All Forum Posts by: Jason D.

 Elizabeth,

That is also a thought we had, considering how much capital we'd have left over.  We could easily put $25k toward an investment property.  The challenge in our area is simply finding one!  Lots of demand for real estate in the Austin area and not much supply!

Marian,

I received down payment assistance from the city of Austin.  If I move out I have to pay the city of Austin $10,000.  However, if I sell my property for $145k, and currently there is $87k on the note, I'm in a good place, most likely netting around $35k after final closing costs and paying back the city.

I'm looking to buy in the North Austin, Cedar Park, Leander, Round Rock or Pflugerville area.  Mainly because that's where work is for my wife and I and we want to stay close.  

Thanks, -Jay

Alex,

1. Going to go with the house hack if I can.  Just the wife and I at the moment, and we'd love to buy a duplex, live in one side and rent out the other.  However, in our area there are not many duplexes.  

2. If that's the case, we'd like to buy a 2/2 or a 3/2 that's slightly distressed with the VA loan and live there for a year. After a year we'll use our second VA loan to do it again.

3. Rents in central Texas are solid.  Single families rent from $1000 to $1500 or more depending on the location.

4. Long story short, we cannot buy another property and keep this one.  I won't go into the details, but it has to do with the down payment assistance we received from the city of Austin.  Our options are to keep living here or to sell and purchase something else. 

Thanks for the responses. -Jay

Hey all, my name is Jay and I live in the central Texas area.  I'm currently in the process of selling my condo and possibly purchasing my first rental property.  Here are the details:

1) I should net $30k-40k on the sale of my first property.  My condo has appreciated greatly in the last three years because we have a solid location in Austin.  

2) I'm going to use my VA loan to purchase my next property. It will be minimal money out of pocket.

3) After all costs, I estimate I will have around $35k-$45k in a money market fund (sale of property plus around $8k in savings, atm).  

4) I hope to purchase a $120k or so rental property for $20k-$25k down, and have the rest of the cash as working capital.  

That all being said, any thoughts?  Advice?  I have a great loan officer who's doing everything he can to work with me and get this project up and going.