Is Austin Texas the Next Silicon Valley & Can You Still Find Investment Opportunities - Rinat Reuveni Lerner - Entrepreneur of the Week - Post 3 + 4
#EntrepreneuroftheWeek #RealEstate #Flips #BuyAndHold #BRRRR #Mortgage #Investors #RiskManagement #NewConstruction #Ausin #Texas
First of all, thank you very much for the paragon, the comments in the forum and in private - very heartwarming!
So let's get to know the city of Austin - the capital of Texas.
Austin is the fourth largest city in Texas (after Houston, Dallas and San Antonio), the tenth largest in the United States. About 1.01 million people live in Austin.
With a 35 percent increase in the last decade, anyone who follows the news has already heard and knows that Austin Texas is one of the fastest growing cities in the United States in the last two years. The reasons are… (look surprised)…. money
Let's start with the fact that in Texas no income tax is paid to the state, only federal tax, how significant is that? Just for comparison, in California you will pay a 9.3% state income tax on a salary of up to $ 299,508 - in Texas 0%. In the upper range of salaries it reaches 12.3%.
Dozens of high-tech companies have moved to Texas in recent years (the attached picture illustrates well) including Apple, Amazon, Tesla, Google, HPE, Oracle and more… and the demand for workers is rising and so are salaries in the entire high -tech ecosystem (somewhat reminiscent of Israel).
So what happened lately?
Tens of thousands of high-tech workers from the “coastal cities” did one thing and another and realized that for the same salary they pay less tax here, get comfortable weather (hi to Chicago, Boston and New York), excellent public education system , lots of nature and travel, a country that loves to do business And lower barriers where possible (led to unprecedented immigration from California) and huge huge houses with a large yard and endless spaces - and this is exactly where I come into the picture.
Living in Texas in general, and Austin in particular is still cheaper than coastal cities, for comparison:
Fuel - Austin $ 2.8 per gallon, San Francisco $ 3.98 per gallon
Electricity - Austin 10.44 cents per kilowatt / hour, San Francisco 25.7 cents per kilowatt / hour
Kindergarten - Austin Between $ 1,300- $ 1,500 per Child per Month, San Francisco Average $ 2,570
Then came the corona.
Mortgage rates have fallen to an unprecedented low, families and investors have bought homes at 2.2% interest rates, fixed for 30 years ahead - the market has raged…
In the corona year, 300 families moved to Austin a day (!) from all over the United States, and the real estate market doubled.
In one year:
In April 2020, the average time of a property in the market was 43 days, in April 2021 it was 13 days - beautiful homes in good locations will be snatched up in a few hours.
In April 2020, the total real estate transactions in Austin and the surrounding area were $ 1.03 billion, in April 2021 - almost double that of about $ 2 billion!
Homes bought in early 2020 for $350,000 will go on sale in 2021 for $450,000 and close in the $520,000 range. Completely insane.
We are undoubtedly in the Sellers Market.
Attached is a video of an article I helped prepare (and even see me at the end ????) along with our dear forum friend Gilad Oz that aired on the show "Pocket Animals" here 11 about Austin, Shaul Amsterdamsky explains why it is worth investing in Austin.
In the next post - so where is the opportunity for investors? And what is my role in power?
See you in 24 hours????
Rinat
Continue reading on our site:
Post 3:
https://en.www.forumnadlanusa.com/2021/08/austin-texas-the-next-silicon-valley-rinat-reuveni-lerner/
Post 4:
https://en.www.forumnadlanusa.com/2021/08/well-are-there-any-more-investment-opportunities-in-austin-at-all-and-what-am-i-doing-here-rinat-reuveni-lerner/
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