Austin, TX · Member since 2018 · 62 posts · 26 votes
Just curious if anyone out there is working (city of) Bastrop and seeing good prospects. Seems like it has benefited from Austin MSA growth in general, but maybe still some reasonably-priced deals.
My family has a ranch out that way, so commuting out from central austin to visit properties not a big deal for me.
Investor · Austin, TX · Member since 2014 · 184 posts · 229 votes
8y
I flipped a house a couple of years ago in Tahitian Village in Bastrop. Bought it from a landlord who had a tenant there. We had to honor 4-5 months remaining on the lease before we could get started on it.
Probably the cheapest cost of rehab we've done in a long while. The house was less than 15 years old, had good bones. We just did basic paint, carpet, cheap laminate on sale from Floor n Decor, swapped bathroom fixtures and ceiling fans for a new ones (also on the cheap), fixed a fence, painted a back porch --- done! At the time it was the best looking house in the area and it sold quickly.
They have both Lowes and HomeDepot there, so supplies are easy to get. Prices probably have gone up since then, but there are always good deals if you know where to look.
We made good money on a flip. But my biggest issue was a 1-hour one-way drive to check on contractors on a regular basis. By the time we got back to Austin half of the day was gone. I wouldn't do it again. Perhaps, buy and hold would be feasible as it doesn't involve anywhere near the type of time drain the remote flip can.
Real Estate Agent · Austin, TX · Member since 2017 · 229 posts · 259 votes
8y
While my experience is only a sample size of one, what I've seen is a lot of upper age Baby Boomers getting fed up with Austin and moving to places like Bastrop or Elgin to buy fixer uppers that they spend their golden years fixing up. Your margins buying a fixer-upper and then selling it to a baby boomer who wants a fixer-upper would be really really thin.
Lender · Austin, TX · Member since 2018 · 241 posts · 136 votes
8y
Hi @Scott Fehrenkamp - Bastrop being located between Austin and Houston not to mention it being a stop on the way to College Station adds value to it's real estate market as a whole. With the leverage of the aforementioned points, investors should feel fine about their investment not depreciating in Bastrop. The most common investment play we see out there is buy, hold, and rent on multi-family properties. Hope this helps.
Rental Property Investor · San Diego, CA · Member since 2013 · 3k+ posts · 4k+ votes
8y
No, but I have a large deal I'm looking at in Pasadena. It would be the first time I've ventured outside the 610, much less way out near beltway 8 (which might as well be the moon)
Bastrop Texas · Member since 2018 · 1 post · 2 votes
8y
I live in Bastrop and it is gaining momentum. We have two single family homes rented out, and one property with two mobile homes that are rented and a fixer-upper cabin we are working on. We are now doing a full build on one of the six lots we own. There are some good deal but be careful things are going fast.
Rental Property Investor · Los Angeles, CA · Member since 2016 · 23 posts · 12 votes
8y
I own a new-construction Duplex in Bastrop. My experience has been a soft rental market for higher-end, large (3/2) units. I think smaller and more B or C class properties have more tenant demand in the area.
Investor · Austin, TX · Member since 2014 · 184 posts · 229 votes
8y
I flipped a house a couple of years ago in Tahitian Village in Bastrop. Bought it from a landlord who had a tenant there. We had to honor 4-5 months remaining on the lease before we could get started on it.
Probably the cheapest cost of rehab we've done in a long while. The house was less than 15 years old, had good bones. We just did basic paint, carpet, cheap laminate on sale from Floor n Decor, swapped bathroom fixtures and ceiling fans for a new ones (also on the cheap), fixed a fence, painted a back porch --- done! At the time it was the best looking house in the area and it sold quickly.
They have both Lowes and HomeDepot there, so supplies are easy to get. Prices probably have gone up since then, but there are always good deals if you know where to look.
We made good money on a flip. But my biggest issue was a 1-hour one-way drive to check on contractors on a regular basis. By the time we got back to Austin half of the day was gone. I wouldn't do it again. Perhaps, buy and hold would be feasible as it doesn't involve anywhere near the type of time drain the remote flip can.
I'm not investing there personally, but had clients sign for a new build over the weekend at a base price of $250Kish at Piney Creek Bend with KB and work for an investor that has several lots for sale in the Tahitian Village neighborhood. Plenty of inquiries, but no buyers yet. The MLS listings have all been auto-emailed over 100 times in a week.
@Vik J. I would say buy and hold for Bastrop vs rental at this moment . The area is still growing in the Delvalle out towards Bastrop area . Not enough at this moment to make an impact on cash flow as a rental .
Austin, TX · Member since 2018 · 17 posts · 10 votes
5y
Bastrop has seen some rapid growth in the last 6 months. It's hard to find even new builds without getting into a bidding war and most builders are limiting investor purchases. This area is poised to explode in the next 2-3 years given its close proximity to the airport and GigaTexas. As newer transplants try to find affordable housing, Bastrop will be a top choice with some A+ lifestyle options (chic downtown, bastrop state park, colorado river, pine forests). Think of it as Leander, Cedar Park, Pflugerville 5 years ago.
You can find new builds, you just need to work with an agent who knows the local builders. 5 of the 6 homes I have under contract never hit the market, sold for less than market price, and with no competition. Be wary though, there are substandard builders selling garbage at the same price.
I am planning to make a purchase in the Tahitian Village neighborhood. Around 450s. Its 4+3 newly constructed, so I figure I could rent the room out for STR or month to month for TeslaGiga and Holly studio temps. Is there anything I should be aware of before going through with the deal? I read some books and I think I can make the numbers work. Happy to talk with anyone who knows the area well online or in person.
I am planning to make a purchase in the Tahitian Village neighborhood. Around 450s. Its 4+3 newly constructed, so I figure I could rent the room out for STR or month to month for TeslaGiga and Holly studio temps. Is there anything I should be aware of before going through with the deal? I read some books and I think I can make the numbers work. Happy to talk with anyone who knows the area well online or in person.