All Forum Posts by: Michael Dunn

Thank so so very much for everyone's help 

Tremendous amount of great information 

Eric G. and  Gabriel G. ,

Thank you to everyone for their replies

So in a sense , you could have 4 Properties at a Purchase price of  $100,000 each ?

It would take 4 years to purchase all 4 properties  ( Purchase Property #1 in year one ..... live in it for 1 year and then rent it out , Purchase Property  #2 in year 2 , ..... wash/rinse/repeat ) ?

Is this basically the premise of how the process works 

I also have heard , that they can be a bit strict , on which houses will qualify for the VA loan , and those properties that won't .

The house HAST TO BE in liveable condition ........ Can't even have the Stove missing or any shingles missing on the roof............... these type of " Small  things  ? 

Thanks so much again for all of the help 

Good Evening,

I was wondering if you could ever Lose your VA loan.

Meaning ,

say you have been out of the Military for 10+ ears and have never used it ............. Do you have to use it by a certain number of years ?

Also please, 

How does the " Buying Power " with a VA loan work ?

I have heard that you can purchase up to 4 homes with the loan ( Having lived in each home for 1 years time minimum , before you go on to buy the Second one , the third one , and the fourth one ) ?

Thanks so much for the help 

Mike H. ,

Thanks so much for your reply 

My All-In Purchase will hopefully be  $70,000  (  $25,000 for Rehab , $25,000 for Lien , $5,000 back taxes, $10,000 to the seller , $5,000 for Closing Costs/Pre-Paids ) 

The ARV should come in around $120,000 ( minimum )

The house will HAVE TO be renovated / repaired in its Entirety before I can live in it  ( It's in rough shape ) lol 

So I'm thinking a 203K FHA loan will be mandatory ?

Distressed Property question via " How to make the Deal work " ??  

Hi,

I need some help please on a likely upcoming Distressed Property that will be for sale , and how the Deal would work 

The Current situation:

The Property is Distressed and will need estimates of  $25,000 in repairs

All other LIKELY expenses  ( Lien paid off / Back axes paid / Money the Seller is wanting from the sale in the form of Cash / Closing Costs / Pre-Paids )  =  $70,000 

I will either Purchase it as a Primary or as an Investment Property  ( My Money situation come the time of purchase will help decide which route I go  )

Since I will be buying the Property from " Scratch " , and that $25,000 in repairs/renovations HAS TO be done 

How would this Purchase / Transaction work please ?

I will need the $ for EVERYTHING ( Repairs , Lien paid off, payment of the Back taxes , Cash money that the Seller is wanting from the sale , etc.  ) 

I will Only have the $ to pay for the Down Payment 

My thinking Is , is that I will have to purchase it as my Primary and use a 203K FHA loan , given the amount of repairs/renovations that are needed

How would the Seller get paid  ( the $10,000 in cash that they are wanting from the deal  ) ?

How about the Lien getting paid ?  

The Back Taxes being paid ?

Does all this get paid Out/Off , as soon as I close on the Property ?

Thank you very much for the help 

Thank you both for your replies

I really appreciate it 

Hi,

I am considering using my VA loan to purchase a Property ( Primary Residence )

How soon could I pull the Equity out of the Property ?

Can you do this upon the Purchase  ( before Closing ) ?

I am asking because .......... I have a HELOC on a Property already , and I want to pay it off and get out from under it as soon as possible

So was wondering , that if the next property I purchase has Equity in it , how soon i have to wait before I could putt that Equity out ( using a VA loan for the purchase ) to use it , to pay off this HELOC >??

Thanks so much for the help 

Thank you both very much for your help and chiming in on my questions 

I really appreciate it 

Need some help please, with a current situation / Scenario please

The current situation that I am looking at, regarding purchasing another Investment Property ..................

I need some help and guidance on the following situation/ example please

Background:

1. An Estate Property - a property with 2 houses in an Estate in TN

2. 2 Liens - a Nursing Home - and Federal back taxes

* June of next year 2018 , these taxes are due to " Drop-Off " due to a 10 year Statue of Limitation

3. This August 2017 , this Property goes to it's 1st Tax Sale ( the 1st of 3 year Tax Sales )

QUESTION:

If the Executor decides to sell the Property after June 2018 - which is when the Federal Tax lien " Drops - Off " , will the fact that a person paid the taxes ( Property ) at the August 2017 tax sale , " Interfere " in any way with the sale to another person ( after Probate ) ?

Thanks so much for your help 

I need some help and guidance on the following situation/ example please

Background:

1. An Estate Property
- a property with 2 houses in an Estate in TN

2. 2 Liens
- a Nursing Home
- and Federal back taxes

* June of next year 2018 , these taxes are due to " Drop-Off " due to a 10 year Statue of Limitation

3. This August 2017 , this Property goes to it's 1st Tax Sale ( the 1st of 3 year Tax Sales )

QUESTION:

If the Executor decides to sell the Property after June 2018 - which is when the Federal Tax lien " Drops - Off " , will the fact that a person paid the taxes ( Property ) at the August
2017 tax sale , " Interfere " in any way with the sale to another person ( after Probate ) ?

Thanks so much for any and all help