All Forum Posts by: Stanton Ward

@Stanton Ward Congrats on starting your REI journey. I recommend you reach out to @Andrew Postell. He is a fellow investor and lender that lives here in the DFW area. I have have been using Andrew for many years for my investment property transactions. I also refer him to all my clients as well. I always recommend you go right to the source when you have complicated questions regarding REI financing. Andrew is that source. Also, I would suggest starting out you work with a fellow realtor & investor to help you on your REI journey. I have been doing this for years. My REI team and contacts become my clients contacts. No sense in reinventing the wheel starting out. Good base to start from when starting your REI journey. It will help you avoid the mistakes we have made along our own REI journey. Because we are human and make mistakes. 

Stanton,

When you apply for a mortgage the process requires a search to see what properties you own. That search will reveal you are om title and have "Vested" interest in a property that you reside in that matches your Drivers license, income docs, etc. That would require you to buy the next home either as a Second Home/Vacation home or investment home.

Unless you planned on living in the home and the new home is bigger in GLA/SQFT versus the current home because it has to make sense. Underwriters are now overly trained to see when a person is trying to use a loophole or take advantage of the system. There are ways to use loopholes but it has to be done correctly to avoid issues.

If you can rent your current home and it cash flows simply do a cash out refinance pull out some cash and use it for a down payment. Buy a bigger home and rent the current one so you can buy a bigger home using the primary home lesser down payment.  Feel free to reach out if you have any questions.

@Stanton Ward since you are married now if you purchase a home both you and your spouse will be in the Deed. It's a law in the state of TX. As for buying your first rental you can say it will be your new primary residence to take advantage of the 3.5% FHA or 5% conventional. Im part of a DFW Investors group that i can invite you to and you can ask your questions there as well.