All Forum Posts by: Jason L.

I'm currently renting a place due to selling my home while anticipating a job offer, which I found out a few days ago I did not get. Now, I have two options to use my VA loan. The 1st option would allow me to close on a duplex within the next 30 days and reduce my mortgage to $150.00 per month as the other side is currently rented for $1200.00. The 2nd option to use my VA loan is to purchase some land and build a 4-plex as a owner occupant. This process would take about 6 to 8 months for total completion. This option would allow me to live rent free and cash flow about $500.00 per month. During the construction of the 4-plex my expenses would include my current rent and payment for the land. After the completion of the 4-plex I will have about 50% of the total project in equity due to a program I'm using. My thoughts on each option are as follows: the 1st option would allow me to save more money for the next year or two, until I choose to reuse my VA loan and build the 4-plex with my remaining VA entitlement. The 2nd option would increase my monthly expenses until the 4-plex is completed and all units are rented. Also, if I decide to purchase the duplex now and wait a year or two, not sure if funds would be available from this program.

I welcome any and all comments, thanks in advance.

Hello BP fam, I bought my first real property in Oct. 2014, am I able to claim deprecation for this time.  I have read some places that have said you can not claim depreciation during your first and last year of ownership and I believe the IRS publication for residential rentals states the date of service begins the depreciation time.......

Please clarify, thanks!

@Precious Thompson In some multi-family units utilities are separate but this is not the case for all.  

@Andy Collins Thanks Andy and I will speak with a mortgage lender about my current situation.  

@Jerry W. I will look at using my first property as the source but right now, I'm not comfortable working with partners. 

Thanks!

@Troy Young I'm currently in the process of doing this and my fingers are crossed, Thanks!

@Peter MacKercher  I've used some of my retirement money for my first rental property but this is something I will consider in the future...

Thanks!

@Arlan Potter Thanks for your help and I will at into this.....

I currently live in Amarillo, TX but I'm planning to move to DFW area within the next 3 to 6 months. I currently own my home in Amarillo but its up for sale and I recently bought a rental property in Fort Worth, TX in October. My plan is to purchase a 4 unit property in the DFW area to live in one and rent out the others. I have found one that I'm very interested in but I'm concerned about my DTI ratio, what are some creative ways that will me to make an offer on this property, with the confidence to close?

@Account Closed I guess I should have stated multiple qualified applicants.