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2nd Property after Primary Home
Hello All!
I currently live in Austin, TX in a home that I’ll be renting out in the next month or two when I relocate to Nashville for work. I am wanting to expand my portfolio and buy a multifamily rental here in Austin, Nashville or any other market that makes sense to grow with. Any tips, help or suggestions would be amazing.
As a side note: my family owns my childhood home that sits on a lot that is zoned for multiple homes. I planned to develop another home in the back half but a contractor inquired about renting the lot for their construction trailer so I’m pausing my development.
#3 Private Lending & Conventional Mortgage Advice Contributor
- Lender
- Dallas, TX
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#3 Private Lending & Conventional Mortgage Advice Contributor
- Lender
- Dallas, TX
Quote from @Tashanique Jones:
Hello All!
I currently live in Austin, TX in a home that I’ll be renting out in the next month or two when I relocate to Nashville for work. I am wanting to expand my portfolio and buy a multifamily rental here in Austin, Nashville or any other market that makes sense to grow with. Any tips, help or suggestions would be amazing.
As a side note: my family owns my childhood home that sits on a lot that is zoned for multiple homes. I planned to develop another home in the back half but a contractor inquired about renting the lot for their construction trailer so I’m pausing my development.
Speak with a lender, see what is possible. Understand you will need to put 20-25% down on a multi-family.
Quote from @Jay Hurst:
Quote from @Tashanique Jones:
Hello All!
I currently live in Austin, TX in a home that I’ll be renting out in the next month or two when I relocate to Nashville for work. I am wanting to expand my portfolio and buy a multifamily rental here in Austin, Nashville or any other market that makes sense to grow with. Any tips, help or suggestions would be amazing.
As a side note: my family owns my childhood home that sits on a lot that is zoned for multiple homes. I planned to develop another home in the back half but a contractor inquired about renting the lot for their construction trailer so I’m pausing my development.
Speak with a lender, see what is possible. Understand you will need to put 20-25% down on a multi-family.
Thank you Jay, i actually got preapproval today!
