Michelle, Renter in Jersey City, NJ

Looking to invest in properties in Austin that could be rented out

Asked by Michelle, Jersey City, NJ Sun Jan 13, 2013

Have some cash in hand, what's the best to go about it?

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Answers

12
Hi Michelle,

You have gotten a number of good answers here. I just wanted to add my name to the mix as I specialize in investment property here in Austin. I own investment property in California and here in Texas and my company also can find the top investment agents in any city you are looking at whether it be in Austin, Portland, Jersey City, wherever. Feel free to give me a call or shoot me an email and I will be happy to set anything up for you. I could set up emails to be sent to you from various cities when great investments pop up for sale. You just say what you are looking for and we do the rest.

Hope to hear from you.
Dan Burstain, Investment Realtor
JB Goodwin, Realtors
cell: 512-588-3260
Dan@JBGoodwin.com
0 votes Thank Flag Link Mon Jan 14, 2013
Congratulations! Considering investing in Austin can be a very successful venture. An investor who has a master plan and sticks to it is less likely to make mistakes in the market place. The variables to consider are too numerous to list in this forum. Important decisions to make up front are two-fold. You need to choose representation carefully...there are plenty of agents who will want to sell you property, but the right agent should represent you as they would themselves. Location is most important. The next big decision is who will manage your investment. Ideally, your agent has a good working relationship with a good property manager and will include them in the process. I liken this to watching the front and the back door of your portfolio! This agent and that property manager have many years of successful cooperation. Feel free to call with more questions. Kathey Pendleton, ABC Realty, 512-826-6199.
0 votes Thank Flag Link Sun Jan 13, 2013
Do you understand the basic terms, like cash-on-cash return or cap rate? If not, spend some time getting educated on real estate investment as a practice. Once that's down, spend time learning about the areas (Austin neighborhoods, for example) that appeal to you. Investing in real estate is a patient process, best done after much preparation. If you put a plan together, set goals and do not deviate off the plan, success will find you.

Good luck!
Web Reference: http://www.crowehomes.com
0 votes Thank Flag Link Sun Jan 13, 2013
Hi Michelle,

I would be happy to help you analyze homes at various price ranges in different neighborhoods. The rental market here is extremely strong, and the right homes usually have multiple applications within the first few days.

I like South Austin w;here there is some good appreciation upside with rents that will cashflow nicely. Please feel freel to contact me anytime. I would be happy to discuss your investment objectives without obligation.

Steve Nusinow
(512)922-7588
0 votes Thank Flag Link Sun Jan 13, 2013
Here's a plan:

Contact a Realtor with the following:
1. Budget for investment
2. Cash available for down payment
3. Timing of investment
I recommend a single family home with at least 3 bedrooms, 2 baths. Duplexes can be good too.
Ask the agent to send you available properties with market analysis of current rental rates and rental history of the area.

Best to use an agent who is also a property manager to help you make the best decision for value and rental liability.

I can help as I am a Realtor, Property Manager, Architect, Builder. Call or email anytime.

Claire McIntyre, Architect / Broker - Realtor / Builder
MMI McIntyre Associates
512-699-9912
claire@mmirealestate.com
0 votes Thank Flag Link Sun Jan 13, 2013
Michelle,
Best way to go is to interview a few local Realtors and find someone you can work with. Ask for references and documentation of transactions recently. There are between 8000 & 9000 agents in the Austin board and about 50% barely handle a transaction a year.
I showed a duplex today to an investor that didn't fit his needs but would cash flow (marginally), has good appreciation outlook. It does need some work and has 1 side rented to a long term tenant (about a $100 discount unfortunately).

Best wishes,
Bill Austin ~ 512-709-6343 ~ bill@teamprice.com
0 votes Thank Flag Link Sun Jan 13, 2013
I would invest in smaller 3-bed, 2-bath one-story homes in good school districts. For re-sale it's all about the school district here in Texas.
0 votes Thank Flag Link Sun Jan 13, 2013
Hi Michelle,
Best thing to do would be to have a consultation with a Realtor in town and discuss your specific needs. There are many strong sub-markets here in Austin. Feel free to email me at Stuart@beyondrealtytx.com
0 votes Thank Flag Link Sun Jan 13, 2013
Hello, Michelle,

I can help you find the right properties for investment. I am a Realtor and own rental properties as well, so I think I am very qualified to advise you, find the properties and then help you find the right tenants.

Contrary to what somebody mentioned below, your taxes will not go up 10%. Remember that everything you spend on an investment property (including property taxes, insurance, repairs, broker fees, etc. etc.) is tax deductible. It's true that homeowners who live in their home have the homestead that lowers that property tax, but not that much.

Contact me to discuss in more detail.

Vivianne Dordea, Realtor
Sierra Homes Realty
512-970-8814
0 votes Thank Flag Link Sun Jan 13, 2013
Depends what you are looking for. Personally I think the best cash flow comes from duplexes in desired areas, South Austin or even North Austin. Do you plan on visiting or just look online? Condos won't give you as high of a return with HOA fees and what not, but also aren't a bad option if you look in the right areas, and close to the University.
Do you know anything about Austin at all? I always start by sending clients a relocation packet, discuss what their end goal is, then go from there by setting up an online search via email. I have had some buy without seeing, but it just depends. Austin is a really hot market right now, low on inventory, so you have to be quick to move.
Hope that helps but for any further information, feel free to contact me.
512.665.8787
Ashley@AshleyBrinkman.com
0 votes Thank Flag Link Sun Jan 13, 2013
Be clear on your price point to buy and then the rent receipts for that area. You may want to leverage your cash rather than putting it all down at once.

The area in which you purchase determines the quality of the tenant, the rent price you can demand, and the other lease homes/units you are competing with.

Major issue here - Texas is a homestead state, so if you are an investor, your taxes could go up more than ten percent per year which will effect the Return On your Investment.

If you are buying a condo you need to know who the property management company is, what the HOA fees cover and most importantly, you would need to figure in minimum 8 percent for a property manager for your unit.

Also, be very careful which agent you choose - who knows how to create a pro forma for you, knows your limit and stomach for being an investor...and lastly....knows the neighborhood where you are investing.
0 votes Thank Flag Link Sun Jan 13, 2013
Hi Michelle,

The best way to go about it is to enlist the services of an agent here in Austin. We have the knowledge of the local market and can help you identify properties that would fit your parameters.

Francie Little, Broker, ABR, CLHMS, CNE, CRS, Green
Million Dollar Guild
Platinum Top 50
Austin Portfolio Real Estate/KW Luxury Homes
512.468.5753
francie@francielittlehomes.com
0 votes Thank Flag Link Sun Jan 13, 2013
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