All Forum Posts by: Andrew Hernandez

Hi @Andrew Ferguson. I'm relatively new as well, and coincidentally may be purchasing in Seneca/Walhalla/Anderson area (I'm from Miami, FL). The more detailed you can be with your first deal in terms of showing profit and loss, potentially the more attractive a sales pitch you can present to a potential investor/lender a couple months from now when you are trying to secure financing for subsequent deals. I just have 1 condo down here, but it cash flows pretty well so I am hoping to leverage it's success to convince my Dad, a bank, a lender to give me some mullah for another. A pretty pitch book may go a long way.

My wife receives disability and we were not subject to any funding fee. I hope that is the case for the 2nd loan.

Hi Michael, I currently live in Miami, FL. Prices are on the up and up right now, but I'd say there are still deals to be had. A 1/1 condo selling for $120,000 can rent for $1,300/month in very desirable neighborhoods. I am not a market expert, but this is what happened with my condo: In 2007 those units were nearing $140,000 (for under 800 sq. ft.) and then in 2009-2011dropped to between $75-$90K. I purchased mine for $80K, it is now worth $120K, and rents for $1,300. So, if you were to purchase now the cashflow would exceeed the 1% rule, but appreciation is unlikely and the value may actually go down within the next 5 years (or maybe not). 

If you don't speak Spanish, I'd say avoid Miami. We are the mortgage, healthcare, and insurance fraud capital of the universe. Probably not worth the trouble.

Thank you very much @Albert Bui. The county limit for Miami-Dade is $417,000. Your post led me to do some calculations and also discover this helpful PDF: VA Guaranty Calculation Examples.

As it turns out my wife and I can purchase another home with a loan of up to $153,237 with 0% down (enough for a medium sized shed in Miami). If we wanted a loan for $250,000 we'd have to come up with the difference of 25% of the loan amount ($62,500) minus our remaining entitlement. See attached pictures where I used our actual numbers. 

Welcome @Matthew Dunn, I'm from Miami, but have visited your area several times. This has nothing to do with real estate, but be sure to do some puppy hugging at Southeastern Guide Dogs up there!

I am interested in a meet up. I am located in South Dade county. I will probably attend a few meetings of the DREIA to see how it is.

Thank you very much @Bryan O. and @Edward B. I will have to research the second tier concept further to see what the amount is for my wife given our area. From what I have read so far, the Certificate of Eligibility may not stipulate the secondary layer of entitlement. 

@Thomas Franklin Thanks for the welcome and thanks for your service. My wife was in the US Navy as well. It's neat to connect with others from my area. As I continue in this journey I'd welcome the opportunity to meet and glean some advice.

@Trexie E. Thanks so much! Am I able to add a member outside my geographic area if I do not have a Pro level profile? I met some people in the webinar chat that I'd like to connect with.

Good Morning All! Me and my wife recently purchased a new construction townhouse as our primary residence with a VA loan as she is a veteran of the U.S. Navy. My question is: If we move out after a year or two and rent the townhouse, do we have to refinance the loan? If not, are we able to use another VA loan to purchase a new primary residence? The VA loan terms were very favorable. 0% down, 0% origination fees. I read that you cannot use a VA loan to purchase investment property, but this would be a semi work around to that hurdle. Thanks!