All Forum Posts by: Poem Turner

Great insight @Jim Cummings! @Suneel P. While the taxes in TX are higher, and rental properties don't benefit from the homestead exemptions, rental rates usually account for the tax bill making it covered by the renter. So while I won't say it doesn't matter, it is accounted for if the property is priced correctly.

Welcome @Au Jia! Your first property is a big step, but one you've got to take! At that price point you can absolutely find homes in the Austin suburbs that cash flow (and will likely appreciate as a bonus). Round Rock, Georgetown, Leander, and others are proven options. Let's set up a time to talk further. I don't have a checklist per se, but I do have a list of criteria to consider for investment properties and how they impact your bottom line. My methods are very data and process driven. Look forward to speaking.

Thanks for the recommendation @Allan Bishop Jr.

A commendable effort @Jay Hinrichs. Thanks for all you do! 

Join us for a unique opportunity to hear a case study on site! Bill Crider has graciously invited us to see his current flip and discuss his process on this property and others. This is a phenomenal opportunity to hear and see firsthand what goes into a deal of this nature from an experienced and successful investor.

This event will be BYOC (bring your own chair) so don't forget to put one in your car!

There will be time for Q&A with Bill and a chance to meet and network with other investors so bring your questions and your elevator speeches. Look forward to seeing you all there!

Link to RSVP

This should be an interesting development to watch play out. Looks like the military is putting serious faith in Austin as a tech incubator. Or maybe they're just tired of winters in DC :-)

"Military leaders have described the Futures Command project as the Army’s most significant reorganization since 1973. In announcing plans for the center earlier this year, they described the new operation’s objectives this way: “Modernizes the Army for the future… will integrate the future operational environment, threat and technologies to develop and deliver future force requirements, designing future force organizations, and delivering materiel capabilities.”

The Futures Command center is expected to lead innovation for the Army’s top six modernization projects, including improvement to its tactical missile system, combat vehicles and helicopters, defense teams and weapons.

Army officials indicated they were seeking a high-tech, creative culture for the location, rather than a traditionally structured Army post. This, officials have said, should include a local workforce with experience in biomedicine, chemistry, computer hardware and software, electronics, materials and mechanical systems."

https://www.statesman.com/business/report-austin-s...

@Aditya Namjoshi Welcome to BP! The Austin area is a great option for investment properties, while Austin itself can be a bit steep. Yes, the area overall appreciates 7-10%/year, but SFR entry prices in Austin are near $400k vs high-100s in many of suburbs. As others have pointed out, taxes will be higher in Austin, and you should consider that Austin is beginning to become very heavy-handed with landlord and homeowner rules and regulations (carbon monoxide detectors, mandatory screens!?, etc)

Personally, I prefer SFRs to condos because they align themselves better with families of renters, and families with small children are more likely to renew rather than move each year (which decreases turnover expenses)

I regularly find long term buy and hold SFRs for myself and my clients in Georgetown, Liberty Hill, Round Rock, etc.  This is a great time to purchase and get a tenant in over the summer before school starts if that's a route you want to go!

Jessica - Congrats on getting your license! Smaller brokerages are a great way to go. And I will say that the best CRM is the one that you USE! Streak offers a simple, free version. Agile has a real estate specific free version I've dabbled with. Buffini Referral Maker has recently made some huge upgrades and is worth looking into (don't believe their pricing, they'll offer you a discount). And LionDesk is a VERY powerful and reasonably priced one. It all depends on what you want to use it for. Axia Mortgage (if they're in your area) also offers realtors a free CRM with lots of flyer templates, etc.

Good luck!

In the market around Austin, TX, I tend to agree with what others have said about "bold" = unrealistic. There are situations where an aggressive offer can work; homes in need of updating/additions, been on the market too long, overpriced, pre-foreclosure, etc. Even in this sellers market, I've built my business on being successful at finding and negotiating those properties; both for myself and my clients. The turnkey, cream puffs are going to go at or above asking. The houses are there, you just need to widen your scope. Investment real estate is not the same as run of the mill residential and most high performing (or otherwise) residential realtors can't see houses from that perspective.

There are, literally, dozens of ways for buyers to extricate themselves from a contract. Even after the option period is over. Best practice is definitely to continue to take backups. And keep that list of other offers handy so you can start calling to see if they're still interested.

Especially when inventory is low like it is in most of Texas, buyers will put in offers on multiple properties in hopes of one working out. I have gone through two or three buyers on listings multiple times, and represented the second and third choice that ended up buying listings as well.

@Joshua Ryan Meador Great idea to cover open houses for other agents. That's an excellent way to network and get buyer clients right away! Best of luck!