Happy New Year! January seems to have flown by. It’s property tax season in Texas! Don’t forget to pay your taxes. I filed the last of mine yesterday and woke up this morning with that huge weight off my shoulders. The City of Houston properties are always easy it’s the properties with small MUDs that become hard to pay because the websites are often down. If you don’t pay expect to get a call from a wholesaler soon, ha.
Our Dryden project is very close to completion. We’ve been working weekends to get the finishing touches done. I’m going there this weekend to wrap up some landscaping and finish up some vanities and counters. If you’re in town and want to check it out don’t hesitate to stop by.
We’re Rebranding Our Contracting Business
As we expand our contracting business we wanted a name and logo that made it easy for people to recognize what we do and our company. Houston Renovators was born. We’re working on the site now and have started a new instagram which has pics and videos. Feel free to reach out for a free quote at any time.
If we can help you with your contracting needs don’t hesitate to email me at email@example.com.
I Need a $4-10M Apartment Complex
Woodbaker and our investors are looking for an apartment complex between $4-10M in the Houston area. If you have any leads please reach out to me at firstname.lastname@example.org.
MLS Monthly Article
In mid-January the MLS released their monthly report. Here is a look at the table for 2018 and December:
The Houston market this month had very small growth year over year. Less total homes were sold compared to last year as well. This slow down isn’t comparable to what has been seen on the west and east coast. The next 6 months are going to be interesting from an economic and global standpoint. If I knew what was coming I’d speak up, but your guess is as good as mine. For the full year the average sales price went up just slightly. The article states that Harvey purchasing late in 2017 contributed to the flat curve year over year as the market made 3 years worth of appreciation in a quarter.
Here is a breakdown by segment
- $1 – $99,999: decreased 31.0 percent
- $100,000 – $149,999: decreased 27.5 percent
- $150,000 – $249,999: decreased 1.9 percent
- $250,000 – $499,999: increased 1.4 percent
- $500,000 – $749,999: decreased 7.4 percent
- $750,000 and above: increased 20.0 percent
Houston’s lease market had a positive performance in December. Single-family home leases climbed 13.2 percent and townhome/condominium leases edged up 1.6 percent. The average rent for single-family homes was flat at $1,771 and the average rent for townhomes/condominiums was also flat at $1,532.
I linked some important articles below. I read 20-30 articles and cherry pick the ones that I find most valuable. Here are a few articles worth reading:
Houston Added Most Construction Jobs in 2018
Houston added 24,000 construction jobs in 2018 representing an 11% gamin in the construction workforce. The article states that even with the added jobs the demand for workers exceeds the available supply.
Houston Fourth Slowest Apartment Rent Growth in 2018
Houston A class apartments saw rent growth of just 1.7% year over year compared to national growth of 3.1%. A big reason for this is in the subsequent months after Harvey there was a dramatic increase in rents over a 3 month period.
New Development to go up at N Shepherd and 6th
Steve Radon is one of my favorite local developers. He has built the Heights Mercantile along with other great buildings in the area. This new development near the Heights will further bring walk able spaces to Houston’s most popular neighborhood. Another article from the Chronicle here.
Hines Planning 46 Story Apartment in Downtown
The City of Houston gave tax credits for development in downtown Houston. Many of the big developers took advantage of that. With the tax break the numbers made these type of deals no brainers. I believe this is the last or one of the last projects to break ground taking advantage of the now expired program.
Have A Deal?
WoodBaker creates win/win situations for the sellers of properties. We buy, rehab, and rent properties for investors all day every day. If you need advice, help, or an exit strategy we can help you. Feel free to email me with any deals at email@example.com.
Need a Deal?
WoodBaker is one of the premiere real estate buyers in the Houston area. We get 3-6 deals per month. If you would like to invest as a cash buyer or are looking for rent to own opportunities let us know. If you are on this list you’ll get the first opportunity to buy any deals we find. Email me at firstname.lastname@example.org.