All Forum Posts by: Poem Turner

@David Savoy - Austin area school ratings is one of my favorite subjects. Depending on which website or metric you consider, these school districts are constantly flip-flopping rankings, which is a great thing. At the end of the day, we're looking at shades of grey between the *districts*; they're all fairly equal, and all fairly high. When you break it down to an individual school level is where you start to see the nuance. One poorly performing elementary school in a district of 6 schools brings down the average for the entire district; so now a high performing high school gets dinged along with the lesser performing ones. In Georgetown for example (and this isn't the entire reason for your observation, but it is a part of it), there are three high schools, two 'regular' high schools with enrollment of 1500 and 1900, and one 'alternative' high school with enrollment of under 100. I would suggest you consider which school in particular has lower marks and then, don't consider homes zoned for it. Or look around and see if it's an opportunity. Are the homes in that area being bought and updated? Are better educated and move invested parents moving to the area? Buy that house cheap and flip it or lease it while you watch the school rating improve year over year.

I have investors from Singapore who will only purchase in Leander because of it's school ratings, and friends living there who are moving rather than send their kids to one particular school. In Hutto, being zoned to one elementary school is considered the same as winning the lottery and the other is considered 'meh'.

As an investor, consider your clientele. Are you selling or leasing to Apple or Dell execs who want to be 'out of town'? They're buying $650k+ homes and very much care about where their kids are in school. So much so, that they may be looking at private schools and the school zoning counts for nil. Are you selling or leasing to engineers or middle management? They're buying $300k+ homes and also care about the school; so look at the specific schools the property you're considering is zoned for. Are you selling or leasing to medical staff, retail managers, tradesmen, etc? They're buying and leasing at the $250k and under mark, and are *usually* more concerned that its easy to get their kids to school. So look for proximity in that case.

Just my soapbox rant on school ratings.

This month our speaker is Dusty Kohn, a local investor and short sale specialist.

Dusty specializes in negotiating short sales for other investors, Realtors and home owners all over Texas. He has a team of negotiators that will work directly with the homeowner and their mortgage lender to turn over leveraged properties into sellable properties. Short sales can be a lucrative way of getting distressed properties at a discount and a help a desperate home owner at the same time.

Bring your questions and your business cards. There will be time for Q&A with Dusty and networking after his presentation.

Looking forward to hearing about what everyone's been up to over the summer!

Hi @Samuel Huang. Congratulations on pursuing REI! I used to live in that area, but @Dawn Brenengen still does and is a very knowledgeable investor agent. Connect with her and she can help out. I suspect there are a number of areas near downtown, near the universities, and near RTP that would be great STR options.

Good luck!

Not to repeat @Jay Hinrichs, but he's absolutely right, they are going to be inundated. 

Depending on your goal for the house I'd focus your efforts on the ones that would work for you. You probably have the best chance if you're purchasing directly (not wholesaling), so get everything lined up and get out there.

Good luck!

Hi @Brad Crumpton. And welcome! You've hit the nail on the head. 

            "Finding anything low-end at an attractive price right now is extremely difficult."

At almost any price point, but definitely the low-end, you'll be in competition with a lot of first time home buyers, and other investors who are possibly able to buy all-cash. Looking for a pre-MLS or off-market deal you drum up yourself may be a better strategy for you. Tell people what you're looking for. Pull a few phone numbers in your target neighborhoods and ask folks if they've considered selling; essentially a suggested FSBO situation. if you find it off-market you can still finance it conventionally, unlike a wholesale deal where you'd have to pay cash or hard money. Get in touch with a few wholesalers via your friend and offer a bird dog fee for contacts they make where there's not enough meat on the bone for them. Above all, patience; not a lot of low hanging fruit at the moment. Good luck!

Poem

@Account Closed - The rare investor lead that comes through, yes. I don't work "traditional residential" real estate, so those leads aren't much use to me. 

@Rob Stein An early welcome to ATX! I'm sure you already know, but it depends on what environment you're looking for. I work with a well established independent brokerage, Austin Texas Homes, and could not be happier. Very investor friendly, no desk fees, fair and simple splits. If you're a self-motivated, independent worker who would benefit from plugging into established relationships with real estate vendors and services, we may be a fit for you and your wife. I sent you a PM if you'd like to talk further.

Don't forget your sunscreen!

@Elijah Withers No email list but feel free to join the group on MeetUp. I can make a note to let you know when we have our next one.

Hi @Caleb L.. I think we'll be taking a break over the summer and come back in Aug/Sept, but the W2 REI group is still going through the summer! Happy to meet up or connect you with folks who have experience in whatever your interests are. Send me a PM.

@Edward Pham PM sent!