All Forum Posts by: Christopher Beasley

 If I buy a 150k$ house with 0 down, there won't be any cash flow at all, the entire rent $1050 would go to the mortgage of $1050. So I'm not understanding about keeping my cash flow options realiatic

So I have access to a VA loan. I am preapproved for up to $350k. My plan was to purchase a single family home or duplex, live in it for a year and while living in it paying 20% equity, after a year refi to a conventional loan and use my VA to move into the next house. Rinse wash repeat.

I can afford to purchase a 150k house, and have 20% equity ($30k) paid in it within a year and refi. The problem is right now in our market I search zillow for 150k houses and my mortgage after refi would be around $850 and I can't find houses that would rent for more than $1200 based on zillows rental estimator.
 Learning about the 1% rule I can't find a house that fits it. 
I have asked 2 real estate agents to help me find a duplex within 100 miles of where I live that has 1 side as vacant and costs less than $350k both have said there isn't much. If I happen to find a duplex, I don't know how to estimate how much rent one side would generate. I would need it to generate atleast $1500 to be able to use my disposable income to pay down the mortgage's 20% $60k in 2 years, to refi and purchase my next investment.

If anyone has a better strategy, my current information is that I have $3300 disposable income a month. I have access to a va loan which allows for $0 down. I must live in the property for a year. My family is ok with moving yearly for 7 or 8 years to build up a portfolio. 

I also wasn't sure if putting around 128K in 4 years into the loan would get it low enough that refinancing would be a smart move to get a lower monthly cost. Or maybe investing else where is the better idea but I'm not sure what to do there? Would I be able to get a multifamily home while I also have this home? Is that the best financialy

So, what should I do with that extra money then? and Added up, that would mean $129K total dumped into the mortgage w/in 4 years... does this make any difference?

I have also though about when I move doing a cash out refinance to conventional from the VA loan to get me started in the next location I'm at buying property there.

Hello all! I've just jumped into this neat little "real estate" pool with you guys and the waters great. But I don't know where to go from where I'm at now.

So, here's the situation.

$169,000 loan, first owner of a 2014 3BR/2BA appraised $185,000 in OK City

30 year VA, looking at 800 a month P + I, 100 Ins + 200 taxes

I am renting the rooms out inside the home I'm living in, one for 650 (includes water, trash, internet & cable) + 1/3 electric and gas is theres to pay

the other room is renting for 300 including the same things, + 1/3 electric & gas (I'm doing this cheap for this person intentionally, she's a life long friend and she's going to school giving her a break in life to get her on her feet)



My total monthly income is $4504 after taxes. I have a scheduled pay raise in 1 year to $5236 a month.



End goal is to have a few investment properties maybe 10 that I rent out for increased cashflow. (really, I don't think I'd put a cap at 10 because I love the idea of this and I feel like I'm going to get addicted)

I will not be able to pay extra or save money beyond my $5k savings account for the first 6 months because I will be paying off $10K in high interest credit cards. After 6 months they will be paid off in full and after all expenses including fun money I'll have around an extra 1200 per month to spend in investing.

Questions,

after the 6 months... I don't know what is smartest to do,

Pay the 1200$ into the VA mortgage and pay it off faster until I move again (4 years from now)

Save the 1200$ until I get around 40K and then purchase a multi-family home or maybe even just a single family home using a conventional loan

When I move I want to buy another house where I'm going. If I put more money into the loan each month will this allow me to use my house in OKC as collateral?

Essentially, I want to make the most of my 1200$ to get my property count, ROI, and over all cash flow up in the next 4 years. And maybe capitalize on the 4 years of paying into this home also.

When I move out in 4 years, I plan to rent the home as a whole and it should go for about $1450