Hi there,
Looking for some Austin information. Looking to purchase multi unit rental property in Austin. 4 Units at the minimum. Have lots of friends in the Round Rock area, but I trust the Hive's information instead of them.
Prefer more of the hipster area, where there is some future growth. Gentrification or, "up and coming"is totally fine. Anybody give me some good zip codes , or areas where to look? Appreciate any and all help
Examples:
https://www.redfin.com/TX/Austin/1410-Ulit-Ave-78702/home/31384977
https://www.redfin.com/TX/Austin/4328-Airport-Blvd-78722/home/31418682Thanks
I've been in Austin area for about year now, in Pflugerville, know little about the area.
Those addresses you listed are more in "up and coming" and gentrification area. Those areas one block is old and ghetto, next block completely rebuilt.
There's lots of shops and restaurants in those areas, but there's a lot of homelessness around those areas to. Nothing like driving by an empty lot and it s tent city.
I can definitely say as far as future growth, Anyway you travel out of Austin there's major development going on.
Rent in towns 30-45 miles outside of Austin are even demanding same cost as places locally.
I personally like the Pflugerville, cedar park, round rock areas. Mainly because it's not as busy/crowded vs being "in Austin"
Dunno if this helps but my .02centz
Probably a day late and dollar short for any of those areas. Should have been looking about 10 years ago. I get an average of three phone calls a week from out of state flippers and even out of the country flippers for a property I own in a similar area in Dallas, in addition to letters and post cards. I'm not selling. Everything here has already been picked over by investors and flipped at least twice. Austin is worse. With the corona virus, the few people who were selling are taking their properties off the market because of fear getting the virus at showings, closings, etc.
I have lived in Texas for more than 20 years and have an ex-girlfriend who is a mortgage broker and rental property owner in Austin. No. She isn't interested in selling.
Agree with Snowdoggie, Interior Austin is over bought right now. There is much flipping that happened in that area in the last 10 years. The Airport road area was starting to be flipped in 2005-2006 time frame and East Austin a few years later. I would stay away from any city park that is not Zilker as they all have homeless encampments. That first one is 3 blocks from an encampment with a lot of needles and the second one is 3 blocks from the interstate on one of the biggest streets in east austin. I'd avoid both. They were good buys when I bought in at 240K in 2006. At close to 1M....ehhh
One thing to also look at when looking into Austin properties is take all property tax estimates with a grain of salt. There is limits that the property tax can be increased each year by law. When I sold my place I was 41% below current taxable value so the new owner saw an increase of that amount in taxes of over $300 a month. They relevel when the property is sold and I was 3X original purchase value.
Honestly, for the costs you are looking at and rent values, I hate to say it but Denver will give you a better return. Big part of it is the property tax. You can buy 2 condos in the capitol hill area and get the same rent and pay a lot less in property taxes and maintenance costs.
bmw88rider (Forum Supporter) said:
Agree with Snowdoggie, Interior Austin is over bought right now. There is much flipping that happened in that area in the last 10 years. The Airport road area was starting to be flipped in 2005-2006 time frame and East Austin a few years later. I would stay away from any city park that is not Zilker as they all have homeless encampments. That first one is 3 blocks from an encampment with a lot of needles and the second one is 3 blocks from the interstate on one of the biggest streets in east austin. I'd avoid both. They were good buys when I bought in at 240K in 2006. At close to 1M....ehhh
One thing to also look at when looking into Austin properties is take all property tax estimates with a grain of salt. There is limits that the property tax can be increased each year by law. When I sold my place I was 41% below current taxable value so the new owner saw an increase of that amount in taxes of over $300 a month for the new owner. They relevel when the property is sold and I was 3X original purchase value.
Honestly, for the costs you are looking at and rent values, I hate to say it but Denver will give you a better return. Big part of it is the property tax. You can buy 2 condos in the capitol hill area and get the same rent and pay a lot less in property taxes and maintenance costs.
Now this is weird. I actually had an apartment in the Capitol Hill area of Denver when I first graduated from college many years ago. Right down the street from the governor's mansion and within walking distance of downtown. I walked to work every day and walked to the King Soopers on 9th Ave. for groceries. A great neighborhood if you are looking for walkablity and hipsters. I have no idea what the real estate market is like there.
Yeah. Texas doesn't have an income tax and makes up for it with high property taxes. There is a paralegal in our office who just moved here with her husband from Austin because they couldn't afford the rent. Her husband is an engineer. People are leaving Austin because of the high rent. When did this ever happen in Texas before?
Nice. I actually live right next to the Denver Country Club now on 1st and Ogden. I walk to the same King Soopers for groceries now.
Austin Is close to an inflection point IMHO. Traffic is beyond bad. Costs are insane and salaries have not caught up. I find Denver 100X better than Austin. I'm so glad I left 2 years ago. There will be a point when people have just had enough and with more work from home opportunities, I think it's getting to be closer than most think.
I read an article yesterday on SF Gate where San Francisco and Silicon Valley residents are actually leaving and spreading out all over Northern California into rural areas including areas North of Sacramento and as far East as Lake Tahoe. They are leaving the urban areas to get away from homeless people, traffic congestion, riots, Covid and future viruses being more likely to spread in congested areas, not to mention the highest housing costs in the nation. The current Covid crisis has shown many people they can work just as easily from home and even move that home away from big city problems. This trend will continue.
https://www.bloomberg.com/news/articles/2020-06-08/wealthy-havens-lure-homebuyers-in-mad-rush-from-san-francisco?srnd=prognosis
I bought a Miata from an Austin member. I think he was in the Lake Travis area, it looked like Orange County in Texas.
I cant remember his username though.
In reply to bmw88rider (Forum Supporter) :
Yea central Austin is turning into a cluster berkeley.
That's Why I chose Pflugerville area, not as busy, anything I need is typically 5-10 mins away.
I'm not in position to buy a home yet but lucked out on getting a 3/2 with garage for $1300. I know some guys at work pay more then that for 1 bed apts.
Thankfully you can hire real estate agents for free to find you a place.
Subscriber-unavailabile said:
I've been in Austin area for about year now, in Pflugerville, know little about the area.
Those addresses you listed are more in "up and coming" and gentrification area. Those areas one block is old and ghetto, next block completely rebuilt.
There's lots of shops and restaurants in those areas, but there's a lot of homelessness around those areas to. Nothing like driving by an empty lot and it s tent city.
I can definitely say as far as future growth, Anyway you travel out of Austin there's major development going on.
Rent in towns 30-45 miles outside of Austin are even demanding same cost as places locally.
I personally like the Pflugerville, cedar park, round rock areas. Mainly because it's not as busy/crowded vs being "in Austin"
Dunno if this helps but my .02centz
Thanks. My cousin ,who owns Promize Pizza in Round Rock, all mentioned Pflugerville as well. Apprecaite the input
bmw88rider (Forum Supporter) said:
Honestly, for the costs you are looking at and rent values, I hate to say it but Denver will give you a better return. Big part of it is the property tax. You can buy 2 condos in the capitol hill area and get the same rent and pay a lot less in property taxes and maintenance costs.
Appreciate it. I am all ears in Denver, if you have recommendations. Currently, I have been looking in PHX/Austin/San Antonio/Montana. I have no issue looking in Denver, and pulling the trigger on a good quick buy.
some like this?
https://www.redfin.com/Unknown/Unknown/Undisclosed-address-Unknown/home/170450317
https://www.redfin.com/CO/Denver/5505-E-36th-Ave-80207/home/69376576
https://www.redfin.com/CO/Denver/2525-W-65th-Pl-80221/home/35051982
We can chat a little bit more when I come out for the Teg.
The first 2 is better than the third. You would be better buying individual units vs a plex unless there is a financing issue. There are a lot of good places here for investments and it's not over bought like Austin.
