All Forum Posts by: Marshall Martinez

One option you could try is to refi your property into a conventional loan, assuming you have 20% equity, and drop the monthly payment. You would then free up your VA entitlement for the new property.

At the same time you would be increasing your monthly cash flow on your current property, helping you qualify for a new loan when it comes to DTI.

Doesn't hurt to talk to your local bank or mortgage broker. 

@Mary Carlson Welcome to BP!

@Ryan Sajdera look at the ARM caps, most are set up to fluctuate a maximum of 1-2% per year. Then you can look at your pro forma and see what you think rents will be at in 5 years. If your rents at year 5 will cover your new payment it may still be a good deal. However, while we are at historic lows, why not look at a fixed rate?

Feds just raised rates today, with 2 more expected in 2017. 

@Louis L. I believe the highest LTV you can do on an FHA cash out refinance is 85%.

Hi @DeVon Cosby,

Welcome to the BP community! 

I would look into "house hacking" with your VA entitlement. Might be a good start for a Vet, thank you for your service!

Let me know if you ever need anything!

Cheers!

Marshall 

@Jeff Keller Thanks for the feedback Jeff!

Hi @Aaron Kaplan,

North Park/Hillcrest is a fantastic area, theres a great night life, close the downtown and Balboa park. There will always be a high demand for renters in that area as well. 

I know in my local area (Pacific Beach) the community has spoken out against short term rentals in general. Not sure if it is much of an issue in North Park/Hillcrest area. 

I work closely with a Realtor/Investor that has been looking to invest in short term rentals in the North Park/Hillcrest area as well. He has done a few downtown and may be a good contact for you. I can refer you to him if you would like. PM me if you are interested. 

Best of luck!

Marshall 

Hello BP members!

I am currently a loan officer and in the transition of working as a W2 employee to now being a 1099 employee. I am also working on my real estate license and plan on having it completed by the end of the year. I already have a brokerage that I will hang my license under. 

From my understanding, a 1099 employee is considered a "contractor" and are able to itemize deductions when it comes to taxes. My question that I have for any tax professionals or any other 1099 employees is what are some of the main business expenses I am able to deduct? Phone, car, mileage, computer, health insurance etc.? This is one link that I did find helpful. 

I also need to know when I am able to start deducting these expenses? Am I able to right away, or once I start earning income as a 1099 employee? Will all business expenses from the beginning of the year qualify for a tax deduction or only from the time I started as a 1099 employee? 

I also remember being asked if I was a RE professional last year when I did my taxes. What qualifies you as being a RE professional? 

All feedback is appreciated! 

Thank you in advance!

Marshall 

@Bobby Nilsen I am very familiar with VA loans. Here is a link with the 2017 county limits.

2017 VA County Limits

Hope it helps! Let me know if you need anything!

@Matthew Roder Home Possible and Home Ready are great programs! I've seen as little as 1% down for single family residence with 2% gifted by the lender, making it a 97% LTV loan. No PMI either!