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Old 12-27-2014, 12:33 PM
 
4 posts, read 6,186 times
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Is it easier to rent out a house in Sugar Land or Katy?? Thanks!

I plan to move to either place in 2-3 years, however, I may purchase a property there before that, so I'll need to rent it out for a while.
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Old 12-27-2014, 12:37 PM
 
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Renting out won't be the problem, problem will be getting financing for rental property. Both will rent, just depends at what price.
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Old 12-27-2014, 12:39 PM
 
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Sugar Land by a large margin
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Old 12-27-2014, 12:55 PM
 
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Yeah, financing is tough..... I'm thinking about a cash-out refi or home equity LOC....

I'm in Queens, NY. The housing price over here is outrageous. Actually, I've never been to Houston before, plan to take a look in coming September, to feel the sticky hotness...lol...
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Old 12-28-2014, 09:41 AM
 
Location: The Lone Star State
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SugarLand is the better area IMO.
Should also look at Richmond as it's between the two places.
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Old 12-28-2014, 10:46 AM
 
Location: Woodfield
2,086 posts, read 4,129,693 times
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There's no real difference between the two but your future commute could be 1-2 hours if your job ends up in the wrong place.

In any event, what you're planning to do makes no financial sense. Is there a particular reason to buy now? Rental mortgage rates are higher, insurance is more expensive, you'll need 20% down, and buying a house in a city youre unfamiliar with is not a great start. Also, being an absentee landlord can be difficult.

All in all, its a very bad idea.
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Old 12-28-2014, 10:57 AM
 
1,915 posts, read 3,237,060 times
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Quote:
Originally Posted by ToyYot View Post
There's no real difference between the two but your future commute could be 1-2 hours if your job ends up in the wrong place.

In any event, what you're planning to do makes no financial sense. Is there a particular reason to buy now? Rental mortgage rates are higher, insurance is more expensive, you'll need 20% down, and buying a house in a city youre unfamiliar with is not a great start. Also, being an absentee landlord can be difficult.

All in all, its a very bad idea.
How much more expensive is landlord insurance? I could see 1 hour commute from either, but I don't think either would have a 2 hour commute each way to anywhere in the Houston metro. Katy is better for Woodlands, Energy Cooridor, and Sugar Land is better for downtown, med center, etc.
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Old 12-28-2014, 01:16 PM
 
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well, I figure that if I take another loan out, interest expense is tax deductible. Also, I see the housing prices in these two places have gone up very fast, especially in SL; so, if I can get a home equity loan or do a cash-out refi., then I don't need to come up with any down payment... I'll need to consult with my CPA soon to see if my plan is worth doing.

And, I totally agree that being an absentee landlord is tough, especially when I'm all the way in NY; hence, I need to see if I can find a RE agent that I can trust. My friend's brother is in Katy, he referred one to me, I'll talk to him...
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Old 12-29-2014, 07:36 AM
 
Location: Woodfield
2,086 posts, read 4,129,693 times
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Quote:
Originally Posted by littlemi1110 View Post
well, I figure that if I take another loan out, interest expense is tax deductible. Also, I see the housing prices in these two places have gone up very fast, especially in SL; so, if I can get a home equity loan or do a cash-out refi., then I don't need to come up with any down payment... I'll need to consult with my CPA soon to see if my plan is worth doing.

And, I totally agree that being an absentee landlord is tough, especially when I'm all the way in NY; hence, I need to see if I can find a RE agent that I can trust. My friend's brother is in Katy, he referred one to me, I'll talk to him...
It seems an awfully big gamble to buy a house in anticipation of moving to a city.

Again, what's the rush?

Houston isn't going anywhere and we're headed for a house price plateau assuming there will be some effect as a result of low oil prices. You could really benefit from waiting until you are actually moving here and in a better position financially. A refi for to take on an second mortgage sounds a bit iffy, to say the least. $30k down is more than enough to buy a decent rental.
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Old 12-29-2014, 06:15 PM
 
4 posts, read 6,186 times
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Thank you for informing me! The earliest time for me to purchase will be the 4th quarter of 2015 or even 2016, so I still have sometime to observe the market. I've been watching the housing market since the beginning of 2015, I definitely see the upward trend, that's why I felt that I should buy a property there ASAP.

Initially, I wanted to take out another loan was to have some deductions on my tax return, then I thought I could just buy the property in TX, since I plan to move there.
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