All Forum Posts by: Taylor Ullmann

@Jordan Moorhead All great to know -- thank you!

@Joe Scaparra In regards to being owner occupied, are there requirements on how long I would have to live in the property to qualify? Also, thank you for the information about co-signing. If my parents were willing to commit to that option, would there be any major downsides for them? They are supportive of my venture but also concerned about the risks of me taking on a high amount of debt right out of school. 

Lastly, I'm very interested in the idea of a duplex. A property I recently toured appeared to be a duplex but turned out to be a condo, so I will continue looking. Since you're in the Austin area, I'm curious if you have recommendations on best areas to look for/rent out duplexes?

@Jordan Moorhead My next step is speaking with a lender in Austin. I wanted to be a bit more informed about potential financing options before doing so, which is why I reached out on BP first. I prefer the idea of a duplex as well, so I will keep searching. Thank you for your insight! 

@Jordan Moorhead My current income is just from part-time internships, but my savings for the down payment are from previous full-time internships/work. 

My parents would be willing to help initially, but my preference would be to  use my money for down payment. I’m not sure if I can do that though since I have not started my full-time job yet. 

I will be able to afford the monthly mortgage initially with extra savings, then my full-time salary and additional renters will kick in starting in August. 

@Jordan Moorhead I will be starting a W2 job in August, but I would need to purchase a home prior to starting because my rental lease will expire. Are you able to secure an FHA loan in advance, or would that not be an option for me due to my start date?

@Grant Rothenburger That’s great to know. Thank you for the heads up! 

@Grant Rothenburger Thank you for your advice! Are there any drawbacks that I should be aware of for only putting 5% down? I thought 20% was more common, so I’m curious whether I will face challenges negotiating my first mortgage with 5% down. 

Hi All, 

I have started looking around Austin for a place to live after graduation this spring. For the past four years at UT, I have been renting, paying +$850/mo to share a room  in a five bedroom home near campus. Since I will be starting a full-time job in Austin, I decided to look into making an investment here, rather than paying over $1000/mo for a single bedroom apartment. 

My plan is to purchase a 3-4 bedroom home, living in one room and renting out the others to my friends for a year, then likely moving and renting it out entirely. I have saved enough money from internships/work for a 10% down payment; however, my parents are looking to invest as well. 

At this point I'm curious on hearing feedback about smart tactics for financing the home. I'm not sure how it would work if my parents invested and then I paid them back after starting my full time job. I also looked into an FHA loan, which is appealing due to the low down payment, but I don't believe I would be approved since I do not have a history of two-years of full-time work yet.

Excited to hear your ideas and advice! 

Hello,

I recently joined BiggerPockets online after listening to the podcast over the past few months, and I am excited to learn from the community! Currently, I am a Senior at The University of Texas at Austin studying Finance and Social Entrepreneurship. Following graduation in May, I will start working at an investment firm in Austin, but I'm hoping to get involved with investing in real estate prior to beginning my full-time job in Austin. After following BiggerPockets and taking a few real estate classes, I'm realizing the value that comes from real estate investing, and I'm interested in the lifestyle that it allows in the long run. 

During the spring semester I plan to dedicate a large amount of time to learning about real estate and finding opportunities, but I'm overwhelmed at the thought of where to begin. Knowing that I will be staying in Austin following graduation, I'm not sure whether I should look for properties here. I have heard from many people that Austin is overpriced, but that good deals are still available if you look hard enough. The problem is that I'm not experienced in real estate, which adds further difficulty to compete for deals in a booming city. This leads me to consider whether I should look for deals in the Dallas area because I grew up there, and my parents are still in the area (so I visit often). If I did look in the Dallas area, which seems to be less expensive, I would still have to find a place to live in Austin after graduation, which ultimately means paying high rent. 

Due to the various components at play and my lack of experience thus far, I am interested to see if anyone has advice on getting started in real estate at a young age in an expensive city. I look forward to hearing your feedback!