Interested in keeping my home and turning it into an investment property- please help

[Emily Valenzuela]

Hello Fellow BP members, 

I own a home in Texas with my husband that I lived in for a few years. It is worth about $360k-$390k depending on how you evaluate it. We have a VA loan on it with a very low interest rate and a balance of about $230k with an additional debt on the property of about $60k. I currently have it on the market to sell, however, I would much rather keep it if possible and rent it out under my LLC. It is in a stellar location and I think I can offer it for rent as a mid-term rental. Unfortunately, Texas does not allow for a cash out refinance loan which would give me the ability to pay off some debts and hang on to a little bit of cash to help during vacancy while I have 2 homes to pay for. Can anyone recommend any creative solutions that might allow me to keep my property and rent it out. Thank you in advance for your help!

[Andrew Postell]

@Emily Valenzuela you can ABSOLUTELY get a cash out loan here in Texas. Sounds like the lender you spoke with told you otherwise...just use a better lender.  There are lots in Texas that can show you options here.  Keeping your primary home for a rental is a good technique.  Many of us started out that way.