Real Estate Agent · Los Angeles · Member since 2017 · 107 posts · 33 votes
I'm ready to buy a 2-4 plex with traditional financing, moving into one of the units and "house hacking". While some are saying it's impossible to come out with free rent around Austin, I want to see if there might be someone on this site who can help find something that will be incredibly cheap for me (please don't just say it's impossible, thank you).
Ideally I'd like to be located within ten miles of 78726 where I work my day job. I don't need to make a profit, but I need to keep my payments as low as humanly possible, including property management fees. I feel that a monthly cost of less than $500/mo should be easily obtained, considering the rather huge plot of land. Payments should be based off someone with perfect credit and minimal down payment.
* As far as cedar park to the north
* East as far as the domain
* SW as far as steiner ranch hudson bend, etc
I can do traditional or fha, no problem. Already approved. Show me something that's within my budget and I'll jump all over it, as long as the loan companies approve the condition. Thanks
Real Estate Agent · Austin, TX · Member since 2014 · 636 posts · 486 votes
9y
My realtors have helped me buy a few fourplexes and duplexes in the 78724 and 78758 zipcodes, and they're incredible. The wife focuses on SFRs and the husband works with investors. I've referred about ten people to them so far, and everyone has been very happy with them. http://moatsteam.com/
If you reach out to them, feel free to drop my name.
Real Estate Agent · Los Angeles · Member since 2017 · 107 posts · 33 votes
9y
Ok, reached out to both. I'm open to other ideas as well, but thanks for your help so far. I'm ready to buy immediately but it's tough getting into this stuff.
Investor · Austin, TX · Member since 2017 · 70 posts · 76 votes
8y
Brendon:
In North Austin at least, you will not be able to achieve this goal with a duplex. I don't think you could do it with a fourplex either, unless you buy it in bad shape and make significant improvements.
However, I still think it's a good idea. In NW Austin (78729 or similar) there are duplexes for $300-400k that rent for $1100-$1500 each side.
I'm living in one of them that I bought this year. I now net out paying $350 less per month than I did for my apartment in the same area. Compared to that apartment, my duplex side has 1 more Bedroom, 40% more sqft, a nice yard, a 1 car garage. So it's still a big win.
If I was more aggressive and had more free time, I might start with a fourplex, then move on to a duplex once you want more living space and privacy.