All Forum Posts by: Anthony Parsons

 Greatly appreciated. 

I'm trying to determine if I should rent out my current Townhome or sell it. What I'd prefer to do is rent it out for long-term purposes as I am 43 and this will pay my future home off when I retire.

I purchased the townhome for 340k and owe 330k after a refi last year. Currently, it is worth 430k+ If I sell I can make about 50-70k after fees. 2 years in the primary home this May 27 and it is in a new area that is developing quickly. I have been a landlord before but years ago and briefly. I don't have any debt besides my car and have good credit (low-mid 700's) but limited savings after recently paying off a card. I am a GS-15 in the gov. and make a good salary (163k) plus 600 monthly from the VA. My current mortgage is $1900 at 2.25%, after speaking to an agent, I believe I can rent it for $2400-2500. I am in a good financial position but in order to pay my home off once I purchase it, I don't want to have to pay an extra 1000k to principal to get it paid off before retirement, which is why I want to rent my current home. In 3 years I will have over $2500 additional monthly due to child support ending and would take a HELOC as a safety net if needed.

Looking to move to Orlando to be closer to friends and family eventually purchasing a new home around 500-600k. I have many questions regarding waiting to purchase a new home in 3 years once inventory increases. Should I rent an apartment or house since rental prices are going up? I'm curious as to which kind of HELOC I need that would allow a refi down the road on my rental should I need it since it is a VA loan-I'm uncertain as to my COE right now.

My big concern is retiring with a home at 57-62 with a paid-for home and believe renting my current place will fill that demand and then some. However, with rental property and a HELOC how hard will purchasing be in 3 years? How are future DTI's calculated with HELOCs; will my VA loan be usable in 3 years or will I have to convert my current loan at 2.25% to conventional?

Sure, I can sell and hold the money, or just jump in the market which I'm not particularly a fan of (especially since I’ll $2500 back in 3 years from support), but is renting out my place worth it with the amount of equity I have if I sell it? I have many other questions. Should I sell/rent now or wait to watch the rate hikes and how they impact the market? ETC. I can go on.

Thanks again.

Thanks, Austin.  This kind of supports my point that folks don't engage in person.  But thanks. 

I tried what you've said and received 3 responses that were not very detailed and did not address all my questions.  Posting on a forum in my experience has been helpful but is not efficient/complete.  

I'm not looking for someone to make my decision for me and I have learned a lot by digging and researching, but there are lots of potential mistakes to be made for someone starting out.  Working with someone would be nice. 

Good morning; I've been posing questions in multiple forums, reaching out to YouTubers, calling local agents, and continue having difficulty having someone in the business that's "done it" to take the time to talk to me, listen to my situation and give me an honest assessment of what may be best moving forward.  Most onliners are into answering questions or getting referrals.  Most agents are only interested in making money.  I've offered to compensate some for their time and well, crickets...it's frustrating.  

I'm in a position to sell or rent my current home prior to moving out of state for work where I may rent for a couple of years or buy depending on what the market is like at the time. Have a great salary, DTI, and good credit. Either course will most likely succeed if I am smart, but I have particular questions specific to my financial and retirement goals.

What is the best way to get someone to take the time to discuss real-life options without an agenda in order to make sure you are moving forward in as smart a way as possible?  Answering forum questions are fantastic and help a lot, but only gets you so far.   Modeling someone who has succeeded in what they do is always the better approach.  Thoughts?

Thank you for your feedback. 

Hello.  If I'm renting out my home with the long-term goal being to sell and to pay off my current residence at retirement (15-20 years from now), is it worth it to claim annual depreciation?   I understand if I were to reinvest it into a new property upon the sale then that would be okay, but a little unsure given my long-term goal.  

Thank you. 

Thank you. Sounds like keeping things VA across the board is best. I wouldn't need the rental income to qualify most likely, but I will definitely check with the bank on the terms of the HELOC to attempt to prevent roadblocks should they come up. Thank you!

Hello. I am in the process of securing a HELOC and renting my current home out. I will be purchasing a second property within the next 3-4 years.

How do HELOC's impact the purchasing power of a new home? I imagine monthly DTI, but given there is a draw period and a repayment period, I am curious if the DTI is based on the draw period, repayment period-or possibly even on the entire amount available?

Additionally, does anyone have any suggestions for Banks that allow primary mortgage refinances while under a HELOC? As I mentioned I will be buying a home in 3-4 years and should I need to convert my VA mortgage to a conventional am wondering which Bank/HELOC I should go with upfront to avoid these issues.

Thank you.

 Thank you for the feedback.  I will reach out and try to connect and discuss.  Definitely don't want to sell my home or refi while sitting on 2.25%.  Have a great day. 

 Thanks, Chris.  I will look into that.  I thought there was a cost cap or something like that.  My current home loan is at 330k with 100k equity (2 years old) and I will be looking to buy my second home around 5-600k.  I'll do more research!  Thank you greatly. 

Hello. I have recently decided to rent my home and move due to working from home. I have a VA loan at 2.25%. Being new at this I am just realizing as I intend to purchase my long-term home in 3-4 years from now, I need to convert my VA loan to conventional so that I can free up my VA loan for the new purchase in 3-4 years from now. Or are VA loans a thing of the past in the new norm market?

With rates on the rise, should I roll the dice and rent under my VA loan and look at converting in 3-4 years when I'm ready to purchase again? I wanted to get a HELOC in the next couple of months to provide safety for my rental should there be unexpected costs. This also brings a concern because some lenders don't let your refi your main mortgage with an outstanding HELOC (any lender recommendations to avoid this?).

Or, if I've waited too long to convert, can just sell and walk away with 40-60k.  

Any advice is appreciated.  Thanks.