ATTN Texas REI's - looking for guidance on first multi-family purchase
Hi All,
I've been following BP for some time now, but only recently joined. This is such wonderful place to come and learn- thank you all for contributing to the education that can be found here!
Here's the situation: I'm looking for guidance on investing in my first property in Austin, Texas around the July/ August time frame. Objective is to purchase a an owner occupied 3/2 duplex or triplex, with a 75-80% ARV (for under $325k; financing 80-85% via conventional mortgage via portfolio lender), in South (north of William Canon) or Northwest Hills of Austin, Texas that generates enough rental income to pay my mortgage, taxes, and expenses enabling me to live rent free for a year and then cash flows positive the year following (so I can purchase my next property). I'll be renting out one side and living in the other with 2 room mates (each paying $500/ month).
- First question: Given my objective and the rather hot real estate market in Austin, are my expectations realistic?
- Second question: I travel extensively for my full time job. I'm often out of the country for weeks at a time. For those of you in a similar situation- how do you manage the needs of your property and tenants while living/ traveling abroad- is this doable or am I setting myself up for failure?
Thanks kindly for your responses.
- Jeff D.