Beginner SFR real estate investor from Austin, TX

8 Replies

Hi all,

I've been enjoying the podcasts and the forum for a while, so I thought I should introduce myself. I work in high tech in the Austin area, and live with my family near Austin, TX. I began looking for a buy and hold real estate investment at the beginning of this year, and bought my first two properties in March. 

Not knowing much, I tried to buy properties on the MLS in suburbs of Austin such as Pflugerville and Round Rock. On every offer, I was getting beat by cash offers well over the asking price.

I had been traveling to San Antonio occasionally for work, and by referral met an agent there. He helped me buy a couple of mid-market houses on the far West side of San Antonio, where we were actually able to pay a little under asking price. I formed a series LLC to buy the houses, and have those both rented and managed by a property manager. They're not home runs for sure, but will hopefully be fairly safe investments over the long term.

There have been some bumps and bruises along the way, being a newbie, and having the properties over two hours away from my house. In fact, I'm in need of a new property manager immediately if anyone has suggestions.

I'm looking forward to reading everyone's advice on this site. If my limited experience can help anyone, please ask.

Hi Robb,

Congrats on buying your first two properties! It's definitely a great area to be involved, and I'm sure you'll love it. 

I work with a few managers there, and I'd be more than happy to chat and see if that could be a good fit. Feel free to message or email. 

Best of luck! 

Hey Robb

Welcome

Hate to tell you this but you should be getting properties well under the asking price.

San Antonio has  a lot of good deals.

I don't invest on the westside...I have been buying in the historical districts where you can get what ever you are asking.

I am not getting anything for this but you need to become a pro member which will help you fill up your contact list.

Hi @Robb R. , first of all, congratulations to you for taking action!  My recommendation to you, now that you own rental property, is to learn how to manage the properties yourself.  If you start educating yourself now, you will be ready at some point to "retire" your property manager, and take care of your investments.  You will never find someone who cares more about your properties than you do.

Send me a message if you'd like any info about the areas here in San Antonio.  Again, welcome!

Originally posted by @Robb R. :

Hi all,

I've been enjoying the podcasts and the forum for a while, so I thought I should introduce myself. I work in high tech in the Austin area, and live with my family near Austin, TX. I began looking for a buy and hold real estate investment at the beginning of this year, and bought my first two properties in March. 

Not knowing much, I tried to buy properties on the MLS in suburbs of Austin such as Pflugerville and Round Rock. On every offer, I was getting beat by cash offers well over the asking price.

I had been traveling to San Antonio occasionally for work, and by referral met an agent there. He helped me buy a couple of mid-market houses on the far West side of San Antonio, where we were actually able to pay a little under asking price. I formed a series LLC to buy the houses, and have those both rented and managed by a property manager. They're not home runs for sure, but will hopefully be fairly safe investments over the long term.

There have been some bumps and bruises along the way, being a newbie, and having the properties over two hours away from my house. In fact, I'm in need of a new property manager immediately if anyone has suggestions.

I'm looking forward to reading everyone's advice on this site. If my limited experience can help anyone, please ask.

 Robb,

I have a great PM, please contact Darren at All County Alamo.  

http://allcountyalamo.com/

Tell him that I referred you.

Yooch

Thanks everyone for the warm welcome!

@Mike Clark: Yep, I agree that I likely paid too much. I looked at hundreds of properties with a lot of driving and analyzing, but they were all "at retail" on the MLS. As my agent told me, "you don't know what you don't know." That's why I'm glad to be learning from everyone on this site. Hopefully, the next deal will be better.

I've finished the first 70 Bigger Pockets podcasts. So, I'm a little smarter already. :-)

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

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.

We hate spam just as much as you