All Forum Posts by: Kris Spencer

VA loans by definition are owner occupied only. The only exception is doing an interest rate reduction refi on a property that you originally occupied but now rent out. Multi units you still have to occupy one of the units...

Second answer.  If you had APPLIED for disability before it was granted, and before you paid the funding fee, you could get a refund.  If you applied for disability after your refi, you are stuck.  But - the good news is that moving forward you are good to go.  Fee is waived forever with 10% or more disability...

Daniel

Kris,

Welcome, I'm active duty as well and have a similar obsession. I recently took action and bought my first pure investment property in Pensacola (from overseas). It was a big leap but well worth it.

Go Air Force...

Steve 

 Hey buddy,

Yeah, no child support that I know of.  Three kids, a super beautiful wife, two rentals, and a beautiful home in Carlsbad.  Life is good.  OK, to your question...  Its not that simple.  BUT, here is what you CAN do. 

- You need to pull your Certificate of eligibility.  (I can help you with this if you want).  It will show your current property on there, AND it will say how much you have USED.  

THEN - take the MAX loan amount in the county in which you are looking. So, let's use Riverside for example - 417K. VA will guarantee 25% of the value of that loan. So, the max entitlement would be 104,250 (417K x 25%).

NEXT - Take YOUR used entitlement, and SUBTRACT it from that 104,250 number.  That will give you the REMAINING entitlement that you have.  So, let's say that your USED entitlement is 30,000 dollars.  104,250 - 30,000 dollars is 74,250 remaining.  Hypothetical, obviously. 

FINALLY - take that remaining eligibility, and since VA will guarantee 25% of the loan amount, make THAT number the 25% by dividing it by 25%. (or multiplying it by 4). So, in this case, 74,250 x 4 = 297,000 dollars max with zero down. You can still go higher with a down payment like any other VA loan.

Not bad for a dumb jarhead, eh? 

Or, just drop me a line. My office is in Carlsbad and I can help work through it and verify the numbers. You may want to call the VA and verify remaining eligibility.

Hope this helps! 

Daniel Lehman

www.sandiegovaexperts.com

Hi Kris. My name is Gary Holt.  I live in French Valley (Murrieta/Winchester), a few miles from you.  Welcome to BP. I've been a member of BP for only 2 or 3 months myself.  However, I've been investing for about 25 years or so. Primarily a fix & flip investor.  I've kept a few rentals but just recently sold them.  I'm also a Broker, French Valley Realtors, but have been partially retired for the last year or so.  But I'm still actively investing though, and probably will for the rest of my life.  Just because it's so much fun and is very satisfying!  Contact me if you would like to talk or get together.  The BP site will not permit me (or anyone) from putting my e-mail or phone number on the BP site.  So, you would have to contact me through this Forum Post.   Thanks, Gary. 

Kris, how are you man? Thanks for your service, but I am a Marine, so I have to respond initially with "GO NAVY" from a Service Academy standpoint. Probably not the best way to start a discussion... So your VA is tied up, and you want to invest in properties in Murrieta. Man, I have always had this thought that I wish there was a way to partner up with military guys to purchase homes VA. I would cover any negative cashflow, and we would use their VA entitlement because it is the best deal in the world. I know a TON about the VA loan and lending, it is my specialty. But the legality behind that, I am not sure. Let me know if you come up with anything, AND, thanks for your service!

DL