I’m baaaaaaack. I hinted at some big news last month. Well now that it’s all over with I can finally make the big announcement. I moved back to Houston on October 13th. I’m now in the city full time. This should be great for real estate. My primary focus is meeting more of you and finding more deals.
Our Rice Village property was green tagged this month. We’ve moved on to drywall and other finishing items. This last week we got together and discussed the kitchen design we’re coming up with. I’m really excited with how this one is going to turn out. It’s going to be a great rental.
Our third ward 16 unit closed! I can now provide some details. The property is all 2 bed 1 bath units down the street from Emancipation Park, considered now one of the best parks in the city after a recent remodel. We inherited a few late payers, but that’s nothing out of the ordinary. I’ll upload some before pics on our Facebook page soon. If you’ve been a reader for awhile you know how popular the Third Ward has become in the last 12 months. It’s a great area to invest in right now.
On the property management front we are now at about 115 doors. Our new employee is doing a fantastic job. Over the last three months we have put an emphasis on streamlining our processes. We’ve been working with a coach over the last 6 months who has 2,000 doors to up our game. I’m very confident we offer the highest value at the best price. We also are charging about half what our coach does, but that’s ok with us. Our growth is still all from word of mouth recommendations. While competitors spend up to 6 figures a month on marketing we’re growing with none. I want our clients to feel that we provide more value for the money than any property management company in the country. If we can help you with your property management 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-October the MLS released their monthly report. Here is a look at the table for September of this year:
Market slowed down this month. Rising interest rates and comparing to Harvey buyers looking for new property led to a decline. Note that in the last 12 months Houston added 110,200 jobs. I wouldn’t consider the reduction in activity a localized issue. Many of the folks around the country I chat with are seeing a market slow down. We will see how things look in the fall.
Using just Pre-Harvey August data here is how pricing changes were impacted
- $1 – $99,999: decreased 2.4 percent
- $100,000 – $149,999: decreased 12.4 percent
- $150,000 – $249,999: increased 7.3 percent
- $250,000 – $499,999: increased 13.7 percent
- $500,000 – $749,999: increased 16.7 percent
- $750,000 and above: increased 15.4 percent
Activity among lease properties was down sharply in September. Single-family home rentals fell 35.4 percent while leases of townhomes and condominiums dropped 44.5 percent. With the decline in volume came a decline in rents. The average rent for single-family homes slid 4.0 percent to $1,812 while the average rent for townhomes and condominiums dipped 1.0 percent to $1,584.
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:
Stafford Area Begins Major $500M Project
Stafford in Southwest Houston is adding a $500M mixed use project in the area. It will include retail, restaurants, and apartments. Missouri City has undergone significant development over the last 4-5 years and this will further position the area as a premiere place for families looking to commute into the city.
New 337 Unit Complex to Be Developed in the Heights
Development of the Heights continues to move north. This 337 unit A class apartment at 15th and Shepherd will attract restaurants and businesses. This is in addition to the HEB going up near this location. Land values have increased in the area substantially over the last 3 years.
Former Exxon Campus in Greenspoint Undergoing Massive Renovation
Greenspoint in North Houston has always been a rougher part of town. The surrounding neighborhoods earning the nickname “Gunspoint” for the violence in the area. One developer is investing heavily in the area; creating premiere office space. Will be interesting to see if this attracts development into the surrounding neighborhoods or continues to remain an office park only. The airport is just a few miles away which often prevents rising home prices.
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.