Looking for a team in Houston

6 Replies

Hello All

My father drives over an hour every day for work. He works in the westchase, briar park area. We are looking to invest in the area find him a place to live during the weak while he works and maybe invest at the same time. Looking for garage apartment or something similar.

Thank You 

Matt Brady

@Matthew A Brady If your father is going to sleep there the majority of the week, I suspect it can be argued that the property will be his primary residence allowing him to qualify for a Fannie Mae loan with only 3% to 5% down. However, he likely will have to pay Mortgage Insurance which can be substantial. Personally, I am a fan of piggyback loans. For example, on a $100k property, I take out a loan for 10% and combine it with my cash down payment of 10% to meet the minimum 20% down to avoid having to pay Mortgage Insurance. A good mortgage broker will set this up for him. 

On a side note, it will be hard to find a duplex in Houston where he will break even exactly. Most duplexes I've seen sell for $250k and up. He will likely only have to pay a few hundred per month in this scenario though. 

Best of luck!