All Forum Posts by: Manuel Llanas

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.

I'm curious about something. I know that ADU's was an alternative to building from the ground up. I was wondering about situations with the ISO container homes that cost no more than 15k from this one youtube I had seen. Then there is the Tesla home that looks pretty nice. I'm guessing that there is a lot of negative things about implementing these types of housings?

The VA is quite difficult to work with. Since it nitpicks everythings when it comes to buying property. It took me a few months before I got my townhouse. I had also contemplated about selling the property and talked with my local loan officer about this as well as my real estate agent. Both said that I should leave it as is, given the APR is at 3.25% and my bills are quite small compared to nowadays. The loan officer said to focus on clearing up my debt and pay off my mortgage, before looking for another property. It would take me a few years to pay off my debt, probably less than that actually. Maybe 2.5 years to clear up the debt. Mortgage is a different story though. If my income stays the same, to which it wont. It would take almost 8 years to pay off my mortgage. After I cleaned up my debt. I am currently looking for a 2nd job and I should be getting a raise in my current job. The VA is one of many options I am looking at. I'm also looking at my Equity loan, saving money, selling the property if it is worth it, I had thought about a refinance. But that might hurt more than help and I would get less than what is needed to put a down payment.

Hello all, new to BP and have been hooked for over a week. So I’m considering getting a 2nd property.

I make a little over 50k per year, with a credit score of over 700 and I have a VA disability benefit. My brother makes over 70k per year, but his credit score is around 600ish. I have my first property (townhouse: 2 bed 1.5 bath, HOA) that I got back in March of 2020, just before covid hit. $175,000, 3.25% APR (thanks to VA loan), currently have a bit over $50k in equity if I pull it out. I have about $6k in my savings and my brother has a little over $2k. I can save up to $1.3k per month. Unsure of my brother but I'm guessing he can save more.

I currently am in debt by almost $55k, almost $27k in student loan, $11k in credit card, and $18k in a trailer that I had to buy for an emergency (dad’s place he was renting caught fire).

My local loan officer said I would be able to get a loan up to $450k, if I rent my current home out and the property, I’m going for is a duplex+. This was almost a year ago and my credit score is a bit higher than before. I will eventually rent out my current home. But it is one of many options I’m trying to come up with.

I am currently interested in getting a multiplex at/around Sweet Home, OR (Portland, OR is an option as well). This specific location is where my brother lives at and he will be the handyman/property manager. I will be stuck in California for a good chunk of this. If I can go with this plan.

Is it a bad idea to try to get a multiplex property, if I'm going to be the one to finance it? If I go the equity route, which might have a higher APR. I would have to pay that off as my brother manages and makes the payments for the property. Is this something worth trying? If both my brother and I can use up to 3.3k per month for the mortgage, as we work on upgrading it. Should we aim for properties that might be higher priced? I am currently using my VA benefits for my current property, a war buddy of mine, says I can transfer this to another property. But my loan officer says otherwise. Would this be an option if I can transfer my VA benefits (mortgage currently is at 158k/175k, he mentioned something about having anything left over from the VA loan)?

Any advise is appreciative, thanks for taking your time to reading and answering this.