All Forum Posts by: Marshall Martinez

That sounds a lot better! 

The question would be, what do you plan on doing with the proceeds if you sell? Buy another rental property? Your cash flow is not great at all but at lease you are breaking even and having someone else accumulate equity for you.

Let me know if you have any questions about the Chula Vista/Otay Ranch market, I work closely with a realtor that focuses on that market specifically. 

@Nate S. The VA does have a pretty strict inspection of the home for termites and dry rot. Another thing to consider with a VA loan is the up front funding fee of 2.15% for first time, 3.3% for subsequent use. If you have a disability rating of 10% or more from the VA you are exempt from the funding fee. @Peter Mckernan VA loans do not have monthly mortgage insurance. 

In most cases you must pay off your current VA loan to replenish your VA entitlement. With a loan amount of $50k, you may be able to have multiple VA loans. However, they are intended for owner occupied residence.

Hope it helps! 

@Chris Mason Sounds like they are doing a VA cash out refinance?

@Dave P. If you have enough equity in the property I would consider a conventional loan to avoid the VA funding fee. (more equity back in your pocket) However, the VA does have the benefit of doing a 100% cash out. The only way to avoid the VA funding fee is if you have a disability rating of 10% or more from the VA.

What did the property appraise for? 

@Jonathan Pflueger I have never personally used an FHA 203k loan but I've heard great things from lenders.

Here's a good link straight from Fannie Mae that may help you out. I would suggest finding a broker that can shop multiple lenders for you. That is by far they best way to find the best deal and multiple financing options. 

Hope it helps!

@Benjamin C. I use Mint to track net worth, bills and loans. I find it a great way to keep track of daily finances and keep a budget. As long as you are consistent on it and use all the features to their full benefit it's a great tool! Keeps everything in one centralized location and easy to use. 

I've heard Quickbooks is a great way to keep track of business expenses and reports if you are self employed or running a small business. 

Correct me if I'm wrong, but the 3% interest on a 401k loan is paid back to yourself? 

Anybody know if that is true? 

@Jm Childress Let me know if you are ever looking in San Diego.

Sent you a  connection request. 

@Jonathan Pflueger Sounds like a good deal! 

This sounds like an FHA 203k loan would work well.

Heres a link FHA 203k

Hope it helps!

I'd be curious to what the returns were on this as well? 

Does anybody know the current stance the city has on Airbnb? 

I know in my area (Crown Point/Pacific Beach) residence in the neighborhoods are strongly against short term rentals.