All Forum Posts by: Nina Hayden

Def do your homework with code compliance and getting city permits as well as hiring qualified people for the jobs that you can’t do (licensed etc)

This looks all great on paper, but in reality expect to come across issues!  I like that you’re willing to learn, but do know that many of us have made some costly decisions on the first round trying to learn. With that being said, nothing wrong if you can afford it and understand that it can happen. But if you’re one paycheck away from not being able to afford a major loss is another issue.  I don’t trust rent o meter for this area. What part of east Austin are you looking at?  No matter what, it’s still east Austin and in some pockets you’re going to need to re-evaluate your rental.   Last but not least: if these units are already liveable and ready to rent, why not do it?  Don’t spend any money renovating. Rent them and you may just end up with long term tenants that keep paying the bills/mortgage. 

Competition for rent is high due to timing, all the new construction and the income gap.  Austin is still a big college town. So many factors here!  Either you have to be in a sweet spot where you’re near great school district or cater to a hot spot where higher income jobs  supports the rental demand. 

Ditto to the time of the year!  I also love the idea of doing those leases where you want to extend it a month or two so that it ends in more ideal weather. No one likes to move in the cold temps for sure!  And especially after all the holidays everyone is just trying to get back to normal schedule. 

Send me private message please. It’s one of the areas I’m looking into this year. I already have properties/land I am looking  at. I have funds and limited time; I need people with time. 

No, Austin is hard to get that cash flow, especially If you have to borrow money, you will not cash flow. and Austin is still more of sellers market, but you may interpret that differently depending what you’re getting into. 

You need to include water/sewer back up! 

What’s the coverage limits? You’re right at a competitive rate for 120k.  The lowest I’ve seen is $45 with USAA and 1million liability coverage 

Your broker should have given you this advice.  Find good CPA quickly.  Not sure how a pool would quickly dictate what would be best scenario.  Your broker should have given you all the options and how to maximize your money prior to entering in contract. 

@Charles LeMaire thank you!  Yes, that’s correct. I have done enough research to know what type of deals he does and for the money I’m putting in I wouldn’t want anything less. Purchasing 20 units would be more on my own and doable without having to partner up.