I currently live in New York and I will be attending University of Texas at Austin. I am looking to pay in-state tuition by my sophomore year and investing in a property is a great way to claim residency. Does anyone have any ideas for going about getting money making property in Austin ? Preferably, I am searching for a house I can rent with roommates and have positive cash flow each month.
Dude, I love your way of thinking and ambition. I wish I was like that at your age. Anyway, I would first try to get in touch with some real estate agents or pros that are based in Austin in this forum, if you don't, just start calling local agents that are around Univ of Texas. I would ask them what are laws, requirements and ordinances for turning a single family home into a rental property. Just be aware Austin, TX is a very in demand market right now and housing prices will more than likely be even more expensive around universities. So do not be surprised if your housing stock is limited or where some would need work around your price range. Either way make it happen man. Paying in-state tuition, while being a landlord and living nearly rent free? Freakin genius man, absolute genius.
Hey Anthony, I am a UT alum and also worked as a real estate agent in central Austin for a number of years. Brian is right about the high prices in Austin and scarcity near campus. You definitely have the right idea; if you have any general questions or would like a really good Realtor referral, feel free to give me a shout. ( I currently live in San Antonio and work in investment/wholesale real estate)
It's like listening to myself talk 14 years ago. I bought my first place in college @Anthony Madia , the numbers worked easier back then where I had roommate in a 2/2.5 condo in West Campus to where I can get some extra beer money. Have you looked at condos or multifamily? Let me know how I can help or I can set you up with my guy in Austin.
Great stuff Anthony! You have a great plan and should be able to have positive cashflow if you get creative with renting out rooms of a house.
Originally posted by @Jason Hsiao :
It's like listening to myself talk 14 years ago. I bought my first place in college @Anthony Madia, the numbers worked easier back then where I had roommate in a 2/2.5 condo in West Campus to where I can get some extra beer money. Have you looked at condos or multifamily? Let me know how I can help or I can set you up with my guy in Austin.
Did you use a hard money lender in the process of buying and would you reccomend that due to the fact I am low on funds?
Congrats on your upcoming move to Texas to attend UT! I did PhD work and taught there for several years. So, I'm very happy to help with whatever I can.
Take note that the median SFR in the areas immediately surrounding UT west of I-35 sold for $700,950 ($698,255 average) over the past 180 days. I imagine that's way beyond what you're looking to spend. You can sometimes get a SFR around UT in the very high $300s or low $400s, but those will usually either need lots of work or be very small (e.g., a 900 sqft. 2/1).
Fortunately, UT has a very extensive shuttle network serving many areas of Austin where housing is more affordable. You shouldn't have any trouble finding college roommates if you buy within easy walking distance of a shuttle stop.
I can't comment on whether you can get positive cash flow without knowing your price range and how you'd be purchasing (e.g., cash, FHA, conventional, etc.). However, you could take the potential tuition savings into account when looking at the numbers.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you