All Forum Posts by: Chris Wheelus

@Devin Samuels It's awesome you're starting out at that age, you're already ahead of the game. I'm in the Navy, and got into REI about a year and a half ago.

The VA loan is an incredible tool we have. If you're getting BAH, I'd highly recommend looking into using your VA loan to buy a small multifamily property (duplex, triplex, or fourplex) for a house hack. Live in one unit and rent the others out. I wish I had done this before I got stationed in Pearl Harbor where the housing prices are insane.

Also, a lot of military guys don't know that you can take a general purpose loan against your TSP to be used for whatever you want at an interest rate of whatever the G fund return rate is (currently 0.75% apr).

Other than that I'd recommend saving and learning as much as possible. Good luck!

V/R,

Electrical engineer here. REI just makes too much sense not to do.

I'm looking to set up an LLC for some future properties. Any real estate savvy attorneys in Oahu, Hawaii?

@Kristopher Kyzar Thanks!

@Kristopher Kyzar Okay gotcha. If you don't mind me asking, what credit union did you use? 

@Kristopher Kyzar Hey man I have a couple questions about the financing on this deal. When you guys used a hard money lender, did they require you to have an LLC? If so, was it hard to find a lender to refinance from an LLC?

@Andrew Postell okay yeah that makes sense. So then you just find a lender that will rate and term refi under 6 months?

@Kristopher Kyzar Great stuff man, I just transferred out of Norfolk and bought 2 rentals before I left. Currently setting myself up for a long distance BRRRR over there here soon, hopefully ends up as successful as yours. Always down to share info!

Might be a little late to the party, but I have a question on using a "loan" from the LLC. One of the requirements from Fannie Mae for a delayed finance says that no mortgage financing has been used to purchase the property. If you took a loan from your LLC and recorded that loan with the courthouse, it's technically a mortgage, right? So do you still meet the requirements for delayed financing?

Fannie Mae guidelines: 

@Charlie Cameron absolutely man. Next step is to learn how to buy out of state like yourself. And eventually get into multis!