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All Forum Posts by: Michael Nichols

Michael Nichols has started 1 posts and replied 2 times.

Personal Finance

Post: Getting around VA loan entitlement

Michael NicholsPosted
  • Real Estate Agent
  • Indianapolis, IN
  • Posts 4
  • Votes 4

Currently, I live in a home where I used my VA loan. I have 310k left in entitlement, but the house and land we want to build on would cost between 400-500k. What are some creative ways people have gotten around this? I am trying to find the best way to spend the least out of pocket.

What I have heard so far:

Refinance current home to regain entitlement (90-120 days)

Try to close on old home and new home within same day/week. (This would require more money out of pocket)

Cash out refinance to regain entitlement (90-120 days)

I look forward to hearing some creative approaches!

Thank you!

0 Votes
Starting Out

Post: So what's holding you back?

Michael NicholsPosted
  • Real Estate Agent
  • Indianapolis, IN
  • Posts 4
  • Votes 4

@Frank Patalano

After reading Dave Ramsey’s money makeover, I feel as though I need to wipe out all of my debt (mortgage not included) before I start investing in real estate. I have about 15k left until I am free and clear of everything except my mortgage. Once I do that, I am going to save enough money for a 20% down payment towards a rental property investment. Any suggestions or tips are appreciated.

1 Vote