All Forum Posts by: Steven Woon

I notice you are from Texas which has a homestead exemption rule which protects your primary residence against most judgement. 

Personally, I prefer to have my primary resident remain fully paid off, and take up as much mortgage as I am qualified for investment properties. This means if TSHTF, I still get to keep the house without any outstanding mortgage or HELOC payments to worry about.

If I ever need to use HELOC or term loan on my otherwise fully paid off primary residence, it will most likely for short term, such as a rehab unit which will eventually be sold or refinance.

I rented before I bought my current home because I knew I will be moving to another city within two years of renting.

One of my high-income colleague also rented when he moved from another city to start his current job because he was not sure if he wouldl stay on his job.  Decided to stay, so he bought his own home after one year of renting.

I just made an offer to purchase from a FSBO seller.

I do not think you need to worry about Sales Contract. It is the buyer who will issue you a TREC 20-12. You will need to prepare TREC OP-H (Seller's Disclosure). My FSBO seller did not send it to me, so I requested for it to be delivered 3 days after the effective date of the contract.

Strongly recommend you get an athorney to go through all your legal documents.  I have a athorney to go through my offer documents and he was able to correct some mistakes I made.  Athorney fees are much cheaper than going through a agent with the added benefit of getting legal advice.