I'm a RE broker specializing in investment properties and property management. As others have said, short sales can be complex (but certainly doable). In general, you don't see as many foreclosures and short sales in the UT area as you do in outlying suburbs.
I'd like to have a conversation to understand your investment goals so that we can determine whether a UT/Central property is the right choice. Those properties, and any others in the central core of Austin, are not going to cash flow as a rental. The ratio of acquisition costs to rental income (GRM) is not in your favor. However, appreciation potential is strong, and demand is always high (low vacancies). At the other end of the spectrum are outlying suburbs and small multi-family (duplex / fourplex) where you get better cash flow relative to purchase price, but less potential for price appreciation. Understanding your investment objectives will help me craft a strategy that fits your needs.
Your timing has never been better, this is the time to buy.
I work with a variety of clients and have a successful track record. Multi-million dollar producer since I started selling real estate in 2006. Please check my bio and testimonials at the link below.
It would be my pleasure to meet with you to discuss different strategies that we use in RE Investment and to see what your goals and needs are.
Please feel free to contact me to discuss these in detail.
Certified REO & HUD Specialist
Elaborating on your second comment, I would be happy to discuss different rental opportunities with you(distressed sale or traditional sale)
The rental market is incredibly strong in Austin. I have leased out my investor clients properties very quickly(usually a couple of days), and they often have multiple applications.
Please feel free to contact me if you would like to discuss investment properties further.
I am an Austin area real estate broker and investor. The majority of my business involves helping investors acquire buy and hold cash flow properties. We also own a number of investment properties ourselves and have experience with property flips.
I'd be happy to meet with you to discuss your goals and walk you through our method for acquiring, renovating, and leasing investment property.
I am also very familiar with the short sale process which is just one of the ways to acquire discounted property in the Austin market.
Feel free to contact me anytime if you'd like to discuss further.
Broker, MBA, SFR
Investment Property Advisors
Short sales can provide a great opportunity, but the require a great deal of patience. And, even if with patience, the deal can fall apart.
Since this is an investment property, you are definitely in the right position to try and work a short sale deal.
I would be happy to discuss the process with you in further detail. Please feel free to contact me anytime.