My wife and I are beginning real estate investors in Austin, TX. We own three properties in Texas; a rental and our primary residence in north Austin and a rental in Garland (near Dallas).
We are going to be rehabbing homes but hesitate to start out in Austin due to the incredible levels of competition and high prices. We have 250-300k in cash available to us but would rather not put it all into one property, especially for our first project. Moving to a location with less fierce competition and lower prices is something we're seriously considering but are running into a paralysis by analysis sort of situation, there are just so many places from which to choose.
Optimally, we would like to be all in on a flip for 150k or less. We are currently researching San Antonio, Richmond, and Oklahoma City and have several more lined up behind those. We've looked into the areas around Austin such as Bastrop and Killeen and like them for potential buy and holds but are unsure as to their suitability for rehabs.
Can you good folks point us towards someone who could mentor us through the flipping process in the Austin area or suggest other markets (in Texas or not) that meet our criteria?
kinda biased but I like okc.
Give me a call if you would like, I work for a real estate wholesale company out of Fort Worth, we do a lot of volume...20-30 properties a month that sound like they would meet your criteria of being all in at 150k. We also have GC's we work with and acquire repair bids from which sounds like that could be convienent since you and your wife are in the Austin area. The market in Fort Worth is really hot and I'm sure we would get plenty of properties a month that would work for you. Shoot me an email or call me so I can tell you about the properties we have available and we can talk more about you and your wife's plans. Look forward to hearing from you!
Welcome to BP, @Bryan Newton . Have you been to REI meetups in Austin? They are a good place to meet with other investors. The best way to find mentors is to meet with people and see with whom you get along with best. In my experience, the best mentor/apprentice relationships happen naturally. I prefer to stay away from "gurus" who offer coaching/ mentoring for a fee. You will find a lot of resources on BP which are for free. I am finding the podcasts to be extremely useful.
Here's one that I've been to a couple times, and found it useful. Its organized by @Esmeralda Lira and @Harold McGee.
Here's another one being organized next week that I am planning on attending.
I am always up to meet with other investors to chat about RE, so let me know if you'd like to catch up. Good luck!
Flips are touch in Austin. I would seek out a different market for flips if that is what you're dead-set on doing.
Harold McGee and Esmerald Lira along with a handful of other folks sponsor a weekly meetup at Big Daddy's at 183/Burnet. I would recommend attending that to meet other investors locally. The meeting is Thursdays for lunch.
I am one of the organizers too - it's the absolute BEST networking meet up I've seen anywhere. No selling, no promoting, just sharing what you do, asking questions, and lot's of free advice.
Unfortunately we are often in a "standing room only", so I suggest your register at the meet up link above because we are going to have to start doing some level of crowd control soon. ;)
Thanks for the replies, guys!
@Rhett Tullis can you tell me what about OKC makes it such a great location for you?
@Uday T. We have been attending the Austin RENC meetings for the past couple months and have learned a lot from that. I'll definitely check out the links you posted and start attending all the other REI clubs in town.
@Bryan Hancock That's kind of the feeling we're getting as well. We are going to start attending the Thursday lunch meetup! What are you liking instead of flips in Austin right now (if you don't mind me asking!)? Do you still like flips in the surrounding areas?
@Jean Norton Thanks for the tip. We'll be sure to get ourselves registered. Don't want to miss out.
strong rental market, low purchase price, high rents good amount of inventory. etc.
I'm with Rhett. Own 15 properties in OKC that have great cash flow. Plenty of renters too.
i do buy and hold. never been much for flipping.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing