New member from El Paso, Texas
Hello everyone,
Long time reader, first time poster. I have been working in the software industry for just over 20 years, but have had my eye on real estate investing for some time now. I figured now was the time to get serious and begin looking for properties.
I currently live in Austin, Texas, but am looking to invest in El Paso. The Austin market is a bit overheated and there seems to be too much competition. I grew up in El Paso and have a fairly good network there.
Here is my strategy. I’d love to get input from other BP folks on the feasibility.
- Strategy: buy and hold; looking to acquire between 10-15 properties over time
- Timeframe: looking to make the first purchase in the next 3-4 months (or as soon as I can find a good deal)
- Property type: single-family, possibly duplexes if I can find them. Focusing on 3-bed/2-bath houses between 1,100-1,600 sq ft
- Property condition: at this point I’m looking for mostly turnkey since I am managing from another city. That might change.
- Area: I’m most familiar with the west or northwest side (79912), so I will likely start there
- Price range: $100k-$125k
- Cash flow: ideally, between $100-$250/month per property
- Finance: conventional mortgage (20%-30% down)
- Property management: I will hire this out since I don’t live there
What are you seeing in the El Paso market? How are you finding properties? Any thoughts on the ideal areas to invest?
I flew out to El Paso last weekend to meet with a few contacts and begin the property search. The market looks good to me, but any local area insight would be greatly appreciated.
Cheers,
Chris