All Forum Posts by: Teage Staunton

Hey Shawn! 

The questions you should ask them are largely dependent on what type on investing you plan to do. Some of the people you'll want to make good connections with are Realtors, Lenders, Closing Attorney or Title Company, an appraiser, a lawyer, and possibly a trustworthy contractor or handyman if you'll be making repairs or major upgrades. There's lots of literature out there to help you learn what exactly you are looking for and how to find them. Tons of resources on BP! 

Thanks everyone! @Dale Myers @Brittney Rogers thank you so much for the invitation! I would love to attend. Unfortunately I will be out of town for work until Friday. Can you PM me some info on when you guys meet up? I would love to try to catch the next one! 

@Guy Gimenez I would like some additional info! I just joined BP yesterday, not very skilled at navigating on the mobile site! Can't figure out how to initiate a PM from here haha but I will message you from my computer in the morning! 

@Jerry Padilla, thanks so much for your insight! I have no interest in committing fraud, that's why I'm asking you guys! The reason he suggested it is because I do business in the area. I work for a parent company, many of us work for the same company but live elsewhere in Texas; I can prove employment in a number of cities in Texas. Anyway, the reason I wanted to ask was because I didn't think a bank employee would suggest something fraudulent but his solution did not sound right to me.

Refinancing my first house with a conventional loan as an investment property is not something I had thought of, I will definitely be looking into that. It won't help me buy the house I wanted but a good idea to accomplish what I am working toward.

Seems like looking closer to home and occupying for the first year is my best bet. Thanks guys!

Thanks guys! @Jon Klaus, I was starting to get the feeling that may be a better option. Thanks for confirming! Do you have an opinion on the Buda/Kyle area?

Hi everyone! My name is Teage; yes, first name! I am 23 years old and I live in Austin, TX. I have been surprising successful in the workforce at a young age and snagged a great job that allowed me to start buying property! Also because of my job, I've moved quite a bit in the last few years. Consequently, I started renting my first home. I am really enjoying investing in real estate and would like to continue. I'm coming up on purchasing my second property (SFH), already has a tenant and this is my first real investing venture as I will not be living on the property first. I found BiggerPockets while trying to find more information on financing and real estate in general.

I cannot afford to invest in my area, so I have chosen to buy properties in smaller towns where I already do other business. Any advice on owning property in another city or on the financial side of investing is greatly appreciated! I've also been reading about investors who form an LLC with another party with greater access to cash. For those who have done this, what is your experience? I don't have a ton of cash to play with so this route appeals to me. Thank you!!

Thanks Michael! I've been looking into creating financing but it all seems slightly out of reach for me. I would love to live in and then rent but I cannot afford to buy in my area (Austin, TX market is unreal) so I am buying in smaller towns where I do business already. Unfortunately I cannot live in the house as it is 8 hours away from my job. My sister currently owns the house I am about to purchase so she agreed to pay closing costs and a friend (realtor) is completing the paperwork for only a small fee, no commission. So, I'm saving money there I just don't have the funds for 20% down but want to continue buying. 

Oddly enough, a bank employee suggested that I lead the bank to believe that I will be living in it. I could pull this off but I don't see how that would work with insurance. I will need different home insurance for renting purposes than if I were living in it. Plus, misleading the bank that holds my mortgage doesn't seem like a good idea!

I was curious if it was normal for investors to put 20% down or not, seems like it is. Thanks again!

I currently own one SFH that I rent. I lived in it before I rented it so financing was simple. I am now interested in buying a property solely for renting (already has a tenant); my problem is that I don't have a lot of cash to play with. My bank requires 20% down on rental purchases while only 3.5% on a primary residence. They are also requiring that I show finances to back 6 months of both mortgage payments in case they are vacant. My question is for people who own multiple properties- do you all pay the 20% down on each property you purchase with only rental intentions or is there something I'm missing? What are some other options instead of paying 20%? Very new to real estate so any information is greatly appreciated!!