All Forum Posts by: Jonathan Michael Hunn

@Jonathan Michael Hunn -- It sounds like you and I have a number of professional and career similarities...I'd be happy to connect with you and talk more in-depth.

The VA loan is a powerful tool for purchasing a primary residence that can house-hacked or eventually turned into an investment. We can definitely get into more depth about the VA loan, but two quick tips that may be helpful with the details you provided in your post:

1. Do you plan on using the VA loan while you're still in the military or after you transition out? If you are purchasing after you transition out, the VA Funding Fee is eliminated if you're receiving VA disability income for a disability related to your military service. The VA Funding Fee for first-time borrowers is 2.3% of the loan amount, so this can be a substantial benefit.

2. It sounds like you'll be living in Texas. When you're looking for the right home to purchase, run the numbers and be sure that it will make sense if the home becomes a rental later on. For example, if you're looking at the home's previous tax assessments as a gauge for property taxes, be sure to note whether the previous homeowner had a homestead exemption or a disabled vet exemption. You won't be eligible for either of those once you convert it to a rental (those are only for primary residences).

Thank you both for your replies! Yes, @Joel Allen, I'd be happy to talk more, especially about the va loan details to keep in mind. I'm not 100% sure what kind of disability rating I'll receive, but that sounds like it'd be worth the wait to find out and maybe save a chunk of money. I was thinking of finding some sort of multi family and house hacking, which @Joshua Janus mentioned(Thank you) and that just may be a great option for me.

How would that complicate taxes, though? Would I be able to keep any exemptions if I'm living in a unit, while renting out other units?

1 Vote

Houston, Texas

Quote from @Effram Barrett:

For the first question, I would say start making people you know aware that you're getting your license. It would be pretty good for you to target veterans in and out of state, and also learning the benefits of the VA loan will help you tremendously.

How can I make a va loan on a home work for me long term to turn into a great rental? I would say find a home that will qualify for VA lending and plan to owner occupy for the first year. Eventually rent it out, but do your homework on the market rent etc before you purchase. The VA can be very helpful if utilized properly

What groups can I become a part of to begin the networking portion for investing? Specifically, with the intent of finding a partner to work with and learn from. There's so many groups in Houston, and a lot of them have tire kickers in them. The key is to finding someone who can relate to you and doesn't mind pouring into you.

What would be signs that someone would be a good partner, vs. maybe red flags for people to avoid?

0 Votes

Houston, Texas

Good Day BP Fam,

So this is my first post, so I'll give some background. I'm active duty military, transitioning out to civilian life later this year. I'm in the final part of obtaining my agent license, about to schedule my licensing exam (Texas). I'm also an avid listener to real estate podcasts, watcher of real estate YouTube, and I've read a few books on investing in real estate.

I haven't pulled the trigger on any properties, but looking to buy my first with a va loan this year. Also, since I'll still be active duty when I first obtain my license, I'll have limited time to practice. I do have a brokerage in mind to sign on with, after speaking with several different brokers, and agents around Houston.

My questions for y'all are below:

What specific things can I do to benefit myself the most before I am out of the military (for preparing to become a licensed agent, and preparing to buy this first property)?

How can I make a va loan on a home work for me long term to turn into a great rental?

What groups can I become a part of to begin the networking portion for investing? Specifically, with the intent of finding a partner to work with and learn from.

Thank y'all in advance! I'm excited to get started on both, and I can't wait to become the successful investor and agent I'm dreaming of being!

-Jon

3 Votes

Houston, Texas

All Forum Posts by: Jonathan Michael Hunn

Jonathan Michael Hunn has started 1 posts and replied 3 times.

Post: Newbie Agent / Newbie Investor looking for advice on both.

Post: Newbie Agent / Newbie Investor looking for advice on both.

Post: Newbie Agent / Newbie Investor looking for advice on both.