All Forum Posts by: Cristin Andrews

Thanks all for the input. I think I probably won’t buy the condo. 

I didn’t but now I can’t unthink it. 

@Stephen Stokes That is interesting that you mention the IRA. He does have one that he opened on his 18th birthday but he doesn't currently work so only has a few thousand in it - definitely not enough for an Austin down payment even FHA

Would an FHA allow me to loan him the additional funds?

My son is just about to start his sophomore year at UT Austin and plans to stay for Masters but may end up transferring elsewhere for Masters. Seems this area is an equity play vs cashflow. With taxes and HOA fees that equity would need to keep pace with these fee increases. In my research it seems that this area may be top of market now and therefore not worth buying at this time but I wanted to hear from those of you that know the market if my assumptions seem correct.

Easiest thing for you to do would be a house hack. Buy a 3 or 4 bedroom house with 3.5% down (this will require you to live in it) and then rent out the other rooms so that your personal “rent” costs are as close to zero as possible. While living there basically “rent free” save your cash for next deal. 

Thanks. I guess my question was more about the when part of the how - are they for sale now? And how are delays in completion handled if contracted now but they aren't finished on time?

There are some Facebook groups that post Austin rentals and sublets. 

hi Steve. Do I understand correctly that these are sold in groups of 4? When does purchasing actually happen?

There is one other possibility - that your friend actually is Section 8 but hasn't shared that with you for one reason or another. Maybe ask them first and if not then proceed with calling the police or social worker.

Thank you @Shaun Weekes and @Kyle J.