To be honest with you Monique, I know absolutely nothing about Galveston, Texas. I’ve heard of it but couldn’t point to it on a map.
The best way to find this information is to go on-line, look in the yellow pages for that area and call some realtors, property managers and if you can get the paper for that area online, call some landlords with rental advertisements and ask them.
I can’t stress enough to ask more than 3 people!!
Some realtors and Property managers will just tell you anything. Ask several and compare answers.
Landlords that own several properties should have no reason to lie to you but I would still ask several.
Good luck,
Luke
luke is right, I am in upstate NY, I can pick up a nice 4 unit for 50-70K and get it to cash flow $1000, but due to the welfare system being like nothing you have ever seen be prepared to deal with the scum off the earth. Those nice 4plexes where a cop and teacher live before they buy their first house, doesn’t exist and if you are dumb enough to buy a multi-family in a great area, which I was at one point, it won’t cash flow, and you get the same caliber of tenants. There are no jobs here and people are leaving, but not the trash, they stay forever and rent. Don’t get me wrong I have had some GREAT tenants, an older couple has been with me for 3 yrs, never missed a payment keep the place clean, but you can screen unitl you are blue in the face it doesn’t matter it’s just what is out there. Moral of the story great cash flow but be prepared to deal with a lot of bull s#!t.
Very high cashflow and very low appreciation - Posted by Luke Hoppel
Posted by Luke Hoppel on March 09, 2006 at 10:50:13:
In upstate NY, you will find great cash flow but low appreciation. I just bought a duples for 72K that is cashflowing $700/month.
Most of upstate NY is that way.