All Forum Posts by: Ben Mizes

I'm going to be traveling to Austin a lot for work in the near future, and I'm curious how you guys find a cash buyers to network/do business with. Are you calling title companies and asking for cash buyers, or are there data brokers serving Austin?

Thanks in advance!

@DJ Cummins @Alex Bok, Thanks for the kind words! 

@Adam London I would recommend Tower Grove, Shaw, and U-city. These are the only areas I'm familiar with and think they're growing, but I'm sure there are tons of others. 

Hey Bill,

My agent set me up with MLS updates and I put in the offer a couple of hours after it came on the market.

I'm going FHA with this one, so the rates are lower.

I toured the place yesterday, and while it was nicer than expected, I'm on the fence about wanting to live in a shotgun layout. It's not what I expected from the pictures. I'm thinking about doing FHA on something nicer to live in, and trying to scrape together enough to put 25% down on this one. If I can't you might get a second chance on this one. I think it's a bit crazy to require a signed contract before you can see a home.

Thanks for the feedback @David. I still haven't done the inspection yet, and I'm thinking about asking for a discount after that. Is that common behavior?

I'm also aware of a non MLS rehab property in the Shaw neighborhood. I didn't have the cash to act on it myself, but PM me if you're interested.

going by the 50% rule I would cashflow around $300 a month after repairs and capex

This is my first real estate investment. I'm excited to get going, but want to make sure this isn't a bad idea before I close.

Purchase Price - $220,000 and $5k back for closing

4 occupied units - $635x4 = 2540

Financing - 3.5% down at 3.5-3.75% interest

Mortgage payment, PMI, Insurance (homeowners and earthquake), and taxes - $1526 a month.

$2540 with 8% vacancy $2336.8 expected rent

$2336.8-$1526 = $810.6 Current Cashflow 

I'm probably going to build a garage for $20k so I can live in one of the units, and rent the other space for $50 a month.

The home is in Tower grove east, but barely. It's one of the first houses on Magnolia next to Tower Grove Park. I'm curious how you guys would rate the neighborhood.

Thoughts? Thanks in advance!

I'm Interested. I just went under contract for my first 4 family and I have a lot to learn.