All Forum Posts by: Eric Espinoza

@Joshua Spencer I'm considering Florida because of this. lol 

@Rick Pozos I think I could afford it, but I would be on a very tight budget. I used the rental calculator and it revealed that I would be losing about $2000 monthly. Maybe in about 5-10years it will be more of a profit, but I don't know how I feel about that. 

@Loren Polito, ok so I am interested. 

@Loren Polito, are VA Loans approved for these properties? Also, are there any stipulations on Air BnB in those areas? I know in some neighborhoods HOA won't allow it. Not looking for any specific areas in San Antonio, I'm not overly familiar with the city. I just really like San Antonio. My job's main office is in Austin, but it's too expensive out there.

@Loren Polito, I have seen that area and I will admit, it is a bit underwhelming. What I am worrying about right now is the interest rates rising more and more every week. I am afraid that at some point, It won't even be worth it to by a starter home. Now I am leaning towards a single family home, but it would definitely be a liability unless I can get it rented or put on as an air b&b. Would it be better to get a single family home or just not buy a home?

Also, thank you for the feed back. BTW, every property I have made an offer on recently has wanted a waiver. Which sounds fishy to me. 

@Tyler DeVerse, multi-family wise, I haven't really been able to justify any of the purchases to myself because there just doenst seem to be be any real deals. I would try to get a fixer upper, but, the VA won't approve those types of homes at all, further; I travel a lot for work. I suppose I'll ask you the same question I asked Loren. Would it be better to buy a single family home and rent/ air b&b it or just not buy anything?

Also thank you as well for your input. 

Good Evening, 

Currently, I am trying to find a multi-family (up to 4 units only) home so I can rent it out. I'm looking in the San Antonio/Austin, TX area (or anything in between). I plan to use a VA Loan. I found 2 Duplexes I really like. One is listed for $640000 and the other is listed at $415000. Both are 3bed/ 2.5 bath in different areas of San Antonio. The one listed at $640,000 is 10 minutes from downtown so it's in a great location. The area is not so great, on crime grade it got a D. Supposedly, the area is being gentrified, according to my real estate agent. the Projected rent is at $2500 (although I have no idea where they are getting that number). The house really is very nice though. The $415,000 property is also in San Antonio, but the area is a bit nicer and it was graded at a C- on Crime Grade. Not sure what the projected rent is. Please understand that I plan to live in one of the units. However; I plan to Air B&B my side, because I travel a lot for work. Generally, I am home 15 weeks out of the year. I used the Rental property calculator for both of these properties and it appears that they aren't worth it. The reason I am considering these 2 properties is because they have potential to be worth a lot more in the future. With rising Interest rates, deals seem to be dwindling. If anyone could help me try to figure out if these properties are worth it. Maybe I'm not using the rental property calculator correctly? Or maybe my mindset isn't worth it? Either way, any help would be appreciated.

@Julio Gonzalez, @Dan Wynn, and @Justin Windham Thank y'all! I am excited to be here! I am definitely exploring this site!

Gentlemen,

After reading your responses, maybe I should have restructured my question. I sincerely apologize. 

My luck isn't necessarily the loan, my issue is that I travel so much because of my job. It makes it difficult to look at houses. Admittedly, I have been using Realator.com and Zillow, but I'm hesitant to make any offer if I haven't physically seen the house. Is this an approach I should take? Should I be waiting to make offers until I physically see a home? Or am I being superstitious?

The reason I brought up the VA Loan is because there isn't much out there that breaks down the house buying experience (while using a VA Loan). Bigger Pockets does a great job breaking everything down, but I don't think I've seen anything on using a VA loan. If there is something on this topic please let me know. YouTube has some videos but nothing like Bigger Pockets quality of info.

If you have any pointers on this it would be appreciated, thank you.

Good Evening,

I recently joined Bigger Pockets. I have been trying to buy my first Duplex since last year. I haven't had luck with it as of yet. I plan to use a VA Loan and I was wondering if anyone had any pointers or information in regards to using a VA Loan? Please let me know. Thank you.

-Eric

Hello Everyone,

I'm Eric Espinoza, I just noticed that I had posted on the wrong Forum Category earlier. I'm Just now starting out with everything and I plan to have a duplex by the end of this year. I'm excited to be joining everyone on this forum! 

- Eric