New Member Intro (DFW Area)

[Omar Carrillo]

Hello BP Members,

I am new to the site and real estate industry. However, I am on a mission to network, learn, and become involved both professionally and personally in real estate. The website seems like a brilliant idea with a great deal of information and resources that I look forward to utilize. 

I will be graduating this weekend from the University of North Texas with a BBA in Business Administration and am currently working on a couple online courses through Kaplan to acquire my Texas Real Estate License. With that being said, feel free to connect with me on BP or LinkedIn to develop a beneficial, resourceful, and potentially professional relationship. http://www.linkedin.com/pub/omar-carrillo/68/49a/4...

Question: Would it be unrealistic to purchase a rental property that would also be my primary residence? I see so many of my peers spend money on rent in "trendy" areas of DFW to gain nothing in return. My goal was to increase my savings from the income produced from my current employer for 4-5 months to use for a down payment, acquire a property, and essentially live rent free, mortgage free, and develop an income stream. I am currently a billing coordinator at an advertising firm, with low personal expenses, and good credit. I've been looking into FHA loans for duplexes or single family homes but have been getting conflicting reports as to how those type of loans can be used with rental properties. One side says you have to live in the residence for a year until you can begin renting it out, the other says you may begin renting out immediately. Can you help clarify this for me?

Any other advice or tips in regards to real estate is much appreciated. 

Thanks!

Omar C.

[Paul Ewing]

Welcome and congratulations for seeing early on that it is better to have your money working for you than working to spend money like your colleagues.  If you live below your means, especially if you have a well paying job, you will have lots more to invest in assets that will make you money for years to come.