Starting out, but need guidance with Texas limitations for cash out loans
Hello everyone!
I found the Bigger Pockets site at the beginning of the year, just as I was doing the classic New Year’s inventory and trying to figure out where to direct my energy and efforts next. I’ve worked with the petroleum industry for a long time, and though I have made a good living, like many others of my peers, I’m in place that my current lifestyle is only sustainable as long as I continue to work til I drop dead. But I want to retire! Over the last four months I’ve spent many, many hours on the website, listening to the Podcasts, reading the forum postings, searching for information, reading just about every book suggested by anyone in the BP community, but it’s time to do something. And frankly, I’m scared! But I’m closing my eyes and getting started!!!
I just made an offer on an REO today that happens to have multiple offers on it. Hoping to get some preferential consideration, I asked my Realtor to write the offer as a cash offer, with the expectation that I could work with a bank later and pull my money out so that I can have it available for other purchases. But I've read on Bigger Pockets about Texas having very strict regulations prohibiting cash out or HELOC's on investment properties, and a couple of lenders I've spoken with have said the same. So I'm turning to the BP community investing in Texas…Is there any way around that Texas requirement so that I can place a mortgage on a property I own free and clear in the States of Texas? Is there any type of institutional loans (other than HMLs) not subject to this limitation?