All Forum Posts by: Timothy Paul R.

@Ricky Bass yes sir, same here. I’ll try somewhere else. Thanks!

@Bruce Lynn ya I figured it could be just that particular bank’s guidelines. I will check somewhere else. What do you mean by overlays? Thanks for the feedback!

Why did the Mortgage Broker tell me I can't get an FHA Loan for a duplex even if I live in it? He said if I rent out the other side the bank considers it an investment property. But this contradicts all the research I've done and what I've heard other people doing. Can someone shed some light ?

So I was in a Bank of America today getting a new debit card. I was talking with the Banker and I told him I want to start investing in Real Estate next year.

He brought in the branch Mortgage Broker to introduce himself. I thought that's cool, I should start meeting some people in the business. He asked what kind of investing I was interested in and I told him ‘buy and hold rental properties ‘. I told him I was goi g to start by buying a multi-family and rent out the other units. He told me that I would not get approved for an FHA Loan if I was going to rent out the other units, because they would see it as an investment property. All the research I've done has always shown that lots of people get FHA loans on their first property if they are living there, even if it's multi family. I currently live in Bee Cave, right outside of Austin, Tx. Can anyone shed some light on this for me?

@Jonathan W Dowling I have a similar plan of 5-7yrs to retire from wage paying work. I figure if I make a very aggressive goal and fall a little short of it I will still be in a great spot. “If you believe you can or believe you cannot, you are right” welcome to the BP community!

@Jeff Brower this is what I’m looking to do next year, probably in New Braunfels or Austin area. Thanks for the Motivational story!

@Michael EvansBUY/REHAB/RENT/REFINANCE/REPEAT. A method used so you can pull you money out about a yr after buying so you can use it to purchase more properties.

@Dan Burstain I am going to be looking for similar items in the near future. About a year or less. I’m trying to get all the info I can so I am ready to pull the trigger when the time comes.

@Tyler Esparza I’m looking in these areas as well. I’m currently living in bee cave tx. It seems that the pricing and appreciation potential looks great in the new braunfels/Kyle/San Marcos areas. Have you had any luck yet?

@Paul Andrews Hey there Paul. I know this post is really old but I’m just getting started. I currently live in bee cave tx and have started looking at properties online in the new braunfels/San Marcos/Kyle areas. Are you still investing in these areas? How has it gone for you? My name is Paul too btw. Look forward to hearing back!!