New Investor in Austin, TX
Hey everyone, I'm Seth Evans.
I'm a ENT physician who works in Kyle/San Marcos and lives in Austin. I have been focused on growing my medical practice for the past 3 years since moving to Texas and I recently became sole owner of my (debt-free) practice.
I'm now planning to invest the profits from my medical practice into income-generating real estate around the central Texas area. I've done a lot of research into personal finance and wealth building over the last year, and I'm convinced that RE investing is the way to go. If you're on this site, you probably agree :-)
I do have some experience in land lording. I own a cozy 2BR 1BA condo in Richmond, VA in which I lived during my residency from 2005-2010. I have a property manager taking care of it and it has been rented continuously since I moved out. I unfortunately bought it near the height of the RE bubble and it is now negative cash-flowing and basically unsellable anytime soon. I wish I knew in 2005 what I know now, but it's not the end of the world.
Recently, I have begun educating myself through books and Bigger Pockets. I'm reading Frank Gallinelli's book (37 calculations...) and a few from the Rich Dad advisors series. I also have at least an hour in the car each workday so I've been plowing through a lot of the BP podcasts.
I did attend the Austin Real Estate Networking Club meeting last week, which was interesting but ultimately a little too sales-pitchy and too large/impersonal for my tastes. It's also very inconvenient for me to get to.
Anyway, my short term goals over the next 1-2 months are to continue educating myself, network with the local REI community, and begin exploring deals. My main focus initially will be the Buda/Kyle/San Marcos corridor because it's close to my work, it's growing like crazy, and the prices are lower than Austin proper. I am interested mainly in multifamily residential properties.
If anyone knows of REI meet ups south of the river or in the Westlake area, let me know. I would certainly consider partnering with another investor for a deal or many deals if it's mutually beneficial and a good personal fit.
Finally, I am in the market for a good team of advisors (attorney, accountant, etc). Feel free to chime in with any recommendations!
And please reply if you have any advice or comments, good or bad.
Thanks for reading, and I look forward to getting involved with the Austin REI and the greater BP community!
Seth