All Forum Posts by: Jacob Humiston

Hello,

I have lived in my house for a year, im ready to rent it out. I used a VA loan for it.

Can someone give me a 5th grade understanding how this works?

I owe 407k

Wells Fargo says its worth around 485k (Yes i understand its an estimate)

If I refinance to a conventional loan, can I use my VA loan to buy another property 0% down?

Can I use the cash out refinance to buy another house?

If I refinance am I now paying the mortgage for a 485k home?

@Cassidy Burns is also a good guy to reach out too. He is in DC.

@Brandon Schaffner

Agreed on everything you said about Charleston! We plan on hitting Savannah when this is all over to have fun. Good to know the differences. I have not heard of the sister cities before. I have been here for almost a month! But did tons of research before I moved from DC to Charleston.

Yes sir! North Charleston and Summerville seems to be the places to be for up&coming. So NICE houses are very affordable 200k in “Park Circle” (North Charleston) but outside of that is starting to be rebranded. Summerville is a ways out there but that’s where most Volvo and Boeing families are living and commuting too and from. I think now is the time to get in there before prices go up in upcoming years.

As for the job market outside of Boeing, Volvo, and the Navy base/State Department. I have no idea!

I just moved from Northern Virginia (Pentagon City) to Charleston, SC. I went to college in Nebraska so Im familiar with Denver prices. I appreciate both being mentioned. 

Jobs:

DC Metro: Unlimited Gov/Contractor jobs for tech. I had a job offer every week

Charleston: Limited to the Navy base, Boeing, and Volvo. I have seen very limited and specific jobs here compared to DC.

Real Estate:

DC Metro: More expensive than Denver, If you want to OWN a nice condo in a OKAYish area youre looking at 400k+ for a 2b/2ba, 850 or less SqFt. Not even sure with houses. 

Charleston: You can get into a house downtown for 400, I just bought one, with a yard. There is also beaches on each of the surrounding islands of downtown. There are great stats for Real Estate in Charleston. It was in the top 5 in most polls for people moving here. AKA Great potential to always have rentals.

Summary:

DC Metro: Provides a lot of job security, I can see it as one of the last places to suffer from a recession due to the everything there supporting the government. Real estate prices living close to the city is TIGHT literally and figuratively.  

Charleston: Not great job security, real estate is much more affordable and lots of people moving here.

Side note: I moved to Charleston because my job lets me work remote and my SO got a job here, crossing fingers I don't ever lose my job because job market isnt looking promising here.

@Randy Wiley, I see its been about 5 months since you posted this. I just want to add I have spoke with @Coral Hernandez via the phone about hard lending and they filled me in on all the information, the process, how it worked, and how to get started. They are also very friendly and knowledgeable. 

@Daniel Sager

That is awesome! I will have to use this as a skeleton. I’m working on learning more about the financial aspect. I’m reading investing with little to money down.

@Will Pritchett @Daniel Sager

Thank you both! Honestly I was hoping save it all wasn't the answer however I knew that was the answer haha. The girlfriend would not be cool with staying there with another person unless it was another friend of hers and that's not likely since this will be a new area. The original plan was to move every year and use the home loans for primary residences. I think we will still do that. And hopefully get her to add her name to some FHA loans, etc.

@Daniel Sager

2B/2Ba

Hello,

I am closing on my first property March 20, I am currently paying 2k/month in rent! With this house I got a roommate (My GF) and they are splitting the mortgage to save me 1k/month from that I was paying in rent. Technically that is $Cashflow$. I took a pay cut with my company to keep it afloat, play the long-term game, and to stay with the company/help it grow, so I have been strapped with cash.

How should I responsibly handle this 1k/month once we move in? I would like to continually build my real estate portfolio, grow my emergency fund, and pay off debt. Looking for some free service, unprofessional opinions are fine!

I am 100% all for High risk decisions.

@Coral Hernandez

Great! So I just need to prove to them that this is worth their time, i'm credible, and make monthly payments or lump sums of the principal. Thank you!