All Forum Posts by: David Ivy

@Eric Guiltinan

My lender contact said that you should be able to get a 2nd lien position home equity loan from a local credit union, like RBFCU, without affecting your owner occupancy status and rate on your current 1st lien mortgage. He said you could probably draw up to 80% LTV. With the right credit union, or local bank, he said the issues you raise shouldn't be a problem.

I'd be interested in an update, especially if you find out something different.

@Eric Guiltinan

I sent your question to one of my lender friends here in Austin. I'll let you know what he says.

@Christina Brown

Be sure to research the short-term/vacation rental regulations in each city you're exploring, if you want to be sure that option is open to you. The City of Austin, for example, is no longer granting permits for non-owner occupied (Type 2) short-term rentals. See this.

@Account Closed

I have a medium-scope single family rehab project underway in SE Austin. I'm happy to answer any questions I can. Feel free to get in touch.

@Andre Bederio

I bought a fourplex in Killeen earlier this year, and it's been doing very well so far. I'm also an investment focused Realtor who works the greater Austin area. I recommend getting in touch with @Brian Adams for advice on the Killeen market, including good property managers.

I'm happy to help you with anything I can.

@Atif F Shahnawaz

It's nice to have you here! If you haven't already done so, look into some local investor meetups, which you can find posted on meetup.com.

I have a rehab and rent project currently going in SE Austin that I'd be happy to walk you through. I'll contact you directly.

@Tim Phan suggested?

@Ryan Todd

If you decide to go with a refi, instead of selling, I can put you in touch with a local lender here in Austin who can do up to 80% cash out. Let me know!

@Kyle Shaw

It sounds like you have a solid foundation to begin building your own portfolio. If you haven't already done so, I recommend joining the Investor Underground-Austin group on Facebook and attending some local investor meetups, which you can find posted in that Facebook group and on meetup.com.

If you're looking to add an investor agent to your team, I'm happy to grab lunch, learn more about your plans, and see if we're a good fit. I'm an active investor myself, and other investors make up a good portion of my client base.

@Randy Miller

As @Wayne Brooks said, you'll need a builder's risk policy. On our most recent acquisition in SE Austin, we got a builder's risk policy with a six month term and the following coverage:

I use Jason Matison with Strive Insurance Group for all my LLC insurance needs. He a local guy who lives in Cedar Park and is always very responsive and fast putting together quotes and getting coverage bound. I'll send you his contact info.

If anyone else would like an introduction, let me know!