...that's one of the things that I love about Fund That Flip and why I keep using you guys repeatedly. It's always quick, it's always easy." – Eddy Salazar, A New Hope Home Builders
Austin, TX Real Estate Market
You probably know Austin, TX as a tech and arts hub that draws everyone from Boomers to Gen Z for jobs, education, entertainment, weather, and more. And that also means there's a high demand for housing.
As of December 2022, Austin, TX home prices were down 4.2% from the extreme pandemic prices we were seeing in 2020 and 2021, but it's still very much a seller's market. Here's some other metrics we're seeing:
- Median Sale Price: $533K
- Median Days on Market: 64
- Sale-to-List Price Ratio: 96.1%
- Homes Sold Above List Price: 11.8%
We partner with real estate entrepreneurs like Eddy Salazar and the team at A New Hope Home Builders because they understand the supply and demand in their city, and how to create housing solutions to meet that demand. Homes with income-generating features such as guest houses, apartments, and separate living quarters create both housing, job, and income solutions for Austin citizens — which is why Eddy designs the properties he does.
Eddy Salazar Video Testimonial Transcript:
Eddy: My name is Eddy Salazar, I'm with A New Hope Home Builders. Our company is dedicated on building the best houses we could possibly build — we build them with the best quality products, the best aesthetic choices, we really take our time to really pick out all our selections. I want to say, a bit of a luxury home, that's the feel that we want people to get whenever they're moving into our house. We pride ourselves every single day to show up and do the best possible work we can and that's what makes us stand out.
Donovan: Talk about some of the high-end stuff you do that's not just kind of basic, right?
Eddy: Yeah! So we do 10-foot ceilings, custom cabinets, we do high-end appliances, we want to stand out. Every house is designed differently, you know, we take great pride in what we do. Come on, let's go take a tour of the lot here, I'll show you both houses.
Donovan: Let's do it.
Eddy: We're building two separate units, this is the main house, this is a detached casita. This is the detached garage and a full room — same thing, you could also Airbnb this, you could lease it out...
So I started building houses about seven years ago and I saw a real demand here in Austin, TX. I saw how houses were selling very quickly. I decided that this could be a good opportunity for me and that's where I started, you know, with some rehabs and then flipping houses and then to new construction.
The most satisfying thing for me is when I sell the house and the buyer tells me "I am so happy." It's awesome to put all this work in a house that takes many months to build and then for the buyer to take a lot of appreciation and joy to be moving into these houses that we put all of *our* heart and joy into building.
Fund That Flip has been instrumental in my business because we need to work at a faster pace. If I were to put all my money into a house, I could only do one, two projects a year. The first year that I worked with Fund That Flip I think I did four or five deals that year, and now I'm working on 12, 13 deals. So there's a massive difference between working with Fund That Flip and working with a conventional bank. The conventional bank is going to take 45, 60 days to approve something — if they approve it at all. Getting draws was always a challenge with conventional banks.
Donovan: So they want to talk a little bit about how the draw process has been with us.
Eddy: You guys are fantastic. And that's one of the things that I love about Fund That Flip and why I keep using you guys repeatedly. It's always quick, it's always easy. There's
been a couple of times when the inspector got some things kind of wrong and I contact you guys and immediately it's, "How much more money do you need? Okay, perfect, we'll take care of it." That is so valuable for builders like myself.
Fund That Flip makes it so much easier to close fast — we get the construction amount that we need. Working with them has been a breeze, it's been easy, and hopefully they feel the same about me and we can continue this relationship for a very long time.
Looking for funding for your next deal? Partner with the hard money lender that's interested in this one — as well as the next deals that will help your business grow.