Property Manager · Cedar Park, TX · Member since 2014 · 22 posts · 3 votes
Hey everyone,
Wanted to give a quick hello to everyone, particularly the central Texas region, and introduce myself.
I'm a highly active SF/MF investor (buy/hold, flip) and property manager in the Austin and greater Austin area. My portfolio is growing, my units leased up are growing, and life is pretty darn good. But deals are getting harder to find in Austin..... :(
Send me a shout, some comments, questions, etc. I love to help and I love interacting with successful people and those just stepping out on the RE limb!
Austin, TX · Member since 2014 · 51 posts · 11 votes
12y
Thats true, hard to find good deal now, do you think the market in Austin already to to hot, ex: lot on East side is more expensive compare to West area IF comparing the $/sqft, isn't that crazy.
Property Manager · Cedar Park, TX · Member since 2014 · 22 posts · 3 votes
12y
There are still some deals out there but you have to look everyday and you have to at least go 5% over asking at a bare minimum.
There was a house on Canal St yesterday that I didn't have a chance to run look at before offer cutoff. Selling for $75k and it was valued at $150k. The rent values were also really high so it would have been a fantastic cashflow and cap gain.
Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
12y
Welcome aboard, Brian, I'm building homes on the east side. I'm also paying more than double for lots, as I was paying in 2012. Still, the exit prices make it worth while. If that Canal St deal was on MLS, I bet it sold for a lot more than 75K?
Property Manager · Cedar Park, TX · Member since 2014 · 22 posts · 3 votes
12y
Hey Jon,
I'm monitoring the Canal deal on MLS to see what it sells for. If you're really picky you can get amazing deals on MLS even in this market....but it's a patience game.
So are you buying ETJ lots and dev'ing them or are these old neighborhood lots that were overlooked because they had land "features" or something?
Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
12y
Infill lots. Really, it's a moving target. Most of them have old homes that we are scraping off. We're building 2 family homes where there was a SFR. Also looking for opprtunities for even high density.
Rental Property Investor · Austin, TX · Member since 2014 · 127 posts · 55 votes
12y
I looked at and submitted an offer on the Canal St property yesterday, but the seller went with another offer. Nice possibilities with that house, but it needed about $70K of work by my estimation.
Rental Property Investor · Austin, TX · Member since 2014 · 127 posts · 55 votes
12y
It has no HVAC, it needs a roof (with decking), it needs major foundation work, it has a very wonky addition in the back that needs to be taken down / reworked, it needs kitchen and bath and most flooring redone, etc.
It's a cool house with lots of character. But a ton of work to get there. I was thinking it was a good fix / hold / then eventually flip candidate. But I think it makes most sense for a young and/or first time home buyer to buy it, live in it, and fix it up gradually with sweat equity. I'm keeping an eye on this one, too.
Welcome to BP! Are you managing only your properties or do you manage other investor's properties as well?
Hey Jaclyn,
I manage my own investments as well as other local investors and out of state investors between Leander and Kyle. Depending on the location the fees are low, between $85 and $100, and comes with quarterly inspections, eviction representation, etc. PM me if you are interested in our services. Thanks for asking!
rosemead, CA · Member since 2014 · 57 posts · 6 votes
12y
Welcome aboard @Brian Banks. I hope you don't mind I pick your brain for few questions. What do you think the neighbor in waco, tx? how much the average price in that area?
Welcome aboard @Brian Banks. I hope you don't mind I pick your brain for few questions. What do you think the neighbor in waco, tx? how much the average price in that area?
Thank you,
Jason.
Jason I honestly have no professional insight of the Waco market at all unfortunately. Are you moving there or investing from out of state? If it's out of state I would highly recommend Houston or San Antonio over Waco or Austin.
Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
12y
Hey @Brian Banks thanks for jumping in and introducing yourself! If you haven't yet- be sure to setup some "Keyword Alerts" to get into conversation in your target area.