Current Situation and Strategy Recommendations - Active Military Investor

[Josh Edelman]

I've posted this before and have some ideas on ways forward. I will bullet point my situation below and wanted to hear what some recommendations are. Thanks!

- Active military with a goal of buying my next property. 

- I own two properties in Las Vegas - both under a VA loan

- Home #1 is rented out mid-term rental: cash flow is $1000/mo

- Home #2 I live in currently. I used a HELOC for the down payment to assume this property.

- So I have two mortgages (both 3.5% rate) and a HELOC. HELOC balance is $48K (already paid $22K off)

- Not advantageous to sell or refinance right now - I would lose money or cash flow or both. Goal is to keep both properties as is and make them rentals. 

- Previous recommendations were to pay off that HELOC first using all the income from the rental. After paying it off, I can go into looking at acquiring another property.

Thanks for any input!

[Hamp Lee III]

I'm active duty Air Force with three VA loans.

1. Do you have enough VA loan entitlement left to purchase another property? Check the limits for multifamilies as well. Of course, you'll need a qualifying reason for moving in the city.

2. Have you researched Navy Federal loan programs? Without being banned for advertising, they have a program that you might find interesting for members who exhaust their VA loan benefits specifically. I used this one too.

I hope this helps.

I wish you all the best.