Personal residence opinions in general and for Austin, TX

[Christian Ruiz]

I have a general question for all of the investors out there, what do you do with your personal residence?

Did you establish your primary residence before or after you started REI? Do you rent or own?

I'm interested in a general consensus from the forum. I'm currently in the market for a primary residence (in Austin, TX) and I'm going in with the mentality of buying a fixer upper, executing a rehab, then potentially rent/sell in 1-2 years (potentially using a FHA 203k, but can do conventional financing as well). Deals are pretty hard to come by these days in the more desirable/up and coming area's of town, so it's making this process pretty difficult. Deals can be had on the outskirts and less desirable area's, but i'm not looking to move that far out. I'm currently renting, and am on a month-month lease which I can terminate when it is convenient for me.

Any thoughts or comments are appreciated on your personal situation or general advice for the Austin area.

[Account Closed]

@Christian Ruiz

I work with an Austin real estate investment brokerage, and while we typically work with off-market, investor-oriented properties, I believe that you can still find good deals in good locations to serve as a primary residence. The only caveat is that they aren't on the market for long. We see a lot of houses that are only on the market for a day or two. My best advice would be to find a good buyer's rep, tell them what you're looking for, and be ready to make an offer quickly.

I think that Austin is fairly unique in the fact that, for the most part, you can treat your primary residence as an appreciating asset! If you ever have any questions, feel free to add me and send me a message.

Best of luck!