All Forum Posts by: Bear Naisang

Thanks for the responses! I’m already working the buy, live in, rent strategy but plan on selling the house I’m in now. 

I'm stationed in San Diego and bought another house as a primary residence. Issue is that it doesn't look like rent is gonna catch up with my mortgage unless I'm able to refinance at a ridiculously low rate before I PCS next year. Since I'm not trying to have negative cash flow, I'll likely sell it when I leave and roll that equity into another investment property when I move to my next duty station and use a VA loan to buy another primary residence.

Also I would rent out the other rooms if I didn’t have a family! I’ve got friends doing that and it works well for them  

Regarding the due on sale clause, I was wondering about that since the seller of the property I was looking at has a VA loan. I called a local real estate attorney and he advised against it. What I'm looking at now is using the HELOC for a down payment and getting a conventional loan, just need to get someone to bite on an offer that's low enough for me to at least break even month to month.

Hey everyone, 

I converted my previous residence into a rental and have a VA loan locked in at 2.75% for 175,000. I'm renting it out while I'm stationed in CA and its been a success so far. I recently got preapproved for a HELOC at approximately 38,000 and the house is worth around 285,000. Cash flow is solid, tenants just signed on for a second year after I increased rent 100 a month.

I'm looking to use this as a platform for more investments but am having trouble figuring out how to finance other deals in the area. Normally I'd refinance but I can't let go of that interest rate (especially these days) or else I'd destroy my cashflow. 

I've tried working the seller finance option, but without any success since none of the sellers seem to own their houses free and clear. I'm fine with combing the market for deals, just trying to find a way to legally secure financing without a due on sale clause raining on my parade. We could all be in the same boat?

Open to any advice whatsoever. Thanks in advance!