Home Buying in Austin>Question Details

licerioribei…, Home Buyer in Austin, TX

I would like to find a rental income property in Austin for 50K cash. Is this possible? Looking to buy now. Thanks.

Asked by licerioribeiro, Austin, TX Wed Mar 5, 2014

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3
Hello,

I can help you find rental properties, but $50K is an unreasonable amount for a full cash buy out.
I help lots of investors determine the best property to buy in good neighborhoods, that have a positive cash flow.
It is a good sum of money, however, and can get you started, but I'd suggest a different route. If this is your first investment property, put 20% down, and find a house to buy where the rent will cover the mortgage, insurance, and other fees (repairs, maintenance, etc). A well chosen property can even have several hundred dollars extra at the end of the month, and this positive cash flow is money you can put in your pocket, or save to purchase a second or third investment house.
Plus, since the Austin market is so popular now, homes are increasing in value year over year, so you can probably make a profit if you buy and hold for 5-10 years, and then decide to sell.
There are lots of options. Give me a call and I can tell you more.
Eric
512-712-5842
http://www.EricEstate.com
0 votes Thank Flag Link Thu Mar 6, 2014
Eric, with your logic... I wonder what I can get for 140k... Can you send me a list to check out? Thanks.
Flag Sat Mar 15, 2014
That is not possible, even if you have cash. My advice is to put that cash as a down payment and get a mortgage for the difference to the realistic price of an investment property. The only property you could buy for $50K is a mobile home and even those, if in good shape, go most likely for more. If you want a property in good shape, you have to spend more than double because if you buy a fixer upper for around 100K, you'll need money to fix it up.
0 votes Thank Flag Link Wed Mar 5, 2014
Thank you Vivianne.
Flag Wed Mar 5, 2014
Hi,

Finding a rental property at that price in Austin is going to very difficult. Most of our good rental properties start at around 85,000 and go to about $150,000.

If you would like to look outside of the main parts of town, possibly in Johnson City or Blanco, you might be able to find something at that price.

Please give me a call if you would like to discuss your investment strategy further. I specialize in residential investment homes and it would be happy to help you.

Jordan Gouger
Realtor
Keller Williams
512-693-9297
0 votes Thank Flag Link Wed Mar 5, 2014
Thank you Jordan. Not sure where Johnson City or Blanco is but I am open for possibilities. I know with patience, time, perseverance - I believe that maybe I can find a short sale for that price. If you find one - let me know. Thanks again.
Flag Wed Mar 5, 2014
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