All Forum Posts by: Hayden Lyon

Property Description: SFH in Austin, TX; 3/2, 1200 SF

Background: My father is retiring and moving to the beach. He and I have had conversations about my desire to own rental properties and have discussed me purchasing his current home (the home I grew up in) when he retires and moves near the end of 2017/early 2018. I currently live in Fort Worth, TX, and with the house being in Austin, I obviously have my concerns, hence the reason for this post. SFH properties in the area are currently listed/selling for between $250K and $325K. He plans to list the house for around $200K, but I think he would offer me the property at a discount (TBD). The house would require some cleanup (new fence, new carpet/floors in two bedrooms, minor items). Clearly, more research is needed on my end, but my initial concerns are twofold:

1. What kinds of concerns do you have about investing in out-of-city/out-state properties, especially with it being my first property? 

2. My plan was to purchase my first property in 2018 once I have, what I think are, the appropriate finances in place. While I am financially comfortable living as is, I feel I am not yet financially prepared to take on a property in 2017. However, I almost consider this opportunity too good to pass up if the price is right. Thus, my second question/concern is regarding alternate opportunities for winning this deal? What kinds of financing strategies would you recommend to get this property for little to no money down? 

I plan on analyzing the deal after publishing this post to better understand the opportunity.

Any insight is appreciated! I'm more than happy to share details if wanted. 

Hey BP! I'm excited to make my first BP post and introduce myself to BP community. I live in Fort Worth, TX and looking to start my REI career in the DFW area. My goal is to build wealth through buy and hold of multifamily properties, specifically using the BRRRR method. When I am not focusing on analyzing and buying a property, my goal is to learn more and network with anybody and everybody. I would like to establish a network and team within the DFW area. I am currently seeking information on financing multifamily BRRRR deals. I would also like to establish a relationship with an experienced investor that is open to having me involved in the numerous aspects of RE investing. I bring an analytical point of view willing to help any way possible. The most pressing goal I would like to accomplish is to establish a network of RE professionals within the DFW area.

Hey BP! I'm excited to make my first BP post and introduce myself to BP community. I live in Fort Worth, TX and looking to start my REI career in the DFW area. My goal is to build wealth through buy and hold of multifamily properties, specifically using the BRRRR method. When I am not focusing on analyzing and buying a property, my goal is to learn more and network with anybody and everybody. I would like to establish a network and team within the DFW area. I am currently seeking information on financing multifamily BRRRR deals. I bring an analytical point of view willing to help any way possible. The most pressing goal I would like to accomplish is to establish a network of RE professionals within the DFW area.