All Forum Posts by: Isaac Buitrago

Thanks for the insight scott. As a first time homebuyer and investor, these are things I am unaware of. It is not my intention to defraud anyone, but I do want to play this game as best as I can. I will definitely re-think my financing.

I am in the process of purchasing my first multifamily property and will use a conventional loan to purchase the deal.
The property is in another city and I know that conventional loans require the owner to occupy the property within 60 days of purchase.
Is there a loop hole to this rule ? Could I get a family member to occupy the property for me ? How would the bank find out if I moved into the property to begin with ?

As I am going into my first deal, I am debating between buying a single family in the Round Rock/Austin area or buying a duplex in the San Antonio area. The pros and cons of both options vary. The pros of buying a single family in the Round Rock/Austin area is the sweet appreciation and equity I can build over two years. The pros of buying a duplex in San Antonio are cashflow and some appreciation over the next two years. I would like to use some formulas to make a more informed decision. Are there any formulas, spreadsheets, ratios, etc... I could use to determine which option would be best ?