All Forum Posts by: Prash Manohar

@Jacob Pereira@Poem Turner, I live here in Bay Area and can state that companies alone don't drive real estate prices up, its the salary they pay. I have seen how Facebook transformed Palo Alto location where they first started (it was a really ****** place...with poor schools (Still is)...poor demographics, low income etc etc...rest is history there...).

I heard this was the case even with Leander, Pflugerville but they seem to be doing well.

Elon Musk stated many times most of their production workers also receive stock options in addition to a salary. While I agree execs won't prefer to stay in DV, but not sure why you guys are not bullish on DV area overall?? I find DV similar to an undervalued stock as travis county median price is ~500K....I don't think any sane investor must be thinking a home here would be worth a million bucks in next 5 years but certainly a double is doable,...(median prices here are ~ 300K), 

considering rent, I do see folks demanding 2k per month in this area which requires household income of atleast 5-6k (thats 60-70K)..I do believe thats quite high but I am seeing those homes get filled up too...however reducing by 100-150 does't hurt either..

In conclusion if musk pays most of the production workers , engineers well (stock being a must here), DV should be OK? plus folks are ignoring the velocity project which has already housed 2 companies...

this came out today https://www.kxan.com/news/loca...

I reviewed a podcast from a dude who was interviewing a bunch of real estate brokers in Austin and a statement was Del Valle and SE Austin will never become a 500K + community......

while all this development is good I always believed demographics and high income drive real estate prices ..

Any idea where the HQ's could be ? Seems strange, all the Tesla executives stay close to HQs in Silicon Valley inn Palo Alto where median home price is > 2.5 million $ :):) not sure if everyone wants to relocate to Austin

It would be great if anyone could advise how to avoid tenant listing fee for OOS investors like me. Or atleast someone with lower fees? Right now most agents charge 50-80% of 1 month rent :(

Hi BP Austin community,

I am an OOS investor with a RE in South Austin. Could someone direct me to some really good property management companies that offer better value to the owners ? I see some creative companies emerge in the form of start ups such as Homeroom but not sure how reliable such companies are...

Few things I am looking for that my current PM sucks at:

1. Speed and efficiency. Faster make ready between tenants
2. Stay on top of things without me constantly reminding and pushing
3. No listing fee for new tenants
4. Any other services that put a smile on landlords face

Thanks

@Neil Narayan is this in downtown or SW Austin? Could you provide home specs?

@Brendan Miller

I bought my prop early in April this year and rented out at median price in the area that time, Rentometer is showing higher # now and zillow is way higher. I will have to wait till current lease expires before I can raise the rents, hopefully the upward trend continues 

@Brendan Miller sorry about the missing details...I was looking at SFH 3/2 about 1500-1600 sq ft homes, home value ~ 340K

Since last few weeks I noticed Zillow showing a higher rent estimate (over 200$) compared to beginning of July for my prop. I did a scan of rental prices within 1-2 mile radius of my property and I do see higher prices than what I saw last month. This is in SE Austin near Tesla.

Can someone confirm if this true all around Austin or is it being seen in some counties only? or just Zillow algorithms gone whack?

@AJ Singh, thanks, already spoke to PM and they obliged for most of the terms I laid out, however they did mention since the property was a bit old , it is normal to see higher complaints initially and then stabilize once fixes are in place. 

They did mention this tenant was a bit too picky and lazy and places work orders even for silly things. They cited 1 example where PM themselves declined the request as tenant could have fixed it himself with a screw driver. Again not sure if this OK as different tenant have different mentalities.

They also said most of these requests were placed within first 45 days of move in and last month no new WO were placed. 

I am going to monitor the situation in coming months and then decide. My new worry is PM back charged the Tenant for an issue (small $) because per lease tenant is responsible for this. I am not sure if tenant will get psissed and just trash my property. Like few folks said here a pissed tenant is very dangerous. Not sure how to deal with this as both parties are just going by the lease terms.

When I re-read my contract I felt PM has not violated the contract at all and have been sticking to lease, but they seemed co-operative going forward,

Regarding your question about B/C neighborhood I think this is on the border but the tenant was placed after proper screening (job, income, past rental history, criminal checks etc). He has been paying rent on time so no issue there.