All Forum Posts by: Dan N.

@Drae C. it does seem that Austin is starting to get overheated. Go by the market rent. Consult a realtor and/or do your own market surveys, depending on the size. The market rent is what it is, but you can charge under market rents if you like. It seems that there is so much demand and so little supply, that rents are going up faster than people realize. Remember, it's your profit that pays for vacancy, maintenance, and capital expenses. 

I know of MF properties for sale that at prices that have no hope of a decent return. The sellers bought some time ago and have increased the value. Now they are selling with great returns. However, people seem to be buying with the hope of appreciation. If that's the case for your property, you just have to decide if you're willing to buy under those conditions. 

I'm also curious how many units you're referring to. 

@Jay Hinrichs I wasn't questioning the 250. I was saying Lifestyles doesn't have a 25K to 45K program that I'm aware of, though they do have some higher priced membership levels. I didn't read your post that you were asserting they did necessarily, but I thought someone else might have read it that way. 

I did pay for the additional membership level and I'll say that I feel that it's worth it for me. Because of it, I'm in multiple multifamily deals which I wouldn't have been able to invest in otherwise. However, I can see where others might not be willing to invest / risk the money. 

@Jay Hinrichs as far as I know Lifestyles does not have any program that costs that much. 

Disclaimer: I'm a satisfied Lifestyles member. 

@Paul Ewing , what they recommend is buying a house at a price you can afford to also fix up enough so that you have minimal maintenance. It is the properties which are intended to attract a high number and quality of tenant so you can try to pick the best one. It's true that those are best case scenarios but probability is in your favor. Admittedly there are no guarantees. Personally, I don't consume my cashflow so I have had reserves when I needed them. 

Hi Drae, 

Welcome to Bigger Pockets. A good way people get started without too much money down is to buy a duplex to live in and rent out the other side. I believe a first time home buyer program will allow you to put minimal money down. 

Don't pre-determine the rent but rather determine the approximate rent based on the actual property you buy. A realtor can pull historical comparable sales (comps) for what you can realistically get. $500 seems low to me for just about anything in the Austin area. I have two  4 BR rental houses in Round Rock which rent for considerably more. 

There are lots of good beginner resources here, at your local library, or at Half Price Books. 

Good luck, 

Dan

Hi there, 

I live in the greater Austin area. Today a realtor brought me an off-market deal in Taylor, TX. Any tips for that market? I'm pretty familiar with Round Rock. 

Regards, 

Dan

Sorry, not all the ones I listed are real estate. 

I like Freakonomics Radio, Marketplace, Marketplace weekend, Tim Ferriss, Lifestyles Unlimited, Dave Ramsey, Dave Ramsey EntreLeadership, and Real Estate Red Zone (Texas real estate). 

Hi @Pedro Martinez , 

Lifestyles Unlimited has a free class or two once a month. I think the next one is Tuesday July 15th. That will give you an overview of buy and hold real estate. There is a small sales pitch to get a membership, but I did not find it high-pressure. Disclaimer: I am a satisfied member of LU. 

If you decide to come, DM me here and we can meet up. 

Regards,

Dan

Hi Jaclyn,

I have a couple of Round Rock properties cashflowing nicely. You might also try San Antonio. I have one there as well. PM me for details.

Regards,

Dan