Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 14 years ago on . Most recent reply

User Stats

10
Posts
1
Votes
Justin F.
1
Votes |
10
Posts

Please help me understand this law.

Justin F.
Posted

Howdy,

I'm new here and have always been a long time reader, just never really had a means to posting since most here have great information.

However, in much due to this form, I decided to take the plunge into real estate investing by purchasing my first REO property. As we are now in closing, apparently Texas has a funky law that states I cannot own a property for investing unless I have a property that is my homestead before investing in the a property.

Now, I was fairly new to this law, as well as my Loan Officer, his regional VP and underwriters.

Could someone shed some light on this situation as to why this is the norm in Texas. Makes me want to run into politics to change these laws. :cry:

Most Popular Reply

User Stats

3
Posts
9
Votes
Lowry Davison
  • Real Estate Attorney
  • Keller, TX
9
Votes |
3
Posts
Lowry Davison
  • Real Estate Attorney
  • Keller, TX
Replied

I am a Texas attorney and there is no law prohibiting you from purchasing investment real estate just because you do not own a homestead.

Loading replies...