All Forum Posts by: Dylan H.

@Dennis Nikolaev

Cash out, 1031 exchange into a larger unit if possible in a less volatile and inflated market. I’ve been listening to some of the earlier BP Podcasts that were recorded in 2013. They were talking about a bubble in 2013... Of course, we didn’t see that, but we’re likely getting much closer now, but no one likes to speculate. Your equity is at risk in SD in my opinion, it could be leveraged and protected in different markets.

But... what do I know?

@Kristi H. They will take all of your other assets/cash into consideration, but it's going to be hard to get approval during the transitioning process if you do not have another job lined up. I was hoping you hadn't started the resignation process yet because then the lender would not need to know or find out you were getting out. 

Also, I wouldn't worry about getting the Statement of Service quite yet, some lenders may not require it so I would just wait until they ask you for it. 

@Kristi H.

Do you already have your orders to get out? Does your command know? You'll have to provide a Statement of Service when you apply for the VA loan most likely (my lender required it).

@Matt Jones @Chan Reagan

If it's not in the lease I believe they technically do not have to honor it (According to a Navy JAG), but I'm not a JAG or attorney so best to consult with one of them. Chan, you have free legal service being in the Navy, you can bring them the problem/lease and they can help you.

Did your lease have the military clause in it when you signed it?

@Phillip Garcia

Nope I don’t think it’s ridiculous at all. If you agree you agree, if you don’t then oh well.

My scenario:

Asking price: 185k (priced a little below market)

First offer: 185k, seller cover 3.5% towards closing, and 5k for a newer AC unit (this is Florida)

- Then they said they had multiple offers (this is with 24 hrs of hitting the market), and wanted best and highest offer

- I offered 188k cover 3% towards of closing costs (closing costs are $5,700)... 3% x 188k = 5640, so I would only have to bring $60 to the table

They accepted this offer

- Did the home inspection, inspector said the roof only had 5 years left (composite shingle) WITH repairs

- So we had a roofer look at it, they refused to even do repairs to it since it was so worn down it needed to all be replaced (Florida roofers are strictly regulated and justly so because of Hurricanes)

- Requested the sellers put a new roof on the home payed for fully by them before closing

- They accepted

- Why would a buyer NOT ask? All they can do is say no, may as well save myself $10,000 and try.

Take it as you will but I don’t think buyer requests are absurd and you have the right to accept or deny them

The STVR certificates DO convey to the next buyer as long as they apply for renewal within 6 months of purchasing a property that already has one.

@Jeff Byrne

Being in the Guard might not fully qualify you for VA, so I would just call a lender and ask. If you do qualify, definitely try to do a house hack. Invest first, it's hard to practice but will pay off in the long run.

@Frank Patalano

Closing on my first home as a house hack to then turn into a rental when I move in a year. But have basically maxed out my Debt/income. Not sure how to go about gaining another property unless I can find something with owner financing. Any ideas of how to expand faster?