Please help me understand this law.

[Justin F.]

Howdy,

I'm new here and have always been a long time reader, just never really had a means to posting since most here have great information.

However, in much due to this form, I decided to take the plunge into real estate investing by purchasing my first REO property. As we are now in closing, apparently Texas has a funky law that states I cannot own a property for investing unless I have a property that is my homestead before investing in the a property.

Now, I was fairly new to this law, as well as my Loan Officer, his regional VP and underwriters.

Could someone shed some light on this situation as to why this is the norm in Texas. Makes me want to run into politics to change these laws. :cry:

[Lowry Davison]

I am a Texas attorney and there is no law prohibiting you from purchasing investment real estate just because you do not own a homestead.