All Forum Posts by: Daniel Kries

Thank you for the reply Caroline ! Maybe I'm reading this wrong but after reading several articles it's my understanding that normally when a civilian assumes a VA mortgage the "VA entitlement" will remain with the seller meaning purchasing power in the future will be less since it's still tied into the current loan and the 1 year occupancy is foregone since the seller has lived in it over a year.

The greatest advantage for the seller with me being a fellow military member is I can free up her entitlement . However the grey area for me is wondering if I need to assume the entitlement or can she keep it in the loan so the 1 year occupancy is waived and I can rent out.

Mom does not own a primary residence but she certainly could if she’d like too. Income and credit back the cause but she does currently live in San Diego didn’t know location might cause a problem. 

With regards to the cost to step foot into this loan I’d be paying the 5,000 she has in equity plus the difference in purchase price to sale price ? 20,000 total? And I’d imagine a bit less in closing cost since unlike a regular loan there aren’t normally closing cost but a 0.5% Va funding fee. So 900? 
 

You're on the money with PITI and market rents are about 1500. Location is improving several years ago hurricane Michael decimated the place and is in rebuilding mode . 15 minutes from Tyndall Air Force base and I'm keen on the 5 billion dollars that are being pumped into the base along with thousands of new people moving to the base . Several other factors as well.

Thank you for the reply Bob! I read into this a bit before making my post . I must occupy my current home for a year unless there are some unforeseen circumstances. For the property at hand I am hoping to have  coworkers Va entitlement remain in the loan meaning the one year occupancy would be waived since she’s already passed that threshold . The plan of course is to rent this property out while continuing to house hack my current home 

For some background info I just closed on my first home using a VA loan . I'm currently house hacking and mortgage is covered and then some . I have a coworker who is eager to sell her townhome and she is willing to have me assume the mortgage .
VA loan 

Bought for  165,000

5,000 in equity 

Willing to sell for 180,000

3.125 interest rate 

My dilemma starts with me just closing on my first home and my debt to income ratio. My Mother and I have a great relationship and she’d be willing to consign . 

 Hey Nathan, thank you for the response . Do your thoughts change knowing that duplexes in my area are being sold in the 400 - 500k range and I don't receive my BAH till the end of this year.

 Hey Tony, Thank you for the response. I currently reside in panama city, Florida and the listings for multifamily are rare. Any advice on contacting off market sellers in the multifamily space? 

Hey Matthew, I will definitely give it a listen too. Thank you for the reply.

Hey guys I'm currently serving in the military with 40k to my name. I plan on deploying that in the next couple of months but am unsure where I should invest and what I should purchase. I'm extremely ambitious and looking to fill my time outside of the military with real estate. I'd love to hear what advice other investors would give looking back to the age of 20 knowing what they know now.  Any advice would be GREATLY appreciated, thank you.