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3 beds, 2 bath, and approximately 2,160 square feet, this contemporary/modern property was built in 1960 in the Glenbrook Valley subdivision of Houston, Harris County, Texas.
Originially, it was listed for $125,000, but after area investor George Paillant got ahold of it, he was able to flip this house for a whopping $215,000 sale price. The home was only listed on the market for 24 hours before Paillant found a buyer, and he shared the details of his New Western investment for this week’s Investor Spotlight.
To take part in Houston real estate investing is to increase inventory supply, and New Western Acquisitions holds the key to this conquest. This unmet demand for housing and a shortage of affordable residential homes has put real estate investors in Houston in the perfect place to profit, and New Western is poised to help investors take on the current market,
All of our properties in Houston are pre-screened for a high ARV, but sometimes, you make even more. Our properties are so exclusive, that the public doesn’t know about them, and they are available at deeply discounted prices. So it’s easy to buy low, and sell high!
This real estate investment in Houston, Texas just sold within 24 hours of being listed and Paillant is already looking forward to his next investment with New Western Just like Paillant discovered, New Western provides access to many more Houston investment properties for a profitable ROI.
Take it from the pros: our Q&A session with an Houston real estate investor.
“The house was night and day different. After walking inside the remodeled home and seeing the new windows, remodeled kitchen, and recess lighting throughout, I knew the house would sell fast. Sure enough, the house was only on the market for one day before George received a full price offer. Since then, George has bought another property from us. He is putting the last few touches on it then putting it on the market this week.”
– Bryce Fitzgerald, George Paillant’s New Western Agent
George Paillant is the investor behind this profitable house flip. We asked him about his experience investing in a New Western property.
1) What drew you to this property? Was there something in particular you saw in it that you liked?
“I work in the area near Broadway, and I always liked the area. So, when I saw this property come up for sale, I said, ‘oh, wow. I have to act on this.’
It’s all about the neighborhood, and this neighborhood is always well kept, historic neighborhood. I knew that with the property tax, and how people always hold onto the value of their property, it is a symbol of value.”
2) Did you enjoy working with New Western? Why? “Yes! It was smooth sailing. New Western, and [my agent] Bryce was great, and I appreciate that. There was no pressure or anything, and they also helped me get into the hard money process.”
3) What was the most difficult part of this rehab? “The most difficult part of this rehab was the windows.I had a little setback with the city since I had to put a certain type of windows on the property, but I had put in my own type of windows that I wanted. I would say to anybody, if you are doing something in a historic neighborhood, follow the rules. Other than that, it was a very easy transition and smooth sailing.”
4) What was the best part of this rehab? “The after-effect of taking that house and putting all my ideas into it. Also, for me, another best part was the master shower. We extended a wall and took out a closet to extend the shower, and it came out so perfectly. I was really amazed.”
5) Were you pleased with your ROI? “Yes! I was very pleased with my return! The best part of that was, the couple that bought the house, they came the Friday night before we had the open house. They actually put in an offer the next morning around 9 a.m., so before we even had the open house, we had an offer on the table. It was on the market for only one day, for 24 hours! I keep saying, ‘Okay! We need to stay in this area over here!”
6) What was your original purchase price? “The property was originally $125,000.”
7) At what price was the property sold? “$215,000.”
8) What was the total renovation cost? “My total rehab was $38,000.”
9) What would you say to other investors who are considering property rehabs of their own? “I would tell investors that you have to really put your heart into what you’re doing because it shows. Don’t always look at the dollar sign, you know. Some people take shortcuts. I don’t believe in doing that because I try to put myself there and say ‘can I live here?’
That’s the first thing whenever I walk into a house since I have two children, I think about if I could live there and what I could do to make myself live there. If I know that what I’m doing is something I would do to my house, that’s how I approach it.”
10) What are some of the rehabs and updates you made to the property?“Everything. We put in new windows, a new bathroom with a stand-up shower, backsplashes, new custom tile, and new sheetrock. We added recessed lighting, updated all the plumbing fixtures, put granite throughout the whole restroom with double sinks, and added a new water heater, new siding, and a roof. We really redid everything, and it was all unique.”
11) What do you foresee to be the next trend or next “big thing” for property rehabs in your area?
“I think more people will head toward the Third Ward or Sunnyside area of Houston. I’ve done some houses over in that area, and I can tell they are really trying to build. I have a few rentals over there, and investors should be able to bring business and rebuild that area since properties
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Market Trend Watch: Houston, Texas.
About Houston:
Population
Population in 2016: 6,671,600
Projected Population in 2030: 34.08% Growth
Median Household Income: $61,465
Income Per Capita: $29,979
Cost of Living Compared to U.S. Average: 7% Above
Market Data
Median Home Value: $176,100
Home Value (Year-over-year): 6.6% Increase
Home Value Forecast (September 2017): 3.0% Growth
Median Home Price: $279,900
Median Home Price Per Square Ft.: $113
Median Rent Price: $1,500
Median Rent Per Square Ft.: $.80
Home Sales (Year-over-year): 8.8% Decrease
Rental Inventory Change (Year-over-year): 40% Decrease
Noteworth Numbers.
31% of Houston residents are single.
57% of Houston residents are homeowners.
The median age is 33.
24% of Houston residents are college educated.
By encouraging investments in off-market properties and providing deep discounts, New Western Acquisitions’ goal is to increase investor profit, meet demand for homes, and accommodate consumers who are searching for housing within budget.To provide an adequate supply of updated, affordable homes, the real estate brokerage firm gives real estate investors access to off-market investment properties that can earn a wide profit margin. New Western’s low property prices and exclusive discounts are meant to benefit investors with significant profit when they fix and flip, or fix and rent, their property investment.
Start off on the right foot, and search for Houston real estate investment properties that are perfect for your strategy. Our investment properties in Houston have been pre-screened to provide a high ARV, and are deeply discounted: sometimes be more than 50% lower than the market price!
New Western provides investors in Houston with exclusive access to off-market properties that aren’t available to the public. Since our properties aren’t even made public on the MLS, you’ll have exclusive access to deep discounts and premium Houston real estate before anyone else.
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