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There is a REI club in Cedar Park, just north west of Austin. I'm assuming it's only for residential investing, but I could be wrong. I'm going to my first meeting with them today at 6:30. They meet at Cedar Perk Coffee shop the last Tuesday of every month. I'll let you guys know if it's any good later this evening.

Dan

I'm looking to get started investing in the Austin area and I think REOs are a good, safe (relatively) place to start. Since I don't own a home I'll be looking for a duplex or four plex to live in and rent.

Anyone know who the REO realtors are in Austin or how to search for them? A quick web search has turned up what appear to mostly be scam links. I also searched this site with no luck.

Austin Realtor - Maybe you can help with this :)

Thanks in advance!

Dan

I think many of these lenders are used to larger markets where the median home values are in the 150 range. In McAllen the average price of a home is around 70k so loaning out such a low amount may seem strange to them.

The property is a 3 bed 2 bath 1350 sq ft residential on a good block across from an elementary school in Mission. There is about 17k in back taxes owed and a $330 labor lien from the city. The owner is willing to part with it for about 20k.

I am looking to do about 5k in minor renovations over the course of about 30 days and then put it on the market through an agent. I believe investors call this retailing?

The main problem I'm having is finding a local hard money lender. I'm looking to continue to invest in this area and I want to establish a relationship with a good lender. Searching the internet for these has turned up a lot of dead ends and what appear to be scams.

Thanks again for the help.

Dan

Hello,

First time investor here. I'm looking at a property that I can get for about $38k that the tax assessor has valued at $64k. Very few renovations will be needed to get it into good condition. I'm hoping the ARV will come in at around $70k.

I realized that I'm in the early stages of acquiring this property but I'd like to have my lender nailed down before this goes much further.

Right now I've contacted my bank to see about a traditional investment mortgage but I'm thinking that a hard money/private lender of some sort will be a better choice since I'm planning on doing a few quick renovations then putting it back on the market ASAP.

I've called a few hard money lenders I found on the web but they all seem to have some requirement that doesn't fit my situation. One only handles properties with a minimum of $75 ARV and most don't service in the McAllen/Mission area.

I'd like to get 2 points with 15-18% interest on 6 months and low misc fees. I'd also like to use my own appraiser or at least be able to appraise when I see fit - not once the lender already has received my app fee. Anyone know any lenders in the area that can help me out?

Thanks,
Dan