All Forum Posts by: Jon Lallande

@Adrian Mondragon

Hi Adrian, welcome to BP!

@David Pere hosts one in Oceanside. Not OC but close.

I believe there is one in OC as well but I’ve heard you have to pay a fee.

Hope this helps. Let me know if you have any questions!

@Brenna Wood

Hi Brenna,

As a few others have said already. Temecula is not San Diego. But it definitely has its own set of perks and is a beautiful place of its own. If you are looking for a little more space and don’t mind the drive I would say go for it. There’s also a few places closer (depending where exactly you’re working) that won’t cost you an arm and a leg. You may just have to go East a bit.

If you are more of a city/night life type of person or would just rather live in San Diego, there are definitely ways that you can own in San Diego for less than renting. I know a handful of people who own in San Diego and spend between $0-1000 a month on housing. House-hacking is definitely a powerful tool here.

Personally, I’ve always wanted a vacation home out here for when I retire so buying was an easy choice but everyone’s goals are different.

Please reach out if you have any questions, hope this helps! :)

Hi @John Simerson

Are you already paying a property management company to manage your properties? Will that change when you relocate?

If it were only $200 a month I would probably recommend waiting it out. In this market, rents wouldn't take long to catch up. $1000 a month is pretty steep. 

Do you own other properties out of state?

Also, have you considered refinancing to lower your monthly payment and increase cash flow?

@Victor Mendez

Hi Victor,

Congrats on getting started with your home buying process! I’m a lender in Orange County and I work with some great agents in OC. All are investors themselves. I’d be happy to give you a few recommendations.

Looking forward to it! 

@Adam Cade Awesome will do! Definitely reach out if you ever have any questions or just want to bounce ideas back and forth!

Thanks for the shout out @Donald E Appleberry! 

I agree with Donald. Anytime you put in your information on a landing page your contact information will be sold to companies across the country. Unless you're having a hard time getting pre-approved, you shouldn't need to call 10-20 lenders in order to find one that you like. I would look online for good reviews and ask your agent for a referral. You want your lender to be communicative and to have a vast amount of lending knowledge. I would pick a few that you like based off of that.

As a rule of thumb for W2 employees there are a few documents you will need;

• Most Recent 30 days paystubs
• W2's for the past 2 years
• Most recent 2 months bank statements (all accounts)
• Last 2 years filed tax returns

In general, there are a lot more laws in place to protect borrowers against predatory lending than there were 12 years ago. Make sure when you are deciding on financing you aren't only looking at the interest rate. A lender might be able to get you down to a 2.75% rate but they are charging you $20,000 in discount points. There are also other lending fees that you can compare once you get a loan estimate. As long as you pick a reputable lender, you shouldn't have a problem finding someone that has your best interest.

Hope this answers your question. Feel free to reach out if you ever need anything!

Hi Conor! 

Welcome to BP and thank you for your service! I was stationed on Camp Pendleton for 5 years and was able to buy a SFH and Duplex while active duty. There's a lot of really good content around this subject not too far from where you are. I'd recommend checking out @David Pere with from Military to Millionaire. Whenever this craziness blows over and we are able to meet in person a couple of us host a real estate meet up in the area specifically for military investors. Let me know if you're interested and I'll send you some details for our next one. Also, happy to answer any questions you have! Good luck!

Hi Al-Qumar!

Thank you for your service and welcome to BP. VA house hacking is one of the most powerful investing tools available and it's great to see people taking advantage of it. If you haven't already I'd check out @David Pere with From Military to Millionaire. Also @Donald E Appleberry hosts an investment meet-up in San Diego and specializes in VA house hacking. Good luck!

Hey Luke! 

Thank you for your service and congrats on getting started! A few things I would consider; some lenders do not use income from your GI Bill as qualifying income. I would reach out to a few different lenders as soon as possible to let them know you're plan and see if you can find a lender that will allow that. If your wife is working and her job transfers to WI then you'll be able to use her income to qualify. Since you have a few months until you are out, I would spend this time to really focus on saving cash and build your credit if you have any discrepancies. You'll be required to have cash reserves to qualify for a loan. The more you focus on these things now, the better prepared you will be when you get out and start looking for property! Good luck!