All Forum Posts by: Jeffrey Townsend

@Rudy Planter no 2 separate loans. I Purchased a property for 168k, lived in it for a year. I then purchases another property and moved into it, I was able to use the remainder of my benefits for this property. It was tricky finding a lender but I found one that made it happen. 

I currently have 2 va loans, one is at 4% and the other is at 3.25%, payments would go up around $100 each mortgage. I am looking Into refinancing both into a conventional loan, but the rate would be 5.4%. This will allow me to have 100% va benefits. However, if I do this I will be able to purchase a quadplex with my VA loan with zero down and a lower interest rate in the mid 4s. Does this make sense?

Thanks for the feedback. I have tried several lenders and they all say the same thing, even smaller ones. I do not want the person to be on the loan either. I could try and set closing for 75 days out but this would not be an attractive offer to the seller. Trying to find a way around it. 

Can you use a va loan to purchase a quadplex and live in one unit? What if all units have leases when you purchase? Is it true congress is removing the limit you can borrow in 2020? I currently have a VA loan but am going to refinance out of it to free the entire benefit up.

Is it true that you cannot use gift money as a downpayment on an investment property? I am being told by my lender that underwriting requires money in your account for 60 days. Is there anyway around this?

Thanks for all the feedback. I have read both managing rental properties and landlording on autopilot. I have learned a lot of information on this sites and in these books. I have looked into the state tenant laws but need to loom a little bit further. Thanks for the feedback.

Hello Everyone,

I am in the process of renting out my condo. I was wondering what website or software everyone uses to complete an online application, background check and credit check on a tenant. Any input would be helpful, thanks.

The return on investment is roughly 11%, this is before all  my expenses are factored in. I have 140,000 tied up into it, the rent will be around $1300 a month, and my expenses will be $1100 a month after taxes, hoa fees, and insurance.

I am new to investment properties and I have been doing a lot of reading/research and hope to learn more. I have a condo that I want to rent out and buy a house. After al my expenses are paid I will have a positive cashflow of $200, is this too low? I know it will cover my mortage but I would like to get other people's opinions.