Tax Credit Property Manager
February 1st, 2010
Question: I am going to invest in Houston, buy it and rent it out (good idea)? First time buyer.?
I have been reading alot on articles. It a buyer market and I am thinking of the future. I know there is alot of land in Texas, but Houston is rated #11 avg 3-4% increase. I have good credit and I want to purcahse a house in Texas and rent it out. I am new to all of this am curious what people think. I will put 10-20% down and planning to keep the house for more than a decade. I live in california. I been reading about property managers who take 5% of the rent. I know i ave property tax, closing cost, and isurance any more thing I need to know beside the loan?
Answer: Before you buy anything in TX check how much property tax will you be paying. I had checked the Dallas area and its about $5000 property tax a year for a house that cost $170,000 so if you will get $1200 -rent you will have to pay about $500 a month for taxes and insurance without counting the mortgage. Do your math….
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