Austin, Texas and Round Rock,Texas Multifamily search
Hello all!
There is a good chance that I could be relocating to Austin Texas area for work and I have made the commitment that I will be buying my first multi family on my next move. I have done lots of research and reading/listening to many different resources and have a good understanding of what I want to do. My largest set back has been the market that I want to start in. I currently live in Miami and feel it is very inflated and overall don't like what I am seeing that I would get for 300k-350k.
I know Austin is one of the fastest growing markets over the last few years but also know the market isn't anything near what California/New York areas are at. I also was researching in nearby suburbs such as Round Rock, that seems has some really nice areas for reasonable prices. I would love to hear from anyone in the area that could offer any advice. Ultimately if the transfer does happen I would need to find a place relatively fast.
I would be looking for a duplex (possibly triplex) for around $350k. I would like to do a FHA loan with 3.5 down as I would be living in one side and "house hacking". If this could be a prosperous area i think i would be ok to settle down for a good amount of years and grow my business there. It is a desirable area, no state income tax, ive heard lower taxes overall etc.
Any thoughts and help is appreciated!
Daniel
Most Popular Reply
It's getting hard to house hack with Austin area multifamily. The sales price of Multi-family properties is largely dictated by potential market rate rents. If both sides are not rented at full market rate rents, the numbers often don't work out, especially if you are using FHA and paying mortgage insurance. I recommend buying a value-add single family home. Something in the $200k range that needs updating. Something you can improve and build equity.