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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Wyätt Gwyön who wrote (62529)	6/2/2006 9:56:54 AM
From: John Vosilla	Respond to of 110194

from a RE investor website: 'We only have SFRs in Austin, but the rental market there is ugly. It's been depressed since the tech bubble burst. We think it's worse this year, compared to last year, because out-of-state (Calif.) investors have flooded the rental market. The quality of tenants in Austin is pretty bad (compared to Dallas). In Dallas we get many calls from the tenant prospects who are relocating from other states (many from CA), but not in Austin. I think it's extremely hard to find a cash-flowing 2-, 3- or 4-plex in Austin (we looked last year). Californians started investing in Austin a few years ago and some of them bought 10 duplexes at a time in cash or in exchange. Some local realtors artificially create bidding wars among CA investors, who end up paying more than the asking price. (My CA investor friend decided not to buy in Austin because of that). IMHO, the prices in Austin are inflated and Austin is oversold in CA. I have friends who have units in San Antonio. They say the rental market is/was improving there, but now CA investors are flocking into San Antonio so I don't know what's going to happen to the rental market there. My friend is selling her duplex to a CA investor and getting out of San Antonio' real-estate-online.com