All Forum Posts by: Haley Graham

I purchased a home 6 months ago using a VA loan. I have an opportunity very soon, to rent this home out. I understand that with the VA loan, it is supposed to be my "primary residence" for at least a year. Is there a way to refinance to a different loan, or get around that in ANY way? Are their penalties, fees, etc that I should worry about?

She did at one point, but unfortunately they’re stationed in Japan for a few years, so they won’t be able to be there :/ Thanks for the book suggestion! I’ll have to read that for myself :)

Hello! I am asking this question for my sister, as she is living in Japan right now. She is renting out a nice home right outside Ft. Bragg, NC in Cameron and is having a hard time with her property management company (imagine that). Does anyone have recommendations for great property managers in that area?

@Chase Keller I agree! I'd be paying about $300 a month basically to live, and that's amazing, definitely for the short term to get my savings up. I think it's a great place to dip my toes in. Are you from around the area?

@Sung Park Sorry! I left that part out. On realtor.com, I found it was rented for $595, which I would make enough improvements to kick it up to $650 hopefully. And it's bordering the town, but has a wooded area/park recreation in its backyard, so I think it'd be very appealing for privacy, a nice place for long term renters I'd say. 

Hello Again! Excuse the in-depth (with numbers) type of question, but I think that the best start for me is to house hack a duplex. That being said, I found one in a smaller town in Iowa, called Hudson. It is a beautiful little, safe town that seems to be growing just a bit. I found a duplex that's been on the market for about 2 months listed at 104K and dropping. It's 1440 sq ft, 2BD, 1BA each unit. The taxes are around 1680/year, and I'm going to guess insurance would be 30-40 a month (realtor.com estimate plus some). I know its septic sewer and it says rural water? I couldn't give good estimates for those yet, what they run, but just think small town. I'd be living in one side and using a VA loan so I'd put 0% down at 3.75 rate and VA fees (unsure of those yet either). Could I low-ball an offer and eventually make some good cash flow as soon as I can move out? I haven't been to see it yet (which I definitely will- don't worry), but it has some minor updates and there's a two stall garage. I'd be property manager for the year I am there, but I still will want to factor that into my return... Sound like a good deal or not?

@Caleb Heimsoth I think you are right. I am also considered partnering with a close veteran friend who flips homes for a living (working as a contractor), so we could be great partners. The only downside is, he lives 6 hours away in Illinois. I'm in Iowa. I do think his market looks better though, and I'd trust him more than anyone, so just some more options thrown out there. 

@Michael Kalis I also appreciate all your encouragement, praise, and experience. I love learning by hearing others. I am very thankful I have this outlet for all my questions, and definitely the podcast. I'm definitely doing my due diligence before getting into any property. I do not want to rush, and I want to give my baby all my attention while I can. Your success truly inspires me! I am excited to get into this business and I can only learn it by doing it, but I am hopeful!

@Caleb Heimsoth I've only talked to about two loan officers regarding the VA loan and they said once you are using a VA loan, you cannot pull another one until that property is out of your hands... But that is something I'm going to research myself to find all of its potential.

@Rachel H. I agree, I think I have the 'newbie jitters' not knowing who to talk to or where to go, but I know how important it is to network, so I am researching groups and other investors. Thank you!

@Michael H. Personally, I am not willing to throw $8K on the car, because it holds no value. I think waiting the payments out is best, since that $10K I have is ALL I have to start this thing. Also, I've put so much money into that car already (young and dumb decisions...) that selling it and getting something cheaper is just as bad as buying it in the first decision. I'll wait out those payments, and try to make extra payments this year while I'm learning real estate more in depth. But I totally understand the balancing of my debts. I hope that I can somehow get rid of it before I delve into my first property. I will do whatever I can.

@Ryan E. I will definitely look into that to see what my options are, because that would be awesome. Also, I agree with the baby part. I have had so many people tell me my life is going to hell in a hand basket and that I won't have time for anything after a baby. TRUST me, I am already feeling the pain and the consumption of sleep and priorities. I personally think that I am different from 90% of this population because I have been through hell already and I am SO happy for that. I am so much wiser and stronger and I have a positive outlook no matter what is coming my way. I'm excited for this baby (took awhile) and I am extremely independent, but I have plenty of support. I know that I can do this, and I know that it will be hard, but that doesn't scare me one bit. I am not rushing into it by any means, but I am wasting no time. Thank you for the encouragement. 

@Caleb Heimsoth Did not know that! Changes things...

@Matt DeBoth @Zack Karp @Linda S. All great advice, thank you. Honestly, the more I have been listening to the BP podcasts (8 hours DAILY), the more I am leaning on going with the VA loan on a fourplex. I have a place to stay right now for a good price, so I'd be renting out all four units. Also, I think I should take this year to learn what will come of having a child to take care of as well as learning as much as possible about everything I can know in real estate investing. I do need to connect with more resources locally, that's a goal of mine. 2018 will be pinching pennies and building knowledge.