Central Texas Rental Properties At Bargain Prices
Buying rental properties cheaper than other investors can is the key to success.
Central Texas rental properties are one of the best investments you can make, especially when the market is down and prices are low. If you have the cash and are able to buy properties for well below market value, and use them as income properties until the market turns back around, you'd be making one of your surest bets.
Austin and San Antonio rentals are in high demand right now. As more people in Central Texas and other places lose their homes to foreclosure, many are looking for lower priced rentals in which to live. Remember, just because someone has been through a foreclosure it doesn't necessarily make them a high risk tenant. In most cases these one-time homeowners were paying a much higher mortgage than the average monthly rent. This is because many of them were caught by surprise when ARMs reset.
The benefit for you as an investor in owning a Central Texas rental property investment is that you essentially have someone else paying the mortgage for you while you build equity in the home. Plus, if you bought it low enough, you might even have a positive cash flow, just depending on whether you paid cash or financed a portion of the purchase.
Another benefit that I touched on before is appreciation over time. The housing market won't stay where it is forever. You sit with a property long enough and it's bound to go up in value over the long term. Having a tenant paying for it makes it easier for you to hold the property as a long-term investment.
One of the few drawbacks that keep people away from rental properties is dealing with tenants. True, there are some bad apples, but if you run proper credit and background checks, you usually make out okay. An even better idea is to contract a property manager to maintain your rentals.
You can hedge against the risk of sometimes being without a tenant or having one skip out on you by buying the property at a huge discount to begin with. If you can find the right deal to allow you to that, the ups and downs will minimize considerably.
Some of the best types of properties to consider buying for rental property investments are wholesale properties and pre-foreclosures. Because there are not a lot of other investors going after these homes, the prices are still pretty reasonable, and absolute steals are out there. You've just got to know where to find them.
This website has the largest and most current list of pre-foreclosures and wholesale properties in Central Texas that would make perfect rental properties. After just a few minutes browsing our list, you'll see how well we detail and present these deals to you.
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