Getting a Mortage for First Rental Property, and More

[Michael Florence]

Hi everyone!

I am new to this forum and to property investment and am interested in starting. I have been doing some preliminary research, and the real estate in Texas seems

pretty worth investing. What do you think? I am a US expat currently living in Asia and I do file my taxes with the IRS annually. I am self-employed, with reported income of thirty-something thousand.  Some questions have popped out of my head:

-Since I am self employed , does that make me harder to get a conventional mortage in any way? I have tax reports to show my income,  and my credit is in the 7 hundreds. how much is the loan amount I can get based on my income?

-since I live outside of the US would that cause a hurdle in getting a mortage in any way?

- my budget for the home is within 100k. Is there any way to get a good loan on more than 80%? 

-How long does the whole purchasing process take? Do I have to be in Texas the whole to meet in person, or can some things be partially done over the internet/phone? As I have a family to take care of, There is a limit to how long I can stay in Texas. 

-after the purchase, i am planning to use a property manager as I cannot be in Texas most of the time. Would there still be many cases where I would have to go to Texas in person to cooridare with the manager, or can all the things be done over internet/phone?

Sorry for so many questions!

Any one with opinions or have experience in investing in Texas is much appreciated. Thank so much!

[Gonz Trevino]

I have 5 rental properties in Texas and make decent money on them. Between 300-500 dollars each cash flow after expenses (both mortgage payment and maintenance / property management). I recommend looking into San Antonio and Dallas. Austin is a tad bit overpriced right now and Houston has more ebb and flow risks with the energy sector and Houston can be hit by hurricanes while the others cant. That also makes insurance pricier. 

Hope that helps! Texas is a phenomenal market and has been making me good money in investments. :)