Home Buying in Austin>Question Details

Martinez1951…, Home Buyer in Denver, CO

Buying an apartment in Austin, TX

Asked by Martinez1951houston, Denver, CO Sun May 18, 2014

I am planning to buy an apartment in or around Austin, TX and want to move in. If there is an existing tenant in that apartment then what would be the best option to have the tenant move out? Most of the properties I have looked so far has been occupied by tenants with lease expiring sometime in 2015. Any help would be greatly appreciated.

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Vino Alonzo’s answer
The tenant moving out would be the ideal situation.

If you're going to obtain financing, and can wait to move in....your only option would be to purchase it as an investment property and pay 20% down. You wouldn't be able to use the rental income to qualify and you would need to have enough funds to cover closing (down payment and closing costs) , 2 months reserves for your current housing, and 2 months reserves for the new apartment payment.

Otherwise, like Alysse and Kerry stated, you'll need to keep looking until you find a vacant apartment.

If I can help you with financing options and/or questions, please feel free to call me.

Vino Alonzo, Loan Officer
NMLS# 184279
First Cal Mortgage
0 votes Thank Flag Link Wed May 21, 2014
The only options you have are to either wait until the end of the lease term (which doesn't work if you're getting financing as you need to be in within a certain time period as owner/occupant) or ask them if they'd like to vacate early. But if they do not want to leave early, then you're stuck. That's why it's difficult to purchase a rental property for occupying as an owner. Timing is everything.

Kerry Redding, Realtor
512-775-8070 cell/text
512-337-0407 office

Visit me on the web! http://CedarParkDreamHomes.com
0 votes Thank Flag Link Tue May 20, 2014
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