All Forum Posts by: Christopher Whitson

@Javen Bowman join the military and get approved for a VA loan!

Looking to refer a lead! Send me a message.

Looking for any advice on this deal!  Thank you in advance-Chris.

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*This link comes directly from our calculators, based on information input by the member who posted.

I have a family member that is a general contractor, owned a home for a couple decades, rehabbed it in 2015 (new kitchen; HV/AC; lighting throughout; finished basement-ready for finishing touches).  Now, the place is too big for his empty nest and he extended an offer for us to buyout his recent ex's 1/2 of the property-$300,000.  The value of the home (based on my research) is between $775/783,000; 4900 square feet, 3br/3ba garage, workshop, 9 acres in a quaint neighborhood 2-3 miles outside of a urban area.  Can easily add a 4th br/ba in the finished basement.  Rent for the size of this home is between $4200-$4500.

-I used the BRRRR calculator/rental calculator-thinking that we buy 1/2 the place; then rent it; refinance it together-utilize the equity to re-invest.

-Is this a strategy anybody has done before?

-Why do the calculators tell me that it isn't as good a deal as my chicken scratch? If we re-financed for 80% of the value (approximately $780k that would get a loan of 624,000; payoff our 1/2 of the property $300k-leaving $324k. Payout the other family member (if he wants-he's not looking for a bunch of cash that I'm aware of) with $300k.  $24k equity?

-What am I missing?

@Josiah Patrick Zebarth it’s not all about money-having a degree shows that you can dedicate yourself to a 3-4 year goal; organize your priorities; and manage your time. So many intangible things to show from having certificates or degrees!!

@Josiah Patrick Zebarth College May not be for everybody but knowledge is power. From a gig that went to college and does NOT work in a field related to his major-I recommend going to do something you aren’t good at but applies to a wide variety of life. If I could do it over again I would probably learn more about finances and business-those things are everywhere.

You could always look into the military-even if it was as a reservist-opens you up to a paycheck, benefits, and network that is unlike any other my friend.

And-this won’t be the only crossroads in your life-You could read any of the Gaines’ books and see how the toughest of times create the most unique rewards. Just keep going!!

@Angie Shires from my inquiries with other service members I've heard There is a cap on utilizing a VA Lon (was 427k when we first used it/now it's 600 and some change. If you go over 600k then you put 25% of the amount down over 600k. So if it was 700k you'd actually have to pay 25k to find the loan); but you can get more then one so long as you live in one for a year and don't go above the cap on a second loan.

Maybe a lender/broker can confirm?

@Ryan Rush stay strong man; it happens for a reason and think about how much you’re learning. “Don’t leave hell empty-handed.”

Honestly, 0 at this point as I'm new to REI.

However I’ve worked through a lot of sensitive situations as a leader of Marines that I think have exposed me to a wide variety of decision points. 

Day to day in the life as an infantryman may surprise/disappoint a lot of folks.  Working with my Marines through debt management, financial problems, family problems, allegations, substance abuse, and severe depression are mostly learned informally on the job. (I should mention doing all this is made possible by my team of leaders and senior advisors.)

Additionally managing, maintaining, operating multi-millions worth of equipment and facilities as part of the daily responsibilities.  The housing situation varies from comping to being on a ship to barracks life to military family housing and then out in town.  Even on base we deal with “evictions” and are moving a lot of people around.  The biggest difference is that the taxpayers have provided all of those facilities-so being a property manager appears to have some overlap from my perspective. I’ve called the cops myself on more than one occasion trying to locate a Marine and ensure they are safe from harming themself or when they are in danger.

I know I don’t know a lot about the specifics of dealing with civilian real estate; but I’m also a firm believer that you can always make the best of a situation with the collective IQ.  It’s when decisions are made in a vacuum by an individual that allow situations to get out of hand.

@Brigham Lewis nobody said you can’t make money in college bro. Just do it.

If I could go back I would have bought a house, rented to all my friends to cover my mortgage. You can live in it-renovate each summer.

Just make sure you are covering the basics.

Also, nothing wrong with trade schools. Education is power though.

Good luck!!