up a home for around 80-90K and rent it out for 1000 to 1100 a month.

    3) The 77478 zip code in Sugar Land. This location is in the hub of the bustling Southwest Houston area and you can still get a home for as low as 70k. This is a sure winner with all the growth right now in Houston. Also being in Sugar Land it is sure to see appreciation in the future.

    Click here for introduction to leasing to own homes.
     
    Last edited: Mar 21, 2013
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