Houston, Texas

Yee Ha! Don't mess with Texas! Last week we were in Houston, Texas visiting a potential property acquisition. This property was a 222 unit apartment complex located in the Northwest portion of Texas. It has been vacant for the last six months when the bank took it over. The prior owner was an absentee landlord who neglected the property, and ran it to the ground. Shortly after Hurricane Katrina, hundreds of thousands of refugees from New Orleans came to Houston to reside. FEMA provided funds to local Houston apartment owners to house these victims. They stayed here in the complex we visited. However, they brought along with them tons of violence, criminal activities, drugs, and other problems to the area. The owners of these low income apartments in Houston milked the government and these tenants for what they were worth. Almost every unit of this property will have to be gutted. We have to determine if this cost is worth it in the long run or if the property would be better razed to the ground. The surrounding area is very poor and dilapidated. Our mentor Adrian Goldstein accompanied us on this trip. He walked through many of the units and pointed out different issues that were of concern.

We talked to the local police department and received good and bad news about the area. The good news was that the immediate surrounding area has improved dramatically over the last few years. We verified this with the police reports at the Houston Police Department website. The bad news is that the area is still very rough. There are a myriad of vacant shopping centers. This is not a good sign. The local economy has been hit hard. However, according to this article the area has become much better. Take a look at this news real about De Soto: VIDEO

Some of these pictures are of the adjacent apartments and condominiums. The owners are in numerous lawsuits with the city. Eventually, we hope these blighted projects will be razed and we have heard that they will be replaced with a nice green park area.

Today we went to three other large C and B class apartment complexes that are currently for sale. One of the complexes consisted of 64 units. We liked the surrounding area of this one. There were plenty of beautiful condominiums and homes in the surrounding area. Also, all of the retail stores in the area were occupied and busy. There were not too many vacancies. There were a lot of national tenants which show the area's strength.

The property that we liked the best was a 400 unit complex. The area that it was in was in great shape. There were plenty of local employers in the area along with lots of apartment buildings that were well ept. This property was bank owned and already has multiple offers on it. We will be doing more due diligence to see if we will further pursue it.

Category:

Education

Tags:

• Houston
• Texas
• Real Estate
• REO
• 5353 De Soto
• Gelt Inc.

[Qthematrixxxx]

It's a great example of what happens when you let unemployed trashbags move into what was once a nice area.

The Virus..

[DrugstoreCFH]

I agree, lowlife scum shouldn't be allowed to reproduce when on gov. assistance, especially when "dey be havin' 5 different baby mommas." lol I'll just watch the First 48 on A&E. Each time one gets killed in "da streets", that saves us from having to support 4 or 5 future children that he'll never support.

[omi3dov3]

To all the people who say they live like pigs, the apartments in the video are vacant, meaning no one lives there. It looks like everyone had to move out with little notice and possibly had no trucks and boxes to move with. He kept saying it was hot and humid also, probably why the apartments were moldy and all the stuff left behind was decaying and molding. With some trucks and boxes, moving can be efficient. I feel bad for the people that had to live in these conditions.

[cjahrens]

worse than animals ! 

[ChekuL8er]

They should turn that into paintball grounds

[gump6116]

@frommothertodaughter What are you talking about? I'm white, and live where there is alot of white poverty, and let me tell you, poor white people do all the same shit. Trust me, Ive known many a pill head who has taken apart a wall for copper wiring. You sound to me like a straight racist. All this shit, including crime, is not a race thing, its a poverty thing.

[Lightone45]

That ant the hood you Havent seen nothn yet lol

[dddvision]

I am promoting a potential federal government program by which funds are provided to demolish buildings like these and haul off the debris. Message me if you are interested in supporting that cause.

[Mzzwaggafy]

t looks like west hollow on westhiemr

[LGLG69]

"A nice beautiful humid day"--the awful humidity is what i didn't like about Houston.

[leoslawnsandleaves]

nice~!!