Hello BP, my name is Tim! I moved to Austin, TX last year for my first job out of college. It’s funny, I always thought that when I started making money, I would want to spend it on buying myself nice things. But the moment I got that first paycheck (okay, maybe 2nd paycheck :p ), my only thought was how do I protect my money, and make more of it! This initiated my real estate investing journey.
I've spent the past year educating myself by attending the local REIA meetings, listening to the podcasts, and browsing the forums. My goal is to purchase a buy and hold property in the next three months, perhaps through FHA, or subject-to. One thing holding me back may be my lack of capital for a down payment.
Currently, I am looking for a mortgage lender so I can get myself preapproved and find out what funds are available to me. I've been doing deal analyses every day, and realized that PMI in addition to the high property taxes really kills any cash flow I can get from a property. I am also looking for any local realtor recommendations that can help me with my first purchase.
I am young, ambitious, and driven. I would love to connect with fellow like-minded investors on BP and appreciate any advice you may have to give! Thanks!
Hello @Tim Wang , welcome to BiggerPockets! It is great to have you and please feel free to jump in the community - there are certainly great people around here!
Hello @Tim Wang and welcome to BP and the N Austin area. I am fairly new to real estate investing as I just acquired my first duplex in Sept. and recently closed on my 2nd and 3rd duplex last week. Austin is a fickle market, but you can still find deals, especially if you are looking to expand into the nearby areas.
I have taken the approach of Just Do It. I analyzed many deals, but I got to the point where the ones that I thought were good we gone before I could even provide a bid. So I recommend getting proficient in analyzing deals, and get your funding in place, especially if you plan to go conventional. Provided my numbers work out, I take the approach that these first few will be learning experiences.
Even if the Austin market slows, which I expect it will at some point, I am confident that I can at least break even in the property and I have made some money along the way. Obviously, I am hoping for much more than that, but that is the worst case scenario barring anything catastrophic. My goal is to get 20 doors in the next 5 years, but that doesn't mean that I wont exchange lesser performing properties for better ones.
Best of luck,
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