Anyone from/ invests in Austin? Is Killeen, TX a good place to invest in?
I got a deal from there for a Class C property.
Median income is $37,000 per year.
Invest in what way? For long term rentals, I would recommend connecting with Gold Medal Property Management. They will give you good advice on good and bad areas for rentals, what true market rents are, etc.
@Jintu Philip If you don't know a lot about Killeen, I strongly recommend you take a trip there first to understand that market. Killeen is filled with C and D class rentals and is highly dependent on Fort Hood. Prices are cheap and so is the rent. It can be a solid cash flow market IF you pick the right property and property manager. There are some parts of Killeen I would never want to own a property. As @Andrew W. stated, contact a property management company first to get some basis on the area.
@Ryan Kelly is right, depending on what area of Killeen you'd love to own there or would run. Take a trip and drive around!
@Ryan Kelly knows what's going on. Get to know it before taking the dive. If you crunch the numbers and think "this is too good to be true"... it is. Lots of D Class pretending to be C class. A moderate amount of crime. Lots of bad applicants. We manage properties from San Marcos to Killeen and everywhere in between... the Killeen units are exhausting to manage compared to every other property out there.
@Jintu Philip just to caveat on what everyone is saying, a neighborhood can turn from C to D with just one left or right turn. Killeen has those pockets. You can't trust Satellite view neither. Like what @Ryan Kelly mentioned, you really need to drive and get a feel for the area.
Hope this helps! I wish you the best in your investing journey.
If you live in the Killeen area, BP has a meet up every other Friday at 6pm, BIG BOBS BURGER. I've invested in the Killeen area for some time and love it. Great for rentals and wraps. Being the bank is a great way to make money in the Killeen area. But like someone said know the area, because some parts of Killeen is a total no go.
Which areas could be considered a no go?
I get this question from clients fairly regularly, and I've commented on it on this forum before: The truth is, the only reason anyone asks about Killeen is because it's cheap; it's just that simple. It's also true that you can make money in any market, given the right situation, but this is a tough one.
You'll never get the appreciation that you can get once you get closer to Austin, and capital costs will eat up the small amount of cashflow you'll see in most rentals there. The people whom I see that thrive in Killeen literally live in the community and self-manage, or have built their business to a scale that seems to be able to work (seems to be around 15-20 units, but that's anecdotal). Even then, it they're self-managing, they're really just adopting a low-wage job by taking something on over there.
All that said, if you're just looking to buy an education, it's cheaper than tuition at many universities, so for certain investors it might be a cheap way to gain the knowledge they need to get into more lucrative markets.