All Forum Posts by: Angel V.

@Jason Priegnitz. Great question, I dont have an answer but curious to hear others' inputs. The last deal I closed last year came with 3 city lots in okc and I'm not sure what to do with them.

@Miguel Fuentes i agree with @David Pere, we actually make descent money in the military, so if you dont have the monthly cash flow, I recommend you start with getting on a solid budget, putting it down on paper and seeing where your money is going.

Then find the right multi-family deal or househack to purchase with your VA loan and you'll be on your way. Good luck!

@Walter May I got a HELOC with penfed at 80% LTV on an investment property as well.

@Jason Avila not sure if things changed this year, but I did the General Purpose loan from my TSP last year and it was a 5-yr loan not 1-yr. They let me pull 50% of the balance and payback with a 2.5% interest (and a they charged a $50 processing fee).

Dont know much about time shares but good luck!

- Angel

@Nathan G. Im a nice guy so after 30 years of him living there I would pay a couple hundred bucks out of pocket to a cleaning company for some deep cleaning (to show my appreciation). I'll Probably also do minor updates like throw in a new toilet (they are less than a $100 bucks), etc.. And of course is time for a rent increase (to recover the money spend +, so you are really nothing out of pocket).

Option B would be kick him out and remodel the whole place, but that would be costly as some have mentioned and maybe it will kill your cashflow.

Good luck and keep us posted.

-Angel

@Brian Wilson im not expert but have done many loans in the last 20 yrs and here is how I understand it...

the balance on your credit card that gets reported on your credit report (based on your billing cycle) will be reflected on your "credit Usage" not on your DTI. Keep the balance low around 30% or less of the total credit available and you'll be fine.

The DTI gets calculated using the "minimum payments". That minimum payment that is displayed on the credit report, should match the CC statement payment due. My lender just pulled my credit report (I'm in the middle of a refi for BRRRR), I also pay my cards every month, and depending on the date the credit gets pulled, sometimes it shows a balance and even a payment due (usually super low payment like $10).

Sounds like you are heading on the right direction. Good luck!

@John Burke until you build a good team or move back to the states, Turnkey providers might be something to dig into and get a couple Properties in Your portfolio. Good luck!

@Jim Roach if your terms are simple, you can just go to a title company and they can help you with it and with the filing. That what I did recently here in OKC with a private lender.

It is always a good rule of thumb to discuss it with a Lawyer If it is your first time, for peace of mind.

i got a HELOC on an Investment property through PenFed CU this year, pretty easy.

@Matthew Horstmyer,From another Military guy I would say go for it now.  If it doesn't work out you have 2.5 years to bounce back from it and move on.  

As long as you get smart on your area and buy at a good price on your deal, it'll be hard for it to not work out. I have 3.5 yrs left and I'm going all in. I'm not sure of the prices in your area, I'm in Oklahoma. I just did a BRRRR this past summer and it was a lot of work, but I got it for $70K so my downpayment was only $14K with a conventional loan, so I had money left over for repairs. I currently don't have a VA loan, maybe if I PCS again. I've been using the equity from one house to buy others via HELOCs, that's why the purchase price is so important.

     If you don't want to deal with the headaches of remodeling, you might be able to find a Move-in ready rental in your area with your $40K (a $200K home with 20% down), just make sure you have additional money set aside as reserves.  

Good luck!  I'm no expert but feel free to Message me if you need someone to bounced ideas off.