Targer, Home Buyer in University of Texas -...

We are looking for buying either a 2B2B or 1B1B condo near UT Austin campus.

Asked by Targer, University of Texas - Austin, Austin, TX Tue Jun 30, 2009

We are looking for buying either a 2B2B or 1B1B condo near UT Austin campus, considering resale and investment,which option is better?

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Answers

7
Dear Targer,
I would consider going a few blocks south of campus. In my opinion The Brown Building offers a great value for your dollar. The building has a few units for sale right now that could work for you. The 1-1's start just under $200K. The property used to be owned by LBJ and it has a historic designation, which saves you money on property taxes. Most of the units have been updated and have lovely file and stained concrete floors, several units have nice views too. They even have a rooftop deck to enjoy the sunsets. If your interested in seeing any of them just let me know.
Sincerely,
Betina Foreman, Realtor
Keller Williams Real Estate
1801 S. MOPAC, #100
Austin, TX 78746
512-771-6318
Web Reference: http://BetinaForeman.com
1 vote Thank Flag Link Wed Jul 1, 2009
Targer,

If you are still in market you might be interested in taking a look at my condo I have on the market. It's not within walking distance of UT, but still in a great location not far from there and only about 1/2 block off the main bus line. The complex is small , friendly, and has a good floor plan to support a possible roommate situation.

Thanks,

Mike B
0 votes Thank Flag Link Fri Jul 3, 2009
Targer,

Good day. Here is the link to 13 currently listed homes and condos in the UT area, which is a great area to invest; http://actris.mlxchange.com/Pub/EmailView.asp?r=1870852021&a…

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0 votes Thank Flag Link Thu Jul 2, 2009
When considering resale and investment, 1B1B sell quicker then 2B2B as the demand for these units its higher. However, this is a general rule and sometimes a 2B2B can be a better investment. One of the biggest mistakes an investor makes when purchasing property is holding the philosophy that he/she will make their money once they sell the property in the future years.

Investors make their money when they purchase the property-purchase property that is below market value. The investor then has instant equity and can use this as leverage to take care of any financial threats/concerns with the property.

I will be providing my top ten investment opportunities in Austin next week. These properties will ALL make money at closing at their current list price. Negotiating a lower price will add more equity in the property and cash flow each month.

For more information on the top ten, please feel free to contact us anytime or visit our website at http://www.goodlifeteam.com

Grant Gold
512-892-9473 grant@goodlifeteam.com
Web Reference: http://www.goodlifeteam.com
0 votes Thank Flag Link Wed Jul 1, 2009
Targer,

Between 2006 and 2008 over 1200 rental units were delivered to the campus market by large development companies. Subsequently, rents have declined in the area around West Campus over the last few years. Several hundred more units will be delivered this year as well (21 Rio, for example, is a new tower with ~ 200 units).

All of the new construction leads me back to my favorite area for rentals: North Campus. I used to own investment property in this area for several reasons: North Campus is quieter than West Campus (most of the fraternities and sororities are West) and easily accessible to the University. Hence, it's very popular with upper classmen, graduate and law school students which tend to do less damage to rental property than lower classmen (few parties, etc.). Furthermore, zoning in North Campus limits new development which maintains a lid on supply.

Specifically, I like the areas along Duval or Red River because you can catch the shuttle or No. 7 bus to Campus. I would opt for a 2-2 because the cash flows tend to work out more favorably. I would avoid any complex with a pool because it causes the HOA dues to be high and cuts into profitability.

Before buying, make certain to thoroughly review the HOA's budget and reserve fund, as many complexes in that area fail to maintain a sufficient reserve for big ticket items like roof replacement, exterior painting, etc.

There is a great complex at 32nd and Duval as well as one at 29th Street. Both have low HOA dues, minimal maintenance and good proximity to campus which make them easy to rent. I'd remain south of 35th street.

View UT Market trends here: http://www.slideshare.net/TaylorRealEstate/ut-metrics
0 votes Thank Flag Link Wed Jul 1, 2009
Goos morning,

Really the first thing to do would be to contact a lender to see what your options are either way. They can run the numbers for you so that you can see what your monthly payments would be as well as closing costs, etc. I can provide you with some lenders names and numbers if you need help with that. You can search the MLS to see what is on the market at my website http://www.myaustindreamhome.com . I would also be happy to set up a search for you on the MLS so that new properties will bee-mailed to you as soon as they become available.

Talking to a lender first will also show you what you can afford, so that you can really target what you are looking at. It is always better to get a 2/2 if possible as they are generally easier to resell. P lease send me an e-mail if I can be of further assistance.

Pamela Peck
Keller Williams Realty
512-609-9877
pamela@kw.com
0 votes Thank Flag Link Wed Jul 1, 2009
Hi Targer,

Not sure what you mean by investment as all real esate is essentially an investment. You should evaluate your short and long term goals for the investment before you decide. If you get anything near UT you are sure to appreciate no matter what you ultimately decide. I believe in the current market you get more value from a resale than new construction. Also how "near" UT you get could determine "high" a price you pay. Also remember that east is less expensive than west. I just sold a sweet 2B2B townhome with a 2 car garage on a UT shuttle route in the Timber Ridge Subdivision in the $120's.

Couple of tips: SIngle Family is always better than condo for rentals because you get stuck with high HOA dues and occasional assessments that can really set you back.

If condo is your answer, then go for the 2/2 so you can rent a room and get help paying your mortgage. You may also qualify for the $8K tax credit if you plan to owner occupy.

Hope this helps and call me if you need a lender and want to see what's on the market.

Regards,

Greg
0 votes Thank Flag Link Tue Jun 30, 2009
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