All Forum Posts by: Emily Jones

Thank you @Timothy Church and @Lucia Rushton . Our personal home "mortgage guy" did say we could purchase as a second home and only need the 10% down (plus closing costs).  I understand there are terms to that which involve us staying there a certain percent of the year or something.  Which is fine since we do plan on using it some for ourselves.  I don't know the details of those requirements though.

@Timothy Church what is meant by "non-warrantable"? We have looked at condos in Galveston; Pointe West specifically since we really love the area for ourselves, but it might be just out of our price range with the condo fees being about as much as the mortgage would be. But those particular condo fees also include wind and flood insurance plus a bunch of other stuff that we would need to pay on our own otherwise..  Do to that and the condo association taking care of exterior maintenance and it being a coastal property, I kinda feel better with a condo actually..

Thanks for all the feedback guys. Any thoughts on Corpus Christi?

I have saved up $20k for a 10% deposit on a STR for my husband and I. The idea is to have some place we can spend several - six weekends out of the year there and STR it the rest of year to at least breakeven month to month and eventually have passive income or sell. We started looking at West end of Galveston (Pointe West) for the "full service" resort feel that we liked personally, then we discovered that the condo fees were just as much as the mortgage... Then we realized we are about to have 2 of our kids and a grandkid living in and near Dallas. One in Rowlett and one in between Highland Park and Oaklawn. Since we will be visiting a LOT, we thought it might make sense to by STR near there....but I really don't know what tourist attractions are in/near Dallas that would create a reasonable occupancy rate to justify the cost... Then we discovered we will have a daughter and her friend going to college in Corpus fall of '21 and they need a rental to stay in, so we are back to coastal options. Corpus might the be a "rent to daughter and friend during school sessions and STR during summer months". I have a good spreadsheet going to calculate costs and incomes, but I just don't have a great pulse on 1) Dallas area for STR 2) Corpus area for LTR with a summer STR 3) Is there a glaring winner or looser amongst these? Also, we are both in construction and aren't afraid of work on a place but really just don't have much time to do so with full time jobs, owning another company and part time college on my part... We really hope for this to be the first of many real estate investments. Appreciate any insight on any of these areas!