All Forum Posts by: Hamp Lee III

I'm active duty Air Force and have three homes with my VA loan. Three rentals total. I started seven years ago and now have almost $200K in equity between those homes plus, the cashflow from the rent.

Keep things simple and grow slowly. You have time.

I wish you all the best.

0 Votes

Quote from @Nick Kramer:

Quote from @Hamp Lee III:

I’m active duty Air Force and ran into the same issue at my last base. I wanted a MFH, but they were not in good areas. I settled on a new build under $200K. It cashflows nicely now, mind you with a great interest rate in 2019.

What type of home can you get at or a little below $200K?

I appreciate your insight! Unfortunately I haven't found much in that price range except for some manufactured homes. There are some new builds in the mid 200's that have some potential, but they come with a high HOA fee.

If the numbers still work with the HOA fee, it might be an option for you.

0 Votes

Colorado Springs, Colorado

Quote from @Bentley Denman:

Thank you all for sound advice!

Seems the best options are going to be aggressively attack my principle to increase equity so that i can open up a HELOC to put a down payment on another home (a way better deal) in order to rent it out and use the passive income to add to my paying down my mortgage before doing a rate-term refinance to prepare my home to cash flow when I'm ready to rent it out.

You can purchase another home using a VA loan if you have more entitlement left. I purchased three homes with my VA loan. Two of them are in the same city and I rent them out now.

1 Vote

Savannah, Georgia

Since the interest rates are lower, try the VA Interest Rate Reduction Refinance Loan (VA IRRRL). With this loan, you can refinance to a lower interest rate. With the right lender, it only takes a couple weeks.

Here’s the link for more info: https://www.va.gov/housing-assistance/home-loans/loan-types/...

Your current lender may offer this, but check around.

I used the VA IRRRL in 2018.

I wish you all the best.

7 Votes

Savannah, Georgia

Welcome to BiggerPockets!

I'm active duty Air Force and got my start in REI by maxing out my VA loan benefit with three properties. That's a great way to start.

I wish you all the best.

0 Votes

Milwaukee, Wisconsin

Welcome to the world of real estate investing!

I'm active duty Air Force and used my VA loan benefit to buy three houses.

Because you’re getting within 12 months of leaving the military, many lenders may want to see info on your next job for income.

In addition to the VA loan, check out the NACA program at NACA.com.

There are many lenders. Some of the well known are USAA, Navy Federal, and Veterans United. I’ve used them all.

One of the best things you can do right now is educate yourself. And you've joined one of the best communities for all things real estate investing.

1️⃣ Download this ultimate beginner’s guide: https://assets2.biggerpockets.com/uploads/user_file/file_object/1694/UBG_2018.pdf

2️⃣ Read BP beginner books on investing: https://store.biggerpockets.co...

Also, read Rich Dad, Poor Dad by Robert Kiyosaki and Think and Grow Rich by Napoleon Hill

3️⃣ Subscribe to BP podcasts or YouTube channel and watch their webinars.

4️⃣ Ask questions here on the forums.

5️⃣ Visit (join) a local (and legit) real estate investment association.

6️⃣ Consider joining a BP bootcamp: https://www.biggerpockets.com/blog/real-estate-investing-bootcamps

I wish you all the best in your investing journey!

1 Vote

Saint Louis, Missouri

Welcome to BiggerPockets!

I’m active duty Air Force with my Texas real estate license. Since only you’re in Texas for another 8 months (I love Goodfellow btw 😉), I recommend waiting until you’re in Nevada. The number of hours to complete a license in Texas is 180 and 120 in Nevada. Plus, it doesn’t look like your license is completely transferable, but check the link below to verify.

To get my license, I completed it in six weeks. I took leave every Thursday and Friday. I found a school that allowed me to download their material and I listened to it in my car. That was the difference for me.

I hope this helps.

I wish you all the best.

Nevada: https://red.nv.gov/Content/Real_Estate/Salesperson/Initial_L...

My Texas RE school: https://www.buildmyrebusiness.com/

2 Votes

Dallas, Texas

Welcome to BiggerPockets!

Congrats on your first investment!

I'm active duty Air Force as well. I've maxed out my VA loan benefit with three homes.

Keep up the momentum!

I wish you all the best.

1 Vote

Fayetteville, North Carolina

Quote from @Joseph O'Sullivan:

Quote from @Hamp Lee III:

Quote from @Joseph O'Sullivan:

Quote from @Hamp Lee III:

Congrats on your purchase!

If you're active duty, make sure to use your VA loan at your next location. I have three VA loans right now...

I wish you all the best.

Hamp,

When you say 3 VA loans, was that because your combined purchases were below your VA loan threshold, or was it that your rental income paid down the VA loan opening that money up for use again as a new VA loan?

Thanks.

Sincerely,

Joe

My three homes were below the total VA loan limit. Two of them are rentals now. I didn't have to refinance them or pay them down.

Thanks Hamp,

That was a great strategy. Did you live a year in each one and then buy the next one to meet the primary resident requirement?

I need to call and find out my limit to see where I stand with that approach. Doubt I can move to do that for a few years, but I like having it in my back pocket for future!

Sincerely,

Joe

I lived in each house for about 18 months. I moved out of necessity, but it all worked out.

Some lenders require a reason for moving into a new property with a VA loan (e.g., downsizing, marriage, moving, etc.), some do not.

1 Vote

All Forum Posts by: Hamp Lee III

Hamp Lee III has started 10 posts and replied 1163 times.

Post: Looking To Start My Journey

Post: Financing My First Deal

Post: First Investment in Colorado Springs Area - Military

Post: First time home buyer screw up

Post: First time home buyer screw up

Post: Nice to meet you!

Post: NEW to Bigger Pockets and looking for Tips on using VA loan to House hack

Post: Getting my real estate license, but I’m in the Air Force

Post: Newbie Iivestor and ready for the next step

Post: First rental property investment