All Forum Posts by: Eduardo Gonzalez

Hey there, congrats on the upcoming addition to your family and the desire for a new adventure in Texas! Let's break down your situation and figure out your next steps:

Relocating and Renting Out Properties:

Financing Your Next Home:

You can absolutely finance a new home in Texas while still having a mortgage on your current home. Lenders often consider rental income when assessing your ability to qualify for a new mortgage. Your equity can also be a valuable asset.

Timing:

Whether to find a new home before starting to find tenants depends on your comfort level and circumstances. It's possible to do both concurrently. If your budget allows, finding a new home first can make the transition smoother, but you'll need to manage two mortgages for a while. If cash flow is a concern, you might start finding tenants for your current property before moving.

Maximizing Equity:

The fact that you've almost doubled your home's value in equity is fantastic! This equity can be leveraged for a down payment on your new Texas home.

Getting Started:

Consider talking to a mortgage broker or lender who specializes in investment properties. They can help you understand your financing options and calculate how much you can afford for your next home.

Reach out to a local real estate agent in the Dallas area. They can provide insights into the market, help you find a new property, and even recommend property managers if you need assistance with renting out your existing home.

Look into property management companies if you'd rather not handle the day-to-day tasks of being a landlord. They can help find tenants, handle maintenance, and collect rent for you.

Final Thoughts:

Relocating and renting out properties can be a great way to build wealth and have flexibility. It's important to plan and coordinate your moves carefully. 

Leverage your increased home equity as a valuable asset to secure your next Texas home.

Remember, there's no one-size-fits-all answer. Your choices will depend on your financial situation, goals, and comfort level.

Best of luck with your move to Texas, the new addition to your family, and your rental property journey! 🏡👶✨

@Eduardo Gonzalez

Get them clean, take great photos, write a detailed description of the property and lease terms for the listing, price comparable properties on Zillow, pick the median price, not the max, if you price it too high you will get unqualified applicants, then list it on Zillow Rental Manager.  Reply to every inquiry, but make people apply through Zillow, so you can view their Credit Report, Background Check, and Income.  The key is to attract a great tenant that is over qualified, I like 700+ credit score, clear background check and income 4x rent.  I use Zillow for payments too, it's easy and free. Good luck!