All Forum Posts by: Michael A.

 Does your company also provide services in the Los Angeles area?

I'm thinking about buying a new construction home in Dripping Springs as a buy and hold type of investment that will eventually be converted into a LTR. The issue that I'm seeing in Austin is that cash flow is non existent unless you drop a significant amount down. I have money tied up in other investments so cash on hand is limited. However I will be using either a VA loan, FHA, or conventional loan to finance this deal and I'm fine with being cash flow negative for a few years if it means having less headaches and actually having a property that I'm happy with owning. This is particularly important for me because I''m planning on being out of the country for an extended period and do not want any surprises or distractions while away. I am pretty set on buying in the Dripping Springs area as this area in my opinion has the kind of RE I would eventually want to bequeath to my children. I'm not keen on the northern part of Austin tbh.

what are your thoughts? I know some might call this speculation but I see it as an opportunity to buy something that is most definitely going to increase in price in the short term. Of course I’m sitting on the sideline atm and waiting for further drops 

Hey y’all, I’d like to know if anybody has any info regarding new construction multi family projects that might be available for purchase in or around Austin. I’ve seen that AVI Homes is offering some duplexes but would like to hear some feedback from those with more knowledge. Any info is appreciated 

Thanks! 

hi Ryan, unfortunately I do not have the cash on hand for such a large purchase at the moment so I am limited to financing only  

Is this something that FHA allows? have you had any success with this loan product as of late?

I've spoken to my realtor and he says that 99.9% of the time FHA loans are not competitive in the Austin market. Particularly because homes are still selling over asking and the different rules that make FHA transactions a pain for the seller. This is why I'm considering a 40 year mortgage with 10 years interest only. The downside is the fact that I have to put down 20%, plus buying down 2.75 points to lock in a lower rate at ~3.5% I was told. My options are limited in Austin in fear… I can however purchase out of the area with an FHA loan. But markets are hot everywhere so I'm not sure if I'd want to be waiting on the sidelines and renting to get a deal. I also have to live in this new place with my family which makes things a bit more of a challenge as far as quality of life is concerned

I've been reading as much as I can on BP and one thing that is highly recommended is the use of an FHA loan to purchase a multi unit property to house hack. When I bought my first home I opted to use the VA loan since I thought that it would be the best choice for me and my family. I wasn't particularly well informed then but at the time, it seemed like it was the better choice. From what I hear, lots of sellers do not accept FHA loans so this makes me wonder how people are making this work in a market that's hot and full of cash and conventional loan buyers. I'd like to learn a bit more about using the FHA loan to purchase a multi unit property because all I'm hearing is that government loan offers are put aside. Can y'all give me some advice on what is perhaps the best way to use this loan product in a market that is reluctant to work with FHA loans? Would I be able to use this loan in the same city as my current primary residence (Austin)? My wife are willing to explore other areas that prove worthy of investing if we can in fact use this type of loan for this purchase. So relocating in or out of state is not a problem. At this time I have no intention of selling my current home since this my safety net for my family.

Is everyone losing faith in Texas? I only saw one person mention the lone star state as a great option 

Are you talking about Newfi?