All Forum Posts by: Manuel Llanas

Yes, but how long will it take to get back to making 2.2k in rent. The profit from that rent to travel nurses is 1.2k. It will also lead to me being able to pull out a HELOC to get the triplex later down the road. Just not the one i'm currently looking at. Both paths lead to the same output, but one is at a later time frame compared to the other and will have debt along that path. But it will be debt that should last about 4.5 years. While the other, will clear debt immediately. But wont have the long term profit of that rental. I'm not entirely sure how long it would take to get the triplex to be on the same profit margin as the townhouse would. I did the math on the triplex and would end up with around 400-500 per month in profit. This is including cash reserves for repairs.

UPDATE: i'm currently at $152,000 on my mortgage now. The Mortgage is now at $982 per month. The current market in my neighborhood, cheapest property for sale is at $299,000. that particular property needs about 25-30k of upgrades. My townhouse is in the process of getting upgrades, which is around $13,500 +/-. I believe that the value of my townhouse may have gone up to the $300k mark, once it is fully updated. I'm still up in the air on selling it, i could furnish the place and set it up for a Travel Nurse property for Midterm rentals. The hospital is literally within walking distance (5-7 Minutes, give or take). I'm under the assumption that it could be rented for $2,200 for rent, if i fully furnish the property. If I sell the property, I free up my VA benefits and can focus on a triplex that I had found. giving me the opportunity to purchase it with $0 down and pay the closing cost. With the triplex, i could live in 1 unit and my brother and his family live in the other. Both of us can cover the cost of the triplex, per month. IF, I sell the townhouse. Otherwise, I would have to wait a couple years of renting the property out. If I rent the property out, I will need to have a property manager take care of the townhouse. Since i'll be moving out of California and wont be able to come back here often.

It has been a while, since i've done this. But, i'm currently living in my first home (townhouse). I'm working on the flooring, replacing it with vinyl planks, in the living room. The mortgage is at $972 and some change. With an APR 3.25%. Purchased at $175,000 and it is now down to $155,000. Supposedly, this place is worth around $250,000. I could pull money out from it, but as most will know. This interest rate is AMAZING. So, I'm hesitant on doing anything with it and just saving up my personal income to do small upgrades as best as I can do. Which is a very slow process for me. The location of this place is in an amazing spot in my small hometown. School, clinic, hospital, grocery stores, gas stations. All within walking distance. My goal is to try to fix it up and set it up for renting to travel nurses. But also trying to save up to get a multiplex at my home location. I've been living here for about 5 years now. I do have my VA benefits that I could use. Based on all this information. What would YOU do?

I'm curious, by "Disabled" is it 100%? or as long as you have any percentage to be included for the "Funding Fee" to carry? I myself am considered 65%. So, would that apply to me?

So, I figured that posting a VA Home Loan Benefits - Information and More. Would help those of my brother's and sister's in arms. I have looked in the forums and could not find a detailed description of this. So I figured that I would create a post and say what I know of the VA benefits from what I have used for getting my current home and then having others add in to it.

So, when I used my VA Home Loan benefits. It was back in March 2020, just a couple months before covid lockdown hit. I got to know a great loan broker in my area and an aspiring real estate agent to help me get a townhouse. This will be a short amount of information in regards to me using the VA Home loan benefits. I had found a place that I was able to afford ($175,000) at the time. My loan broker was able to get me set up for my VA benefits of $0 down and only $1k and some change for the closing cost, with an APR of 3.25%. Owner paid for the inspection and the place is livable. I only spend about $976 per month and $515 per year on insurance. $95 for HOA (uggh HOA is difficult but still useful on certain things). Yearly taxes is roughly $2k. So, my monthly expensive for the property itself (not including utilities, PG&E), is $1,113.92 per month. An amazing price for a 2 Bedroom, 1.5 bathroom, 2 carports, 2 story townhouse.

If anyone else has any unique information to add on. please do. let's make a post that is all about the VA Home Loan Benefits.

Afraid I won't be able to use any type of loan, anytime soon. I'm in the middle of getting a multiplex with my brother. So this project is at a later time. But, I might try to get some of them done, little at a time. The carpet and counter tops will be my most difficult ones to work on.

Thanks guys, I'll look into that. I contacted HOA about that humming sound. But, I doubt they will do anything. I tried contacting them for previous stuff and have been ignored. I know of a guy here, who is a handyman, who can help out with the things he knows and then I can hire a contractor after he completes his tasks.

Oh no, I won't be making the payments to the house. It will be my brother, I'm just the guy giving him the money to purchase the house. He does make more money than I do. So, I will be taking care of my equity as he takes care of the house. The down-payment and closing cost shouldn't be that high for him to pay by himself. Especially, when there is a tenant in one of the units. Depending on how much money he needs, it should be under $35k and We both have enough to cut $10k off that. So my equity loan should be easily manageable. I might be able to get a regular loan instead.

An hour or so, south of Portland. I have been talking with an Anthony Wong (realtor) and Joseph Chifalo (loan broker). Met them both from the forums here. The plan is to get my brother to get an FHA loan (approved for multiplex) and I cough up the dough :P... Yes, I have used my VA benefits to get my first home (townhouse) for $175k, 3.25% APR. i'm currently around $158k left on the mortgage. If the property that my brother will be looking at tomorrow (6/22/2024), looks good. This is where the FHA loan will occur for my brother. He is looking for a place to live at and this will be a beneficial situation for the both of us. We will both proceed to getting the property and fixing it up some and refinance after it is fixed up. I'm hoping that the refinance can help repay the equity loan I may have to pull out. Depending on how much of a down-payment my brother will have to make. But, if things go well. so far, i've heard from my brother that the owners of the property we are aiming for, are being difficult and wanted us to make the offer before looking inside the physically looking inside both the units of the duplex.

I believe we are both on the same boat, in terms of equity and being new. Though, you might be a bit higher than me by 5-6k. One thing to keep in the front of the pages, is to remember that the equity will have an APR, depending on the property you are aiming. Maybe, you can aim for a property with less of a down-payment and little equity used, should be easily manageable with the both of you. Have you already gotten an FHA loan before? If not, this might be a consideration to having a low down-payment for a property. Though, you will be paying a bit more per month on the mortgage and you will have to live in the place for at least a year. FHA loan is roughly 3.5-5% for the down-payment. Both me and my brother are at this stage at the moment, I'm browsing all loans that I can that will seem beneficial between me and him. If you have no debt and can save up a bit more money, before getting to the equity loan. Your options will be better. Get enough saved up, to get roughly 80k in total. I think that would be a good amount for a down-payment for a decent property. Of course, depending on where you want the rental property to be located at, the price will vary. I live in California and things are not cheap around here. If they are, they need a bit of TLC. If you are investing in NC, you may have the funds to get the property your aiming for. I would aim for a multiplex, it will help with the mortgage payment as you can live in one of them and rent the others out. You will need some finances saved up, so you can pay for any repairs and fixes that the units may need. Also, you'll want to make sure that the meters are separated, so you don't get 1 big bill.