Purchasing my first home in Austin!

[Clayton Barker]

BP community,

I’ve been renting for the past two years after finishing school and am now in a financial position where it makes sense to start considering purchasing a primary residence. My thought process is that I can build equity paying down the mortgage vs. paying rent every month (being an avid listener of BP podcasts really gets you thinking). I have not formally started working with an agent but based on my searches on Zillow and similar sites it seems that the Austin market has really started to come down compared to prices say 2 years ago or so. At this point in my life, I’d like to stay close to the city, so I’ve been looking at townhomes and condos in my price point on the south and east side of the city. Ideally, I’d live in it for a few years and then turn it in to a rental once it comes time to purchase a larger home.

I do have a couple questions and I'd really appreciate any insight! Does anyone have experience operating a condo/townhome as a rental in Austin? I know that an HOA poses some additional challenges in terms of rules and regulations. If I start working with an agent, would they have access to the HOA information? Are there certain items to look for in the CC&Rs? Is it possible to request financial information as well regarding the HOA's reserves and what not? I realize I've asked a lot of questions, but I just want to get a sense of if this is a feasible goal or not.

[Ryan Kelly]

@Clayton Barker hey Clayton, glad to hear you are taking action on your property ownership journey. I'd be happy to connect this week and address all the various questions you have regarding condos. There is a lot to consider when you have an HOA involved, especially with a condo complex. Almost all HOAs will have rules around leasing including a minimum term length, plus possible wait lists, and approval by the HOA board of each lease. Reach out if you want to talk through condos in detail.