New Investor advice in Texas
Would love to get y'alls thoughts/opinions on what to do as a newbie investor in Texas...
Some background: We live/rent in Austin,TX. We have a nice place and are able to save $7,000/month after rent/expenses, debt free and have 55k saved.
Originally we were planning to buy a home here in Austin, but as we started getting our finances in order, learning and more clearly defining our financial goals we realized investing vs. buying a $650k home seems like a much better route and very attainable right now. We definitely want to park our money somewhere with a goal to retire from our day job in 10yrs.
What we're contemplating is...
- Still buying a home in Austin but one that is much less $300-$400k that would be more for appreciation/growth that would have a mortgage similar to what we pay in rent now. We like Easton Park out of all new affordable neighborhoods. However we may move out of Austin in 3-5 years so not sure if we should do that.
- Going the turnkey route, we've researched and heard good things about Norada and are set up to talk to them soon. Seems like a good fit for our busy day jobs, upcoming wedding and wanting to start a family soon..I wish housing hacking was an option but it's not for us in our 30's lol.
Sorry if this was long winded - would love some advice on what you would do in our situation.
Many Thanks!!
Most Popular Reply
Buy starter homes. That’s what I’m doing in the DFW area and their appreciation rate is the highest due to major demand for homes under 220k.