I and a couple are looking to invest in a rental property in Austin.
As we are first time investors, I was hoping if the community would help and advise us with the questions below:
1. Is this the right time to invest in any rental investment in the US? We believe time in the market > timing the market, hence would like to go ahead and chose Austin due to a number of reasons from property appreciation, city growth, remote work force push from companies e.t.c.
2. We are targeting a single family home for now? Is that the right investment vs a condo or a multi family home? We'd like to get some positive cash flow also getting good appreciation on the investment in the next 5-10 years.
3. Are there any good resources for co-buying or agents in Austin you'd refer for the same?
4. Which areas would you suggest in Austin providing a good cash flow and growth over the next years? We heard a new Apple campus being built and there might be a Tesla regional head quarters in Austin as well(speculative for now).
5. Any further suggestions to keep on mind for co-buying or rental property investments with partners from your experience?
Really appreciate your time reading and answering this post.
Not an expert but I'll answer anyway:
Re: Q#1 - I have no idea, that's why I just buy whenever I can afford to. I figure it all comes out in the wash over 30 years anyways. Your time horizon may be different. Mine is: buy, hold until I die, basis step-up for my survivors.
Re: Q#2 - I have bought single-family homes.
Re: Q#4 - I buy in the surrounding suburbs like RR, CP. Generally, I look for properties where a family would like to move in (the theory being tenant turn over would be less). The houses I have bought are newish.
Re: Q#3/#5 - Sorry, I haven't had any partners yet (except my wife).
I hope some of this helps.
1. I believe so. I'm buying another duplex in Austin right now.
2. I prefer multi family.
3. Tons of great investor agents in Austin.
4. I don't think there are too many areas you can go wrong. The zip code I'm focusing on is 78721.
5. Build a great team starting with a great agent!