Will, Home Buyer in Southwest Community...

What do i need to buy an investment home in san antonio, tx? Got family willing to rent home for 800. a month. I live in l.a.got only 10k down payment

Asked by Will, Southwest Community Assoc., San Antonio, TX Sun Aug 28, 2011

family willing to pay 800 a month for house in tx. Would like to buy something from 50k to 80k preferable in san antonio, tx. please advise. got excellent credit

Help the community by answering this question:

Answers

7
I frequently work with investors in this price range. Your best bet is going to be through Fannie Mae. Happy to help, just a call away 210-663-4949.
1 vote Thank Flag Link Mon Aug 29, 2011
Hey there Will,

Are you willing to look at hard money? Is this family willing to follow you and fork out the rent for whatever home you end up landing? Some big variables missing.

However, if you want to get more specific; let us know. We have a team of hard money, or private money looking for debt partnerships along with a full rehab team. There are homes we bird dog and take ourselves. You can either buy in and handle the deal yourself or take one of one of our packaged rental properties already rehabbed and buy it at seller financing for a balloon of up to 3 yrs.

Just get in touch with us and we can help you pin-point more specific properties and show you how to structure it.

Josh
Web Reference: http://www.exposedhomes.com
0 votes Thank Flag Link Mon Aug 29, 2011
Call my lender Bill at 210.381.1452 to get qualified. Then call me at 210.416.6462 to begin the search for the property. You have a lot to choose from! I am a realtor and have been a certified residential appraiser since 2002. I have assisted many lenders and buyers in that price range.
0 votes Thank Flag Link Mon Aug 29, 2011
You can purchase an investment property with as little as 10% down using Fannie Mae HomePath financing, it's for Fannie Mae owned homes which are listed at http://www.homepath.com/ and no appraisal nor mortgage insurance are required... otherwise you will be looking at 15-25% down for investment properties with non-HomePath financing programs.
0 votes Thank Flag Link Sun Aug 28, 2011
Do you know in what part of San Antonio you would like to purchase the investment home? There are many fine homes on the market that would possibly fit your criteria. You might want to visit with a mortgage broker about the best possible mortgage for such an investment. I can suggest that you contact Nancy Corrigan with Academy Mortgage, 210-771-0520 or Karen Franz, SWBC Mortgage, 210-826-6999. First is to be qualaified to make such a purchase, next step is to find your investment home. I can help with that. Good luck.
0 votes Thank Flag Link Sun Aug 28, 2011
Hi, Will,

There are many ways to finance an investment property. Some foreclosed properties, especially from VA, FHA, Freddie Mac and Fannie Mae offer special investor terms. You will need an adequate credit score, but qualifying is still relatively easy.

It is VERY IMPORTANT to carefully screen your potential tenant. Imagine buying a rental unit, signing the mortgage documents, letting them move into your property, and then, they don't pay you the rental. That's where problems begin, Spend some time with a competent Property Manager, and discuss the possible pitfalls with them FIRST.

San Antonio has an abundant supply of GREAT Rental Homes. Contact us if you would like to see some and have some help evaluating the risks and potential rewards. We love working with Investors.

Doc Stephens, REALTOR
Keller Williams Realty
(210) 764-9403
0 votes Thank Flag Link Sun Aug 28, 2011
Direct your questions to a mortgage broker who would be professional qualify you for a home loan based on your completion of loan application

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Sun Aug 28, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer