All Forum Posts by: Steven Vasquez

My former primary residence I lived in for 2 years is in Georgetown, Texas in Williamson County, and I've had a homestead exception on it ever since; it is currently a rental. I am looking to buy a new Primary Residence to move into in Temple, TX which is in Bell County -- am I also able to have a homestead exception as well since it's in a different county?

Thanks in advance.

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Originally posted by @Jonathan R McLaughlin:

@Steven Vasquez Not sure what you mean by "technically" kinda is your primary or not. If you are leasing it while you go on a temporary job relocation somewhere that would probably be ok. Check with the bank you have the mortgage on or the one you are refinancing with. 2 years is a long time for temporary but not impossible. You can always move out of your primary to another primary so that won't be an issue, the only thing you attest to on the signed mortgage is that it is your primary home at the time of the loan. I believe there are different overlays for each bank how long you must live there afterwards.

Not strictly related to your question but one thing to think about: if you are interested in selling/expanding you have a BIG capital gain exclusion if you have lived in the property for 2 of the last 5 years. Not an issue if you plan to rent it out, but a powerful incentive if you are on the fence.

Thank you for your response Jonathan. I don't plan on selling it, I want to move back into it eventually, but right now it benefits me as having it as a Rental. I moved back with to my parents home because I'm saving money to invest in Real Estate. If I can keep my current home as a Rental and buy another one as a Primary, that would be great. I'll be checking with my Mortgage company about my options then, I appreciate it.

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Hey BP family,

I have a Primary SFH that I lived in for 2 years, moved out, and have been renting it now for about 2 years. I plan to refinance it soon to get a better interest rate and to get rid of the PMI. Can I still list it as my primary residence during the refinance process (it technically really is) even-though I'm leasing it?

Will it affect me in the future if I decide to buy another home as a primary residence and go live in it?

Thanks in advance.

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Bell County down South of Waco is a good area, particularly Temple. I am looking there myself for living and investment. Good luck with your venture!

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Originally posted by @Karene Burnett:

Hi @Steven Vasquez! That is awesome congrats. My husband and I live in Round Rock but are moving to Leander soon. We are planning on using the profits from our home in Round Rock to purchase our first investment property. We would love to connect with you and other investors. Congrats again!

Thank you, I appreciate it. I'll send you a message.

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Originally posted by @Timothy Douglas:

Hey Steven! My family is actually out there in Georgetown! I'd love to connect and hear more about the fix & Flip process.

Awesome, I've accepted your Connect request and I'll send you a private message.

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Originally posted by @Joshua Noth:

Congratulations @Steven Vasquez! That's amazing, man. Very happy to hear that went well for you. Going into it can be scary, so it's great to hear that you were successful and learned lessons along the way. Excited to hear about your next endeavors and successes!

Thank you and yes, it really was. I took a leap of faith pretty much and exhausted most of my resources.

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Originally posted by @Jordan Moorhead:

@Steven Vasquez always up to connect!

Cool, I'll send you a message soon.

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Originally posted by @Bryan Noth:

Love reading these stories @Steven Vasquez, thank you for sharing. Would love to connect as well and keep us posted with the fix and flip progress!

Sent you a Connect request! Will do, that's the plan for now and so I'm hoping to get another investment soon.

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All Forum Posts by: Steven Vasquez

Steven Vasquez has started 4 posts and replied 23 times.

Post: Homestead exception on 2 homes, 2 counties

Post: Homestead exception on 2 homes, 2 counties

Post: Primary Residence currently Rented and planning to Refinance

Post: Primary Residence currently Rented and planning to Refinance

Post: I am moving close by Waco , Texas.

Post: Closed on my first investment property!

Post: Closed on my first investment property!

Post: Closed on my first investment property!

Post: Closed on my first investment property!

Post: Closed on my first investment property!