All Forum Posts by: Manuel Llanas

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.

I am quite eager to looking for a multiplex around my area or in the Oregon area and already know a couple guys who are helping me out in the Oregon area. I'm making some options and trying to see the best outcome between them. The Oregon location, I'm trying to work with my brother on getting him an FHA loan and me covering the cost on a multiplex and he has been delaying a bit. So I'm looking in my area to see if I can get a multiplex or a home with a big lot on it. The particular place I have in mind has a 1 acre lot and the house probably needs $60k to work on it (this was guesstimated by my coworker who wanted to buy it). The place looks like it needs the roof replaced, interior needs an update, outside would need to replace some wood planks to be replaced. It will need some work and the price is not bad for the lot size, estimated at $375k. My major concern is my income, since I would struggle hard to be able to afford this myself. Even if I used my VA benefits for a $0 down and rented my current home out for $1.6k per month. I can pull out about $50k in equity, but I would not be able to do anything else after getting the place. I would essentially need a partner for this little project, the zone is an R16. since I'm new, I barely know that r16 is a single family resident, zillow says potential subdivision. All in all, my potential income would be around $1.4k a month without renting my current place. If I rented my current place, I would probably make, maybe $200 per month. The pictures below is the property in interested in.

So, I have a 2 bed 1.5 bath house in a 5 unit townhouse (906 sq ft), 2 carports, with HOA. I got the place at $175k and I'm currently at $158k and my apr is at 3.25% with a mortgage of $976 per month. Insurance is no more than $45 per month. HOA is $98 per month. The place needs a little bit of renovation (kitchen, floor in all rooms, bathrooms). I'm not sure what the renovation cost would be to set this up for a rental. I do live close by to a school, hospital, grocery store, gas station. Pretty much in a very good location. However, there is a downside to my place. The entire building will make this unusual humming sound from between the walls.

Since i'm new myself, I can only mention some things that I have been watching and listening to. If there is a hospital nearby this place, you could turn it into a MTR for travel nurses. There is a guy on youtube called AI Williamson - Leading Landlord: Cracking the Code: Analyzing Mid-Term rentals in your local travel Nurse Market. He has some good info on it and I have thought about turning my current townhouse into a midterm with HOA, for travel nurses. Since I live less than a mile away from a hospital and clinic. this would be a perfect thing to set up. though, the amenities will have to be furnished. But AI says that the income would be decent. Also, sounds like your doing the BRRRR strategy. I'm not quite there on my current home, but looking for another property to purchase, hopefully within the year.