Finanancial advise

[Gerard Charles]

Hello, 

 I just am starting out. I own a duplex in Brownsville, TX., and a fourplex lot. 

I am relocating to Austin, TX in a couple of weeks for a new job.

My duplex was completed in Nov. of 2013, I am renting one and living rent free. It was appraised for 130 K in Nov. 2013.  The balance is 96K .

A months later, I purchased a 4 plex lot for 62K with 10 down and 8 percent interest for 20 years owner finance(I regretted it . it was too fast) I have it up for sale for 65 K now.  (the interest is eating me up) lol! But having second thoughts , since Elon Musk is contemplating in building a Spaceport nearby. 

Since I am relocating, I will renting my premise where I m currently residing. That will covers the 4 plex lots. (I hired a property manager).

I will be living in a 400 sq. ft apt for 595.00 in Austin. as opposed to my current 1,160 sq. ft duplex haha. 

I want to buy a duplex in Austin in the near future. 

Where  I get confused is , should I wait to purchase a duplex now, or pay off the 4 plex lot.

I missed the opportunity to finance for 4.75 % interest 9 (lot) with credit union last April due to relocating and not qualify now since my contract will be probationary status the first year at a new location.

I have 6 K now and perhaps use equity line of credit from my duplex. ( I have a secured of 4 K for the current duplex property)

The only debt I have is discover 6 K zero interest till next year . ha! and duplex mort. & lot payments. Any advise will greatly appreciate.

Thanks

[Michelle Ellis]

Gerard,

An early welcome to Austin!

Since most of your questions are finance related, I would encourage you to speak to one or more lenders in Austin who are experienced in investor loans.  I have a few whom I've worked with and would be happy to send you their info.

When it comes time to purchase a duplex in Austin, you'll find out that the market is very hot for duplexes and has been for awhile.  When they are priced well, it is not unusual for there to be multiple offers (sometimes over 10) within the first day or two.  In spite of this, I've had success finding off-market duplexes for my clients who were using financing and could not compete with the all-cash, no option period offers that many duplex listings are receiving.    

That is to say, there are duplexes available, if you are open to searching off-MLS--i.e. marketing for them yourself, or networking.

Wishing you a safe trip and pleasant transition,

Michelle Ellis

TruBlue Properties

(512) 203-0516