What do you look for in a good lender?

[Brian Coleman]

Hey all,

I'm beginning to get started here in Austin, Texas and have my plan as far as what I'd like to go after, short term and long term goals, and what to look for in an agent, but I had a question about lenders. The agent recommended me to a lender(broker) and I wanted your take on things. Thoughts?

[Linda Osborn]

I think house hacking is the best way to start, especially if you are young and mobile. It absolutely is difficult to find decently priced MF in an around the Austin area. Keep in mind as you do your numbers, however, that the closer a property is to Austin proper, the more it will most likely appreciate over time. If you plan to hold for awhile and take a short term loss, you may make up for it in appreciation over time. The reverse is also true, the farther away, from Austin you get, the better your initial pricing is, but you can expect less appreciation so you have to focus on cash flow in the here and now and less on appreciation recovery over time. The absolute best advantage of house hacking is being able to get a low cost (low down payment, low interest rate) loan that also pays for YOUR housing (no more rents!) which bringing in additional funds. Never underestimate the value of your own cost of living in addition to rents being paid to you!!