looking to skirt the banks and get back into rentals Austin TX

[Robert Johnson]

Hello all, Let me begin by saying that I am a licensed real estate agent with a temporarily inactive license (because of inactivity and cost) looking to find my way back into the real estate investment world. I currently own 4 properties, 3 of which are rentals, and one of which is my primary residence, which I plan to turn into a rental once I have the opportunity.

My issue comes with the fact that because I have taken advantage of the depreciation tax breaks each year, and made other legal moves to minimize my tax burden, I am now faced with the unfortunate situation where banks will not accept my income as high enough to qualify for any additional properties.

Since this is my first post, I am not asking for investors or anything along the lines of deal making, but I would like to know if there are resources available that can help me learn how to step into that world.

Perhaps someone here would be willing to give me some advice on how to begin this process from an investor side, and point me in the right direction.

Thank you,

Robert Johnson

Austin TX

[Joey Sullivan]

I would definitely get more opinions.  I find when once mortgage lender or broker tells you no, there are others who will say yes.  The conventional finance world can be an enigma sometimes.

Here are some local mortgage brokers who work well with our investor clients:

Jeremy Lewis with AMP Lending 

Donna Fox with Barton Creek Lending Group

Dave Beach with Cambria Mortgage

Kimberly Sporich with KBS Lending, Inc.

John Schutze with Supreme Lending

If you decide to shop around for conventional financing, keep in mind that mortgage brokers and lenders will typically pull your credit report which can negatively affect your credit score.  You can prevent this by telling the mortgage lender that you do not want your credit score pulled and for them to assume it is X (if you know your score).  I would recommend you ask them for their term sheet for a loan of $100,000.  Then you can compare apples-to-apples without having to have your credit score affected.