Being in the Austin market gives you a great advantage since it’s such a hotspot for investors.

Educate yourself on the local market, network with other investors and agents, and always have a solid plan in place before making any investments.

I was sent an offering memo by a broker selling a multi-family building in an area no reasonable person would even consider affordable housing material yet the marketing materials made a point of emphasis to detail how the property would satisfy the need for affordable housing.

Reno Scenerio Off Market Purchase Price - $185k ARV = $315-335kReno - $55-65kHolding - $10kClosing both ends - $25k= $335 , $315-$285 =$30-50k gain  As-IS Scenario Purchase - $185kSale Price on MLS :$225- $235kClosing both ends - $20kHolding - $4k= $235 - $209 =$16-$26k gainIn both scenerios I’ll be 1031ing it into a new investment.

Have you scoped out a market yet?

-why not pick a market closer to home? 

Higher DemandThe rental market is shifting.

The "best market" is less about the market per se and more about the deal you're able to find in my opinion.

Quote from @Devin James: We’ve slowly been improving our homes the more we’ve built and the more feedback we get from our Buyers2021 – Added 8ft doors throughout the home2022 – Added a new elevation with stone in the front of the home2023 – NO carpet in the bedrooms, LVP throughout the home2024 – Added hurricane impact windows & new color options2025 – Adding Ceiling FansGotta be open to feedback and adjust accordinglyThis can be the difference of your home sitting on the market for 4 months vs 1 month where's the modifications and pictures?

This deal doesn't meet the 2% or 50% rule of thumb, but it has positive cash flow and is in a growing market, according to the latest 2024 Top 100 data from BP.