New member from El Paso, Texas

[Chris Thomas]

Hello everyone,

Long time reader, first time poster. I have been working in the software industry for just over 20 years, but have had my eye on real estate investing for some time now. I figured now was the time to get serious and begin looking for properties.

I currently live in Austin, Texas, but am looking to invest in El Paso. The Austin market is a bit overheated and there seems to be too much competition. I grew up in El Paso and have a fairly good network there.

Here is my strategy. I’d love to get input from other BP folks on the feasibility.

• Strategy: buy and hold; looking to acquire between 10-15 properties over time
• Timeframe: looking to make the first purchase in the next 3-4 months (or as soon as I can find a good deal)
• Property type: single-family, possibly duplexes if I can find them. Focusing on 3-bed/2-bath houses between 1,100-1,600 sq ft
• Property condition: at this point I’m looking for mostly turnkey since I am managing from another city. That might change.
• Area: I’m most familiar with the west or northwest side (79912), so I will likely start there
• Price range: $100k-$125k
• Cash flow: ideally, between $100-$250/month per property
• Finance: conventional mortgage (20%-30% down)
• Property management: I will hire this out since I don’t live there

What are you seeing in the El Paso market? How are you finding properties? Any thoughts on the ideal areas to invest?

I flew out to El Paso last weekend to meet with a few contacts and begin the property search. The market looks good to me, but any local area insight would be greatly appreciated.

Cheers,

Chris

[Kelvin Kroeker]

Sure There are some new townhouses near Mesa and Executive Center that people are building and buying. Looks like a popular spot. There are upscale duplexes that are older at the end of Stanton Street. There may also be some new multistory condos near Montecillo and Mesa. Otherwise the homes are older and bit harder to find the right one around there. The Kern and Mission Hills areas are nice but can be pricey.