All Forum Posts by: Kevin E.

@Alex Filipe upon refinancing you will get a new interest rate depending on the market at that time and yes you do still have to meet LTV requirements. If you successfully refinance to a conventional loan that does free your entitlement so you can use that on another property, up to 2 at any given time under VA loan and you must owner occupy at the time of obtaining the original VA loan.

As @Brooks Rembert has stated, if you have the LTV there isn't much benefit to go VA over conventional because the biggest benefit to VA is 0% with no PMI. What many people don't factor in however is the VA still charges for this benefit through a funding fee, which could be about 1.5-3% of the loan. That being said, if you have any VA recognized service connected disabilities they will wave the funding fee.

Since you already took care of it I'll add the sarcasm.  Change your Wi-Fi network name to something like "IHearYouAt2AM" or "wokeupfromloudsex" and hopefully when she's looking to connect to Wi-Fi she sees it.

@Will McVeigh I just closed on 2 simultaneous VA refinance loans this week. One was an IRRRL (VA streamline) on my current rental property and the other was a cash out refi on my primary residence to pull a down payment for my next investment. You can cash out up to 100% LTV IF it is still your primary residence. With my rental my only option was the IRRRL and I had to sign a statement saying that it was my primary residence in the past. With the IRRRL you can only add 10 years on to the original terms. For example, I had a 15 year loan when it was my primary but wanted to extend my terms to ensure I was cash flow positive so I was only allowed to extend it to 25 years. I also had to pay a point to ensure I lowered my interest rate but in the end I went from a 15 year (about 10 left) 3.5% out to 25 year 3.375% bringing my PITI from $1510 to $990.

@Ross Ellington my first VA loan was through USAA who quickly sold us off to US Bank. Second house I started the loan process with them again where we were offered 4.25% so I decided to shop around and checked Navy FCU. Not only did NFCU offer lower (3.75%) right off the bat, they had an incentive where they pay partial closing costs. Since I already negotiated for the seller to cover closing NFCU put their incentive towards points to get me 3.625%. USAA didn't like hearing their rates were beat and tried to demand we give up the name of who offered us such a low rate. We will get insurance through them again but NEVER a loan.

@Ali Boone I kind of figured it would be hard to get info from local realtors as it really is two completely different avenues of real estate. I think my wife actually coming around and feeling a bit more comfortable with this process just from the feedback we have received from the threads I started here. It's great to have a resource like BP to tap into whenever we have a question or concern.

When I express concern about the company leaving after I purchase the property I am talking about the PM if they are the same company as the TK company.

@Jeremiah B. thank you for chiming in, you have confirmed a few of my assumptions.

@JR Hinds I am definitely more focused on cashflow and don't have the kind of down payment required for west coast rentals. I would love to share research and visions with others in the same boat, though it would probably have to wait until summer break. I have stretched myself pretty thin for now: twin toddlers, school (MBA), full time job, and 4 y/o in little league. Some call me crazy but I figure work hard early to play hard later!

@Larry Fried your posts on each of the threads I created are much appreciated. This west coast is a tough area for buy and hold cashflow investing!

@Larry Fried that sounds like great service! I am sending you a PM and hopefully you will be able to give me more info on this company.

@Matt R. Chris' Memphis business is one of the few I was looking at so thank you for the reference. I have actually been looking into the Memphis and Ohio areas and trying to dig into the economies and viability of each locations to back my claim to my wife that this is the way to go.

@Ali Boone thank you for the reassurance. In my post I was referring to the turnkey company. I have read horror stories about turnkey companies just leaving after the sale, or shortly after. This is also another hurdle with the wife, getting reviews of turnkey companies from other people (realtors) in the regional area. She is stuck in the mindset of purchasing a primary residence rather than investing as a business decision.

How do you go about vetting a turnkey company for your personal purchases? Do you fly out to meet them at their office and scope out the area in person or are phone calls enough?  I think out of state turnkeys are the best option if I can get over a few hurdles within the household.

@Rob Beland thank you for the reply. Turnkey properties are discussed quite a bit on these boards and are generally in the Midwest from what I see.  I see a lot in Ohio and Memphis, TN.