All Forum Posts by: Victor Steffen

Definitely money to be made in York, problem will be finding a strong property manager. Otherwise you will more than likely need to self-manage and be very hands-on in order to make the investment work. That being said- this would be a pure cash flow play. The market is stagnant and it takes a lot more than park benches and main street facelifts to boost property values. I'm seeing great appreciation in the west chester area- just west of you. Major university, hospitals, manufacturing plants. Purchase prices significantly higher, but much better in terms of appreciation and rent rates. 

@Ryan Kelly this is really good, low cost- high reward. And I feel like people who call that type of number will be high quality leads. My kind of marketing 😎

@Sean O'Dowd this is a great idea, thank you!

@Cole Bigbee

Where do you list a property like this once it’s built in order to attract tenants? Or where would I go to find a building like this to lease?

Hey BP, curious how other agents are promoting your "just solds" when you represent the buyer in a transaction. What has worked for you? I've never been a mass-marketer. Hand written notes, small meetups, sphere of influence, investment webinars have always been my main business driver.. I closed 12 transactions in Austin this March (woo!) all on the buy side but feel I need to start making an effort to list more homes. Are you circle prospecting each sold? Mailers? Would like to leverage all of these buy-side transactions into more listing business. Thanks team. -Vic

ps: my original thought was to just do some simple hand written notes promoting the sale and slip them into 200 surrounding door jambs. 

Few things. 

1) Love everything about this and wish everyone would use the DPA programs while they exist. Your down payment is covered. You just need to fund the roughly 2% in closing costs. I've had clients only need to bring $750 to the closing table after their earnest money and option fee. Incredible product. That being said-

2) Hard part is going to be getting something under contract without the ability to (confidently) waive the appraisal contingency. This means you need to find the deal off market or work with someone who still has pocket listings. Try FSBOs, or driving around all the streets in your target markets and see if there's a for sale sign. You'll be surprised how often you find them. I've found most owners don't know that the appraisal waiver is something they should be looking for. 

3) I'm all for being conservative, but your gross income is too low. Bump that room rent rate up to 850 minimum.

4) Yes, you're being too specific in your area. If the goal here is to build wealth and put FOMO to rest then you shouldn't limit yourself to a single zip code especially given your other constraints (purchase price cap, appraisal, low inventory, high competition). Austin is a dope city, tons of places i'm sure you will love.

In all- your head is in the right place. Lots of people out there very bullish on Austin. The market forces you're competing against right now will be wind in your sails once you take a deal down. Best of luck!

The Central Austin Real Estate Meetup will be meeting this Thursday 6:30 pm cst at the towneplace suites in S Austin and we're excited to welcome our guest speaker, Mike Tolba. 

Mike has 10+ years experience owning a real estate brokerage. He was consistently in the top 5% of producers in the Prudential Real Estate network. Throughout his career Mike was featured nationally in top 30 Realtors under 30 by Realtor magazine in 2006. In 2015 he took a break from Real Estate to pursue another new love, Orangetheory Fitness. He loved the gamification of the workout as well as the variety and intensity. He moved to the Austin market to open his first studio and subsequently opened up his second studio 3 years later. Circle C consistently ranks as top 3 in Austin and was the #1 studio for Black Friday 2018. South Austin is also a very strong studio in the Austin market. Mike believes in one major philosophy, putting the right people on the bus. If you build the right team and treat them right, they will flourish and so will your business. Mike has the highest retention rate for staffing in all of Austin having the same leadership team in place for 5+ years.

This week Mike will talk about his experience as a real estate broker, investor, franchisee and now international Orange Theory Fitness Owner/ Operator. There is so much more to real estate than buying a house and renting it out. Come hear how mike was able to build cash flow by owning fitness studios in Austin TX and abroad.

@Cameron Phillips absolutely do not stop trying to land one. It’s going to be more difficult for you, yes. But the deals are out there. Shoot me a PM , we get appraisal contingent offers accepted pretty regularly, definitely some things you can be doing differently . -Vic

@Purvesh Na

Hi just sent you a pm

Dangerous part for you buying in Austin is the deadline, you have 45 days to make your list of targeted properties and 180 days to close and you can only buy what's on the list... In a market like Austin where homes are listed and sold within 48 hours that's nearly impossible. Work with someone who moves a lot of off market inventory.