Small Regional Conventional Financing Austin, Tx Recommendations

[Nicole Petrey]

Hello fellow BP Members,

Newbie investor here, gearing up to purchase my first property in Austin, Tx (Round Rock, Pflugerville, Cedar Park area) within the next 4 months. I was interested in any recommendations on smaller region banks that are investor friendly. I currently bank with a national credit union and was interested to know if building a relationship locally is more advantageous in this step of my journey. 

Our first property will be a SFH the following another SFH or small multi-family (if the numbers work) and then scale from there (I have decided on the buy and hold strategy). I have enough capital for a standard 20% downpayment but I am interested or open in any FHA programs.

(couldn't locate a thread on this so I thought create one-any help is appreciated)

Thank you!

[Joe Scaparra]

@Nicole Petrey, Hold UP! Stop the PRESS, NOW!  Whew, I'm afraid you were just about to make a MISTAKE.  Let's review what we have and what we want and THEN FORM An Action Plan.

What we Have:  Your words not mine  "Our first property will be a SFH the following another SFH or small multi-family (if the numbers work) and then scale from there (I have decided on the buy and hold strategy). I have enough capital for a standard 20% downpayment but I am interested or open in any FHA programs."

Ok let's dissect this FIRST! 1st property SFH. Why? Give me the why? BUT before you give me your answer if it emotional based or for personal reasons then you are on the wrong message board!!!! Give me reasons as to how it supports your investment goal: buy and hold strategy. What do you want to achieve with your Buy and Hold stategy? Let me know your expectations concerning CASH FLOW. You, Then go on to say my next property will be SFH or duplex......What? To loosey goosey for me! Which property type supports your Buy and Hold property BEST?????

You have enough downpayment to put down 20%????  What does that mean?  If the property is 1 million you have $200k to put down????   Come on, I need more SPECIFIC INFORMATION.  What purchase price are you targeting for your first investment.  Where are you living now, and how much is your rent?  

The least of your concerns at this time is where to get my financing. If you put down 20% on an owner occupied property why go FHA? I want you to re-think your strategy. Write out your goal. Keep asking your self WHY? Get your why locked in! Let me give you an example how to refine your goal"

Beginning Goal:  I want a buy real estate

Why do you want to buy real estate?

So I can make money.

Why?

So I can feel good and do what I want to do?

Why do you want to feel good and do what you want?

So that I can Not be dependent on _________, So that I can quit my crappy job_______, So that I can quit living paycheck to paycheck, So I can stay home with ___________, So I can someday be financial independent, So that I can do what I want to do when I want to do it.

Now as you go through this process, hopefully you will become convicted to your WHY.

For Me here is my Goal and Why. (The Why is more important than the Goal).

Goal:  To invest in Investment Real Estate using a buy and hold strategy.
My Why:  So that I can generate Predictable, Sustainable Income that will allow me to retire (I'm 65 now)  and live at a HIGH standard of living with no fear of running out of money during my lifetime.

Once we have this they we ask ourself which property should I buy?  Which property best fills and supports my WHY.  

Once you do this then tell me why you want to buy the SFH first. Cheers.