We just moved to Austin and purchasing a property was one of things we were interested in. I really wanted 2, 3, or 4-plex so we could live rent-free and pay it off. However, as life would have it, it didn’t go down exactly like that. Here is the story of how we bought a house (actually still happening) and some options for you to consider.
How to search
The easy way to find properties is on Zillow, Redfin, and Trulia. They provide the listings on MLS and are pretty comprehensive. You can set alerts when properties matching you criteria become available. However, when looking for multi-family options there is also Loopnet and Craigslist.
If you want to get a good deal you will have to look for things that aren’t as easy to find. This could mean driving neighborhoods looking for signs. This is how we stumbled upon ours. Another idea would be to find properties that were delisted. You could write them a letter to see if they are still interested in selling. This could work out well because you wouldn’t have competitors in buying and you could probably sort out a way to reduce or eliminate the 6% commission agents take.
Another method, and the beaten path, is to use an agent. They have software to create reports for you such as the other recent sales. It is slightly better than Zillow, but some agents are in the know about pocket listings, those not listed on MLS. They will also be able to show you things much more easily than trying to arrange things yourself. Rather than waiting for an open house or calling the selling agent, they will make sure you get to see the property.