Yesterday Elon Musk announced that 10,000 jobs, that’s right, 10K jobs will be created in Austin through 2021. That folks is just next year! The jobs are for his Tesla plant, that has a construction cost of $1.1 billion that is going up near the airport. This is a huge development. Keep in mind that there are a lot of cities in Texas and across the rest of the USA that don’t have populations of 10,000.
Musk loves Texas! He is currently constructing a facility in Pflugerville for his Boring Company, a company that will bore tunnels to rapidly move vehicles underground. And don’t forget about his space program in south Texas.
Austin is the site for new moves or expansions for: Tesla, Amazon, Apple, Oracle, and Samsung. And don’t forget the old standbys already here such as IBM, and 3M.
So, with all of this happening with some very bright people investing their money and resources in Austin, what is keeping you from doing the same? The time to buy an Austin area residential rental was yesterday but today is still not too late. Yes, prices have increased a lot. So, what. Interest rates are low, rent rates are high. I suggest you buy now and catch this golden opportunity.
Let me give you an example. Today I did a search in a subdivision where I purchased a 1,600 sf house for $125,000. Today I saw in the subdivision a home come on the market in the same subdivision having about 1.200 sf and a price tag of $250,000. That additional equity that I’m receiving is tax free. And if I want some cash I don’t need to sell it (that incidentally would be a taxable event). Instead, I could take out a loan against the equity and pocket the cash all tax free!
Disclaimer: This kind of investment for some reason may not be for you and before you invest in anything I recommend that you contact your financial and legal advisors first. My experience may not be your experience and is used for example only.
That stated, if you are interested in learning about Austin area residential investments contact us for a no obligation consultation. You will be glad you did!