Home Buying in Austin>Question Details

chenyuan1999, Home Buyer in Austin, TX

Hi, My son is going to UT after summer, I'm thinking buying a condo near UT or near UT shuttle routes. Where should I start? Chen

Asked by chenyuan1999, Austin, TX Thu Apr 10, 2014

Here are in my thoughts about condo so far:
- Good neighborhood, near UT, walking distance or near UT shuttle routes
- Price range, 150~200 K
- Not too close to "party" areas (help to focus on study)
- Can keep the resale value and easy to rent out after my son graduates
- Easy to maintain since I'm not in the local area to make the repairs when needed
- I'm thinking of 2 BR, 2 bath for him to occupy and share with a tenant possibly.

I know the answer would be find a local realtor to start with. I've read similar post Q&A, it seems Clarksville, Hydepark, Crestview, Rosedale and Brentwood etc are the areas to go. I'm not considering he is going to drive for his first year, but if it's really needed, he will have his car. If any local agent or realtor would like to help me with finding a good condo to buy. I'll really appreciate.
Thans,
Chen

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Answers

16
You should start by speaking with a local agent. I'd be happy to meet with you for a buyer's consultation so that we can further discuss what you're looking for in this property, I can also walk you through the process and answer any questions you may have.
0 votes Thank Flag Link Thu Feb 26, 2015
We are listing a 3 bedroom, 2 bathroom house for rent starting in June. Please contact me if you have any interest in renting in Brentwood neighborhood. Few college students in this area, mainly families.
0 votes Thank Flag Link Sat Apr 12, 2014
Hi Chen,

I'd be happy to help! Feel free to contact me via personal email (Shay@SelectAustin.com) or phone (949-322-2072). I know that area very well.

Shay Millheiser
Realtor | Select Austin Real Estate
0 votes Thank Flag Link Fri Apr 11, 2014
I'm very grateful for having received so many answers to my question. One thing I know for sure, I will get great resource for my house/condo hunting. I'll take some time to read through the answers carefully and make an assessment of them.

One general question for all of you, since I'm not very familiar with system, should I choose "my agent" for now and stay him/her at this time, or it's still preliminary phase that I can still contact wide range of agencies to collect more information? Sorry for lacking of knowledge in this area and it's learning experience for me.

Thanks,
Chen
0 votes Thank Flag Link Thu Apr 10, 2014
Appreciated your input in below, and I think I have a good understanding of how to proceed further.
Flag Fri Apr 11, 2014
Interview with a few agents and that will help you decide on who would be your best fit. Let me know if theres anything I can do !
Flag Fri Apr 11, 2014
Chen,

Your best bet would be to chat with a few agents and get a feel for their area knowledge, and then select one that displays their clear understanding for your needs.

In general, once you have selected a realtor, it is customary to remain faithful to that individual until they display a reason for you to terminate the agent relationship. Realtors put a lot of time into finding a property once the hunt begins-- a good agent will deliver what your looking for!

Shay
Flag Fri Apr 11, 2014
I would speak to them all....then pick one.
Flag Fri Apr 11, 2014
Call or Email and I can send you properties that will work for you.
Austin is "THE" place to invest in

Dominique Davalos/Realtor
dominiqueintown@me.com
Coldwell Banker
512 965-7790
0 votes Thank Flag Link Thu Apr 10, 2014
Hello,

There is a campus shuttle that your son can take to school that travels all over the campus area. Many UT condos are within walking distance and the shuttle is not needed. THere are also many students who live in the NW part of Austin. I am taking a couple to buy a 2/2 UT condo on Saturday and i csn dhare with you what I see. If you have not already selected an agent I would be delighted to help you.

Angele Moyseos
Broker Associate
angele@realtyaustin.com
512-466-8252
0 votes Thank Flag Link Thu Apr 10, 2014
I would call Raymond Day with Blue Water Reality. He is an Austin native and really knows the area around UT and could help you find the perfect place.

512 496-3725
0 votes Thank Flag Link Thu Apr 10, 2014
Hi Chen,

It would be worthwhile to know that there is a Fannie Mae program out there for parents who wish to purchase a home for their son while attending college can do so and can finance it as an owner occupied property and not an investment property. That means a lower rate and lesser down payment of 10% versus 20% on an investment loan. It works well for students who will be living on their own while at college and having an extra bedroom to stay at when you want to visit.

If you would like to know more and explore that option please let me know I would be glad to share some specifics.

Anthony Regner
NMLS 513607
Cobalt Mortgage Austin Lakeway Branch
512-659-1627
anthony.regner@cobaltmortgage.com
http://www.cobaltmortgage.com/anthonyregner
0 votes Thank Flag Link Thu Apr 10, 2014
Hi Chen,

I would be happy to help. I think you will be surprised at the options that are available to you. In addition to the neighborhoods you mentioned, I would also consider 78704(just South of the river)

Please feel free to contact me anytime without obligation.

Steve Nusinow
(512)922-7588
0 votes Thank Flag Link Thu Apr 10, 2014
Hi Chen

I would love to assist you with your search. I do know of a few condos that might be a great fit for you. If you wanted to email me your contact info at urvidesai@kw.com , I ll be happy to reach out to you or you can simply call me at 860-965-2952.

Urvi Austin Team
Keller Williams Realty
http://www.austin-estate.com
0 votes Thank Flag Link Thu Apr 10, 2014
Hello! I'll be more than glad to help. I work a lot in Central Austin and I've worked with a lot of clients in your exact situation. Please feel free to email or call me so we can further discuss.
I look forward to assisting y'all!

Sal Zuniga
Realtor
Better Homes and Gardens Real Estate
SalZuniga@BradfieldProperties.com
512-698-4800 cell phone
0 votes Thank Flag Link Thu Apr 10, 2014
Hi Chen,
I had several client in past two weeks with the same needs. My daughter is going to Ut as well. First I have to congratulate you and your son to be accepted at Ut, everybody knows that Ut has a real high standard and the students must be genius to get in there.
This is a grate idea, buying property in Austin. This way you don't have to pay a out of state student tax and you will save a large amount of money. I recommend to buy real close to Ut, so he can walk or use bike. This way he's not going to waist lots of time waiting for bus or bus stoping at different station. The area you should concentrate actually named UT Area. I recommend to buy just in UT area if you want your property always appreciate and always have a tenant. Your price range is reasonable.
Please contact me with any other question you might have. I'm looking forward hearing from you soon and helping you.
Have a blessed day.
AustinHomesByFara@gmail.com 512-573-7979
0 votes Thank Flag Link Thu Apr 10, 2014
Hello Chen,
I have a link below that you can click on that will show some of the condos for sale in in your price range and 2BR... there are a few more near campus that are one bedroom. I would love to show you other searches and work with you on finding the perfect place for your son.
Call me@ 512-779-6874

I am a Keller Williams Real Estate agent in the area... at the Northwest Market Center
Email: dianaclason@kw.com


http://dianaclason.kwrealty.com/listings/propertytype/CONDO/…
0 votes Thank Flag Link Thu Apr 10, 2014
Hello Chen,

I can sent you available condo's for sale in the UT area, when I get your email, you can look at it in the internet and decide if you like to go and look at it.
0 votes Thank Flag Link Thu Apr 10, 2014
Hi Chen,

I'd love to help you out. I am very familiar with that area of Austin. Feel free to call me at 512-850-6988 or email me at astrum@lucisinvestments.com.

I can also connect you with lenders if needed and we can always look at other modes of transportation as well such as biking and public transit routes close to the condo. Austin is a big biking town so there are lots of bike lanes everywhere.

Cheers,
Astrum
0 votes Thank Flag Link Thu Apr 10, 2014
Hi Chen yuan. I wondered if you had decided on financing options? FHA gives you the option of putting your son on your loan (if his credit score is OK), and taking maximum financing of 96.5% as an owner-occupied property, using just your income. The condo development would need to be FHA approved. If you are thinking conventional, you could also put your son on the loan, and with 20% down, he still wouldn't need any income. Owner-occupied interest rates are lower than those for investors. Once again, he would need a decent credit score.

It's a marvelous investment opportunity.

Barbara Heath Coker
NMLS#228545
Licensed Mortgage Loan Officer
100% Home Loans ALL Over Texas
210-842-4185
0 votes Thank Flag Link Thu Apr 10, 2014
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