I’m looking into investing in the austin area. This would be a first time investment. Looking for a duplex to start. Any help with how to spot a good deal. And how to factor in the high property tax. Can you get a deal that cash flows in austin? ???
I have been looking in several areas of Texas, including Austin. One warning is that they have highly expansive soil there. Check around the area you plan to buy in and see if there are slab/foundation repair companies. Talk to them and see what it cost to repair and how slabs get cracked from the high clay soil. Property management and the tenant’s utility bill may affect the health of your property. GraniteFoundation in Dallas has a link that tells about the problem.
Check out how the hail can affect the life of a roof. I hear they have good sized hail there, golf ball size. Could mean a roof won’t last the stated years.
Look at supply v. demand of units v. tenants. In the '80s many owners lost severly in rental income or appreciation due to over-building rental units. Not saying tnis is happening now, but if it happened before …
The best area in Austin I think is the Muller airport reconstruction. An old defunct airport that now has a new Children’s hospital up and running and plans to build malls and homes. Prices are up there…new property, less problems.
A doctor friend who does investing in RE said that most property inspectors want continued work from their RE agents and won’t give you a 100% report because it might affect their income stream. Think about it, if they give you the truth and it affects the sale, how are they going to disguise the report so you still buy?
rws
Thanks for all the info. I will look into the things you suggested.