Carl Shurr

Jiri,
I have a listing currently that would be a great investment so I will use it as an example. It is a 2 story, 2 bedroom, 2 1/2 bath condo in the center of downtown Austin. It has 1410 square feet and it was just remodeled. It is selling for just over $400K so the price per square foot is about $285. This is well below the average price per square foot for the area which for new condo buildings is over $400/sf and for older buildings about $320/sf. The building is a beautiful Spanish style building with a large landscaped courtyard and pool. Lease rates in this area range from $1.50 to $2.50 per square foot. This unit should be able to earn close to $2 per square foot. Homeowners assessments equal $0.26 per square foot. The average in the area is $0.34. Taxes are just under $7,000 per year are current valuations. The downtown area is one of the fastest growing areas of Austin and you could forecast 5-10% annual appreciation. Mortgage rates for a US citizen on a 30 yr. loan with good credit are under 6%. As you may have seen in an earlier reply, if you are not a US citizen you will most likely need to make a larger down payment (25-40% is the range I was given by several mortgage brokers) and your rate will be closer to 7%. Feel free to contact me if you would like additional information. - Mon May 12 2008, 15:54

Jesse,
In my opinion, the best area for a relatively short time period like 2 years would be Area 6 or the 78704 zip code. It is getting harder to find homes in need of remodel at good prices, but they are still out there. The area has many things going for it including it's close proximity to downtown, Zilker Park, South Congress shops and restaurants and Lady Bird Lake. It is also much less congested than many other areas of Austin. My next choice would would Area 9 or the 78741 zip code. In that area stay close as close to Lady Bird Lake as possible. That is where much of the new development is occurring. If you would like any listings in these areas please let me know. (512) 944-5977. - Thu May 8 2008, 11:11

You can actually find that on Trulia. Go to the Advice & Opinions home page. Then click on Member Search (Beta) near the top right of the page. It brings to a box that says "Member Search." Fill in the "Location" box with the city you in which you need an agent, skip the second box, then in the "Member Type" box use the drop down to select "Real Estate Pro."

This will give you a list of agents in that city and their bios will tell you what they specialize in. - Wed Apr 30 2008, 15:51

First, find a realtor you feel you can trust. Buying a home or investment property is one of the biggest purchases people make in their lifetimes. Second, find a full-time professional agent that knows the community and local real estate market very well. Designations are nice, but they often do not mean the agent has either of the above traits. - Wed Apr 30 2008, 13:17

If you would like to be close to coffee shops, museums and/or bike/hike trails then you should strongly consider living in downtown Austin. Specifically, the zip codes of 78701 and 78704 would be my first choices for you. Downtown living in Austin is very manageable and empty nesters and retirees are one of the largest segments of the downtown community. - Tue Apr 29 2008, 21:36