Investor · Austin, TX · Member since 2013 · 443 posts · 174 votes
It appears the only way to make a househack work in Austin is to build an Accessory Dwelling Unit in the backyard. Prices are very high for anything with 4 miles of downtown.
I'm thinking buy a rundown house in east Austin rehab it and add an ADU to the back. This should create enough rent to cover the mortgage and still be a viable investment once I move out. Maybe section the ADU off and sell it under condo regime.
Can someone please explain to me how the condo regime in Austin works? is this a lottery system, or quota based? How do you qualify? I'm interested from the standpoint of an SFH + ADU.
You could reach out to @Patton VanVeckhoven or @William Smith for details. Both are attorneys in Austin specializing in condo conversions. It's not a lottery or quota system. As I understand it, a small condo conversion (e.g., SFH + ADU or attached duplex) is done in Austin via executing the right legal documents and has nothing necessarily to do permitting or the development code. It's just a change in ownership structure and, as far as I'm aware, doesn't require approval from any outside party or stakeholder. That said, the details can still be complicated. So, again, I recommend talking with an attorney in Austin who does many of these conversions about your particular situation or plans.
Specialist · San Jose, CA · Member since 2016 · 34 posts · 20 votes
8y
Can someone please explain to me how the condo regime in Austin works? is this a lottery system, or quota based? How do you qualify? I'm interested from the standpoint of an SFH + ADU.
Can someone please explain to me how the condo regime in Austin works? is this a lottery system, or quota based? How do you qualify? I'm interested from the standpoint of an SFH + ADU.
You could reach out to @Patton VanVeckhoven or @William Smith for details. Both are attorneys in Austin specializing in condo conversions. It's not a lottery or quota system. As I understand it, a small condo conversion (e.g., SFH + ADU or attached duplex) is done in Austin via executing the right legal documents and has nothing necessarily to do permitting or the development code. It's just a change in ownership structure and, as far as I'm aware, doesn't require approval from any outside party or stakeholder. That said, the details can still be complicated. So, again, I recommend talking with an attorney in Austin who does many of these conversions about your particular situation or plans.