Considering a relocation from CA, to Austin.

Asked by Jodi, Santa Rosa, CA Mon Jun 11, 2012

My husband is a self employed truck driver, and I work full time. We want to keep our CA house as a rental, and buy in TX. Is that even possible now a days? What can we do to prepare ourselves for such an event.

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12
Alley_73, Home Buyer, Austin, TX
Fri Jun 15, 2012
You might want to rethink it considering they just found out Austin has been hiding some nuclear secrets. Breaking news today:

http://www.infowars.com/breaking-massive-nuclear-secret-unco…
0 votes
Don Groff, Agent, Austin, TX
Thu Jun 14, 2012
Hello Jodi,

It is definitely possible but it depends on a lot of factors. If you do not have prior documented landlord experience some lenders may not allow you to use the rental income to qualify for a new home mortgage.

The first thing you would want to do is speak with a lender or broker to find out what issues you may run into keeping the CA home. You will be best served speaking with a lender or broker such as myself in Texas as we are a little different from the rest of the country here. For that reason you want to speak with somebody who understands Texas laws. It's not as much an issue with a purchase as other types of loans though.

If you would like to discuss your situation I would be happy to speak with you and discuss your situation. I am a wholesale broker who works with all of the major lenders and can offer rates and fees far lower than going directly to the same lenders. I even originate loans for bank employees all the time... because they know the industry and know a good broker can always get you the best deal.

If you would like to discuss our situation please call or email me to discuss.

Best of luck to you. Texas is a great place to call home. I have lived in the Austin area for over 16 years now and absolutely love it.

_______________________________________
Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
listings@dongroff.com | http://www.AustinListed.com
0 votes
Michael Newm…, , Austin, TX
Mon Jun 11, 2012
Hi Jodi,
You're leaving a beatiful place there at Santa Rosa.
We're proud of our little piece of heaven here, too.
Well, you need to pick an agent to help you.
That may be a bit tough, since there are some very good ones.
My wife, Alice, and I have been doing this for quite awhile.
I was a home builder for over 20 years, while she was in resale.
I joined here in brokerage listing and sales a few years ago.
We will be your eyes and ears here while you're still in Cali.
We'll do everything possible to help you find the right place.
Please check us out on our site, http://www.HotAustinProperties.com.
Then, give us a call to review everything you need for your move.
Look forward to meeting you.

Mike and Alice Newman
Keller Williams Realty
512-636-4518 direct
0 votes
Bill Austin, Agent, Austin, TX
Mon Jun 11, 2012
Jodi,
Some good points made already. I'd recommend a couple things for you to consider. 1) Why Austin ~ Consider outlying areas. 2) Get a professional opinion on the potential tax implications unless you are one of the folks that want to pay more to the government. 3) Understand the financial picture for renting your current home. Good cash flow can be difficult. 4) Discuss the financial situation with a local lender unless you'll be paying cash. 5) Connect with and interview 2-3 local agents to find a good fit. 6) Investigate moving cost it will be expensive.

If I can be of assistance do not hesitate to contact me directly. Best wishes to your family!
Bill Austin ~ 512-709-6343
0 votes
tim sweeney, Agent, Austin, TX
Mon Jun 11, 2012
Get a great lender nail down your financing first. Then get a great Realtor someone that you would trust with your life because basically that's what you will be doing.For example I once had a family from California they had already been through 2 Realtors by the time they met me and I had to find t hem a lender they could count on I noticed that any flaw in our battle plan could and would translate ino our having to basically start over again on the house hunt. GREAT POINT about researching your tax consequences because THAT could change and in the end will all this, be worth it?
0 votes
Chris & The…, Agent, Austin, TX
Mon Jun 11, 2012
Hi Jodi;
Yes it is possible, I have a few great lender I work with and am more than happy to connect you with them. I have an extensive relocation packet. Where are you from in CA? I am originally from SF, and spent my last years there in Clayton, Northern CA, base of MT Diablo.

Please feel free to visit my website, give me a call or send me an email, I am more than happy to help!
christine.austinarearealestateteam.com my contact information can be easily located on my website.

Kind regards,

Christine Pura
Texas Licensed Realtor, GRI Designation
The Austin Real Estate Team of Keller Williams
0 votes
Hi Chris- We currently live in Santa Rosa, 45 minutes or so north of San Francisco. I'm concerned with my husband being self employed and what we need to do in order to get financing. It wasn't so hard when we bought this house in 2008, but now I'm worried it'll be impossible.
Flag Mon Jun 11, 2012
Steven Nusin…, Agent, Austin, TX
Mon Jun 11, 2012
Hi Jodi,

As mentioned the best preparation would be to talk with a mortgage lender in Texas and a local Realtor. Both of these resources will be very beneficial in your decision making.

I would be happy to provide you names and discuss your thoughts, ideas, and needs.

Please feel free to contact me anytime. I have had several California clients, so I am used to working with the time difference.

Steve Nusinow
(512)922-7588
0 votes
JOSEPH E JAR…, Agent, Austin, TX
Mon Jun 11, 2012
Jodi, that may be possible depending on if you have a mortgage on the home in California, and if you qualify for a second home here in Austin. The first step would be to talk to a lender and let him/her look at your income, credit, debt, etc. and assess your situation properly. I would be happy to put you in touch with a couple of good lenders who would be happy to discuss your situation. Please feel to contact me and I will do all I can to assist you. I also represent buyers like you at no cost to you, and have a very good relocation team! Thanks, Joe Jarusinsky, Keller Williams Realty, 512-261-4415
0 votes
Laura Mcmill…, Agent, Austin, TX
Mon Jun 11, 2012
You certainly need to talk to a well versed mortgage broker who can offer several scenarios for you and your husband whereas banking institutions will more than likely offer less options. If Austin is your location of choice, find a REALTOR who would provide you a moving package that includes a plethora of information on the area besides doing a lot of the legwork in preparation of your move. This person is going to become your eyes and ears on so many levels - you need to trust them implicitly. Do not make your decision lightly. He/she will play an important role for years to come and you deserve the best for your needs.

Laura McMillan
REALTOR, ABR, ASP, CLHMS, CRS, ePRO, GRI, SRS
Avalar Austin Real Estate
http://www.avalaraustin.com
http://www.austintexasrealestate.me
laura@avalaraustin.com
512.903.5268
0 votes
Terri Vellios, Agent, Campbell, CA
Mon Jun 11, 2012
Very good Question Jodi,

One of the biggest mistakes people make when moving out of California is selling their home without having all the information. Moving back and having the same home is often very difficult. Believe me, I did that and I know.

You would need to prove to any lender that you can afford and qualify for the new property along with what ever value they will give to you towards your rental. They may only value 70% of the rental income to offset your mortgage.

Your best resource is to connect with a trusted mortgage professional who will look at you entire income, debt situation and then they will tell you what you need for a down payment, income, and what type and amount of loan they are willing to invest in you.

Once you have that information you will be able to determine if you want to sell your home here.
The next step is if you have a good amount of equity, check with your tax adviser. They will discuss if you qualify for the $250,000 to $500,000 tax exemption on any income made off of the sale of your house. Usually you would have to live in it 2 of the previous 5 years (I'm not a tax advisor to please check with your tax professional to be sure this is correct). If you qualify and the laws are still in place, you may have some time to explore TX before making such a bold move.

Once you decide to rent the home get a qualified property manager. And should you decide to sell, ditto to a listing agent.

Have an amazing day!
Web Reference:  http://www.terrivellios.com
0 votes
Francie Litt…, Agent, Austin, TX
Mon Jun 11, 2012
Yes, you can do that. You would just claim the Texas residence as your homestead in the following January after your purchase and the California house would be a second home.
The first thing I would do is talk to a lender to see what your price range would be when looking for a home......that will determine what areas around Austin in which you should concentrate your search. Let me know if I can help you!
0 votes
Jordan Miller, Agent, Austin, TX
Mon Jun 11, 2012
Yes, Of course its possible. First, I would advise you to talk to a lender here in austin. I have a great lender whos number i could give you. Give me a call @ 2104648334
0 votes
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