Looking to Buy/Rent a Home (Houston, River Oaks: real estate, apartment complex, rental)

[Wingman335]

Hello all,

I have been in Houston for about 2 years. I currently rent an apartment near beltway and westheimer.

I'm looking to move to a nicer neighborhood (comparatively), and preferably get a free standing house/townhome.

I was told to look in the Rice Military/Heights area, as they would have good option to fit my budget, and is a better area.

I have never bought a house before (Im 24, single) so I was thinking of buying a house in that neighborhood, but I would prefer renting.

My budget would be no more than ($1600 a month) for rent.

Can any of you Houston experts help me suggest locations that I should look into? I work in the Galleria area, so I don't want to stray too far away.

Thanks a lot!

[KBernard]

I'm looking into moving to TX, never really been there but I can give advice on buying a home! First, you need to pull your credit report and fix any errors you might have on there. Second, pull your credit score and take a look at it, if you are over 620 you can go with an FHA Loan, if you are below 620, then start fixing your credit by paying your bills on time, paying down debt and playing the wait game. After your credit is ready to go, walk into multiple banks and credit unions and start the "pre-approval" process. I say multiple, because each bank has their own terms and you will get different interest rates and different points at each place, you need to find the bank that is right for you! After you have the pre-approval paperwork in hand saying you have been approved, find a buyers agent and go find a house you like!

[retrodog]

Originally Posted by KBernard

I'm looking into moving to TX, never really been there but I can give advice on buying a home! First, you need to pull your credit report and fix any errors you might have on there. Second, pull your credit score and take a look at it, if you are over 620 you can go with an FHA Loan, if you are below 620, then start fixing your credit by paying your bills on time, paying down debt and playing the wait game. After your credit is ready to go, walk into multiple banks and credit unions and start the "pre-approval" process. I say multiple, because each bank has their own terms and you will get different interest rates and different points at each place, you need to find the bank that is right for you! After you have the pre-approval paperwork in hand saying you have been approved, find a buyers agent and go find a house you like!

From what I understand, you don't want to try too many banks. Every lending institution will run your credit and that shows up as a mark on your report. Weird. Even if you don't get a loan from them, it's still a flag. And you don't want too many flags.

I guess it still works like that, unless they changed it recently.

[mtgmike]

You used to be able to have a bunch of inquiries in a certain time period and it only basically counted as one. Its not really that big of a deal. Pull it yourself at the free annual site, then get quotes from a broker or two.

[Wingman335]

I checked my score about 2 months back on myfico website, and it was above 750. I paid off my car loan that time, and I have no outstanding debt. I pay off my credit cards every month end.

The big question now is to see what location is good for a person like me. I am more comfortable renting rather than buying, because I am very new to the process. I feel that I will destroy my financial health if I buy a house without knowing what I am doing. But it is not out of the picture. I talked to a mortgage broker, and I am qualified for a good amount of loan.

So... what are some good places for me to look for rent/buy? I don't want to pay more than $1600 in rent. The issue is that houston has no zoning laws, which make it difficult for me to judge how good a neighborhood is!

Thanks for the replies guys.

[desertsun41]

$1600 rent? I feel like this is spam post. For that kind of money you can name your ticket. That can buy the best of the best in the best. You're young and single, why do you need to waste all that money on rent? To show off to the Jones's?

You would also be smarter to rent then buy at this time. During these deep economic depression times, homes are depreciating at a faster rate then automobiles. Why buy a depreciating asset? You'll be an old lady by the time it's value increases again if it ever does.

For the record, the most expensive apartment rents in all of Houston are in Rice, Memorial, River Oaks, Montrose and Galleria in that order. And the average rents in those areas do not even reach $1600 a month. My lady friend has a penthouse on the very top floor of a very prestigious address in the Galleria and pays $1500 a month for that. I wouldn't live in a human filing cabinet but to each their own.

[houstonfan]

If I were in your current situation, I'd rent too.
Question is, what kind of lifestyle do you want? Where do you hang out most outside of work?
Are you looking for bdrm, 2brm; apt vs condo vs house to rent?

[testmo]

i wouldnt say 1600 a month can get you a rental anywhere. in montrose the townhome complex i used to live in, the owner of one rented it out at $2300. never thought someone would move in but they did. must have been from out of state

the generic apartments on Westheimer and Shepard rent at 1500. they are a generic "upscale" apartment complex with all the amenities and almost strictly young people. nice area near everything youd want to be near including galleria. quiet a few complexes like that in the area at that price

[chris_ut]

Originally Posted by retrodog

From what I understand, you don't want to try too many banks. Every lending institution will run your credit and that shows up as a mark on your report. Weird. Even if you don't get a loan from them, it's still a flag. And you don't want too many flags.

I guess it still works like that, unless they changed it recently.

A tip to get around this is print out your FICO report and send it to the lender. Ask them to make a decision based on the one your provide and only run it after they agree to make the loan and you are set to move forward. This way you only get one credit report run versus several.

[goodkarma72]

I live in Rice Military and LOVE it! Great opportunities for buying and renting in this area......you should talk to a real estate agent that knows the area. Most of my neighbors use David Hille with Better Homes and Gardens realty because he lives in the area and knows all about it.......