In recent years, Austin, Texas has been hot for more reasons that just the weather. One of the biggest draws for tourists and residents alike to this unique city is the live music scene. This city is sometimes referred to as “The Live Music Capital of the World”. According to Forbes, Austin was recently voted as the No. 1 place to live in America for 3 years in a row based on affordability, job prospects and quality of life. Residents are also drawn to the many outdoor spaces and cultural institutions.
Austin is the capital of Texas and also one of the fastest-growing large cities in the US with about 964,000 people and growing every year. The city is made up of an eclectic group of people which includes government employees, college students, musicians, high-tech workers, blue-collar workers, and a very vibrant LGBTQ community.
As one of the fastest-growing markets, there’s a lot of potential for investment opportunities. According to Norada Real Estate, Austin was recently ranked eighth among the best real estate markets, topping all other big Texas cities because the local economy is growing so rapidly, Austin’s housing market has also been booming since 2018. If you are a home buyer or real estate investor, Austin has a track record of being one of the best long term real estate investments in the U.S. Norada reported that the median home value averages $365,600, which has increased by 7.6% over the past 2 years and is predicted to rise 3.6% through 2020.
Sharestates is now funding projects in this fast-growing market by starting relationships with borrowers and investors in the area. One of the properties Sharestates recently funded was located in the Walnut Place neighborhood. Walnut Place has a population of about 5,000. According to East Austin is Home, Walnut Place is an established neighborhood in East Austin, located within 15 minutes of downtown. The neighborhood has an almost rural feel to it. The borrower acquired this property as a “fix & flip” and once rehab is complete, the borrower will list the property for sale. Rehab consisted of new kitchen countertops and appliances, a new roof, a hot water tank, plumbing, air conditioning, landscaping and much more.
- Loan Amount: $303,000
- Loan Type: Purchase
- Property Type: Residential
- Rehab Budget: $67,200
- LTV: 72%
- LTC: 84%
- ARV: 68%
For more information on properties we have funded or for more information about our loan programs click below.