All Forum Posts by: Tyler Clark

Scenario, 

I live in a new build $500k ($100k equity) primary residence for one year and rent it out with complete success right after moving out. Now I need to buy a second home that is intended to be my primary residence for the next year. I now cash flow on the first $400k mortgage $200/mo, have no expenses/bills/other loans, good credit, and net >$10k/mo wages. What’s the best way to finance a second conventional loan? What are the banks financial requirements for loan approval while holding the 1st mortgage? Does the second loan consider a different debt/income ratio?

@Nathan Gesner@Travis Timmons@Drew Sygit Incredibly useful advice gents, precisely what I needed going into the PMC interviews and beginning this journey.

I am currently on the fence with doing this. Have a large new primary residence 30min from downtown Houston and thinking I want to rent it out and either rent a cheap condo downtown or purchase a cheap condo downtown. Always hated the idea of renting but purchase prices and interest rates are infuriating when looking at downtown Houston since every $130-150k condo was just $80-110k two years ago.

@Nathan Gesner My thoughts exactly regarding the market, I thought the large number of available properties for rent was discouraging however my home seems positioned as a better choice due to its location and exterior/interior design being extremely modern, neutral, and appealing. Currently I can survive just fine with the property vacant for 12 months. And priced even as low as $2,500 or $3,000 I would have no issues or stress, I would be satisfied not ecstatic. Current primary employment brings in over $10k month after taxes and I have no financial obligations (loans, rents, or major bills) aside from this one mortgage and since I live/work overseas in an “employer pays everything” situation  I have no requirement for housing and don’t pay any typical life expenses. I’m 28yo and new to property investing, granted I have heavily read/followed the ideology and strategies for the last three/five years so I figure now is a good time to jump both feet first and get wet. However I know to listen to those more experienced than I and recently figured bigger pockets forum isn’t a bad resource. I would be curious what tips you may have dealing with property management companies as a 1st timer, or renting out in this price range.

I have a brand new renter friendly $500k 3,300 sq/ft home in the Houston greater area and I am considering renting it out as I work overseas and don’t need to occupy the home. I am curious about others success renting such large/nice homes for $3,000-4,000 per month. Should I rent furnished? I see other homes in the area pending rental contracts at the $2,500 range often. Should I market the home to test the waters and see how many inquiries come in? All advice is appreciated as this is my first rental property, previously planned to be primary residence.