Looking for Austin home to do STR before end of year
My friend and I are looking into the Austin, TX market for STRs and wanted to get opinions/tips on the areas to look at and what to expect
Does anyone own a property that they do STRs on and can give us a general sense of how that market is and places to look into or avoid
Agents and property managers, feel free to let me know as well.
We are looking at homes around the $450K mark
Any specific tips or helpful advice would be appreciated.
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I live in the east side of Austin which is the hottest area for STR. With that said it is a saturated market and very difficult to find a property that would be a good investment. Right now there is also an overabundance of STRs going after the same renter. You would have to do something substantial to motivate people to rent your house. Is it worth dropping additional money to make a cool place to rent, will it be a good return on investment?
Candidly, the days of Austin being a hot market to invest in are gone. I'd rather give you the hard cold facts versus seeing you invest $450,000 into the hopes of turning a small profit.