Im looking at buying a rental property in/around Universal City. Are there any special texas laws?

Asked by Illiterate101, 67230 Thu Jul 9, 2009

I've heard something about having to live in a house for a year before renting, is this true or are there any other laws I need to consider? I am a Minnesota resident but would probably change my residency to TX if I do this if it makes any difference.

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4
Tony Martinez…, Agent, San Antonio, TX
Sat Jan 8, 2011
This is true if you are doing an FHA or VA loan... Is this an investment property? If so you'll be fine? If this is a second or third home... You might want to consider FHA or VA financing. I work with several lenders who would be able to help. Please contact me or send me an email http://www.tmartsellshomes.com

when you go onto my web site you will also find a section that has nothing but San Antonio information...

Hope I was helpful? I look forward to helping you with any questions you may have about San Antonio and or Real Estate in San Antonio...

Tony Martinez
RE/MAX Alamo Realty
c 210-325-8560
0 votes
Jana Halvers…, Agent, San Antonio, TX
Thu Dec 10, 2009
If you are buying it with an investment loan (slightly higher interest on the loan) than you do not have to live in the home. If you are buying as an owner/occupant with a residential loan than you are required to live in the home. The type of loan will indicate the actual length of time. If you buy a HUD Foreclosure and you are an owner/occupant they require you to live there 1 year. I've attached a link to an FHA question about occupancy. Hope this helps.
0 votes
Joe Corwin, Agent, New Braunfels, TX
Sun Nov 29, 2009
As stated, always check with a CPA on these legal matters. Contact me anytime if your looking for an experience real estate agent and I also offer a buyer rebate.
Web Reference:  http://www.JoeCorwin.com
0 votes
Dominick Dina, Agent, San Antonio, TX
Fri Jul 10, 2009
Good morning,

Universal City is a good location on the northeast side of San Antonio. Many military rentals are there already.

Absentess landlords abound here in Texas. Many folks buy Texas properties due to the lower costs (we did not go crazy with prices like some did) and the return on investment (ROI).

You can purchase as many properties as you can afford. DO NOT believe you are going to get rich doing so. The value is in the tax shelter provided (talk with a CPA) or the leverage to borrow more money.

If you would like to discuss at length, please feel free to contact me at any time: (210) 273-9082.

Good luck

Dominick Dina, Broker/Owner
Christian Realty San ANtonio
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