All Forum Posts by: Josh Thomas

Good morning all!

Im currently working with two mortgage brokers to re-finance my home out of a VA and into a conventional. End result, ultimately freeing up my VA so I can use it again in the San Diego market. With that said, I feel like I have two solid guys on the line who are both very competitive and both of course want my business.

One individual I have worked with before and have sent many referrals too; the other I have not worked with but was referenced to by someone I trust. My question is, how far along should I be “dragging” these guys before letting one go? I want to do the best and most honest business I can however each wants to outdo the other... Initial disclosures have been signed on both ends and each seem to be working along on the new loan. Both are aware of the other however Im just not sure when the decision should be made. Is it at the end with final products/ numbers? Is it after initial LE? Both have me at a 2.37% fixed however associated closing costs is the variable where this tit for tat is occurring.

Im looking for some more insight on proper etiquette in these situations. Thank you for your feedback!!

@Christian Johnston Forgive me, I think I definitely misunderstood your previous posts. I am not suggesting using a VA loan for OOS, we know one must use other means of financing for those deals.

@Christian Johnston I would highly recommend attending one of the webinars focused on deal analysis. It sounds like your numbers are way off and you're not taking into account expenses at all. A year long house hack in our market would still leave you crushed, that negative cash flow of $1600 is insane! I landed my first property in 2017 before I found bigger pockets. Unfortunately I knew almost nothing of these concepts. With that said, what was positive was my focus to buy something with total monthly expenses BELOW that of my current BAH. Im not sure where you're at in your career but I believe this to be a good way to leverage your BAH and VA loan while getting your feet wet and limiting risk. Then proceed with hacking those rooms in the mean time. Like you I'm also currently deployed however Im planning to take some of these savings and putting them OOS this year. Ultimately id love to buy more in SD but as you know its such a large hurdle at this time. I feel OOS is the best way for me to get this ball rolling, getting some doors and experience under me. Good luck!

Originally posted by @Devon Craychee:

LA is a crazy housing market, especially for investments. My wife and I invest in an area just outside Boise where I grew up. I know the area really well and I have family there to manage the properties for me so its been a win win. The market there is only going to get stronger over the next 10 years. Forbes just voted Boise #1 place to live. If you ever want to talk more about it just let me know.

Devon I have been thinking about structuring a similar approach with my family out in Ohio. Using family for the management piece seems like a great scenario to utilize those BOG and mitigate some of those headaches associated with traditional property management. Id love to know a little more about how you're structured this to create buy in and value add for them!

This is killer stuff! I cant wait to start teaching my son about money as he gets older. Luckily hes not even two yet so I still have some time haha. By then I plan to have enough OOS deals under my belt that Ill have some valuable insight for him. I'm really excited about the idea of putting a deal in his name with a 15year loan to take care of some of those future expenses like college. 

Hey Jill, how often are you and your husband hosting these meet-ups and do you typically meet in the same or different locations? Thanks!

Joe, Absolutely awesome to hear about your success diving in! I'm from Akron as well however I'm now out of state. Hoping to break into Akron myself over the next few months. I wanted to ask you how quickly you decided to form your LLC? Did you take this step as you were acquiring your first two properties?

@Dan H. Ideally gaining additional San Diego properties is the big picture goal! With that said I feel like attempting an OOS allows me to actually make something happen with a lower barrier to entry. Looking back I should have used my VA the first time around for an owner occupied multi however I just wasn't aware of all the possibilities at that time! Hide sight. Im really not sure how the process works for using a second VA loan. As long as my primary residence is still held within a VA loan, Im not entitled to additional full VA funding as I understand? Given my current low interest rate, I don't think Im going to be getting out of that loan any time soon... However this is another area which Im lacking knowledge. I don't plan on leaving SD any time soon but Im hoping to have the means to upgrade my family in the years to come.

@Josiah Barkman Im absolutely interested in the Akron area! As I understand it the massive efforts downtown show no signs of slowing down. From what I understand there has been a bunch of movement with the medical industry extending down from Cleveland as well? I have family who works for the city and I know you can experience the neighborhood changes you mentioned pretty rapidly haha. Ill be sure to reach out. Thank you!

@Ben Halabi Thank you for taking the time to link me to those posts! I have a lot of studying to do here!

Thank you all for the insight!

@James Wise I appreciate all of your thorough feedback. I have looked over your Cleveland guide a few times and its very helpful as you know. What I don't want to do is over think this whole thing and put off action. Its easy to do that however I think I'm still lacking some fundamentals. I appreciate your guidance!

Hello all! I’ve been observing in the background for a few months I wanted to finally reach out with an introduction along with seeking some advice.

I'm current living out in San Diego where I purchased my first property with a VA loan in 2017. A small 2/1 to get my feet wet with hopes of renting this property in the future as my neighborhood is having a lot of growth! I've been interested in real-estate for a few years but it wasn't until I found BP in early 2019 that I realized there were resources out there which could actually help me make some things happen!

SO, as we all know, SOCAL isn’t ideal for hitting the ground running when it comes to building your portfolio. Obviously out of state investing is huge in this community and everyone has their preferred markets. The Midwest is clearly popular for those of you who are seasoned as well as those of us like myself who are starting out. Being from Ohio myself and having family and friends who still reside in Akron and Cleveland, this location seem like a no brainer!

With that said I'm currently out of the country for a few months and my goal is to be armed and ready to actively pursue my first deal within the next six months. Having a fair amount of money in savings I feel like I do not need to be ultra-focused on generating funding in these markets (a large starting barrier removed). I am however experiencing some paralysis on where to direct my efforts next... Although theoretically I have some boots on the ground, I have zero connections to anyone actively investing in these markets. I have not yet settled on a specific location or property type although starting with small multi has always been the first thought. I know Cleveland has been hot for a few years but there must be some of you out in the Akron area? Looking at the MLS in all the various Cle neighborhoods it seems like every property is marketed towards anxious investors like myself... Is over saturation of concern?

Upon my return to the states I hope to have the opportunity to build some relationships with those San Diego based investors who are crushing out of state. Now it’s all about picking a strategy and positioning myself to make my first deal. Any advice on where to direct focus is greatly appreciated!