All Forum Posts by: Miguel Vazquez

Hello, 

I was talking to a Marine that is going to retire in the next 3-months. He found a home that he loves in Texas but can't get approved for a VA loan because he only has his pension as income. He has a good job lined up but won't get the offer letter until May.

This is a 20+ year veteran with plenty of savings and a solid financial plan. 

Is there a way to use private money or a bridge loan to allow him to buy the house and refinance after his retirement when his finances have settled?

Thank you in advance for any advice.

Thanks all for the replies, they all makes sense and help me see how I should be thinking. I’m looking at other properties but it seems the median rents in El Paso are not what they need to be for decedent investments. Either rents have to go up or prices need to come down.

Median rent is $1175 for this area, and no other income sources. El Paso real estate has skyrocketed and rents are barely catching up. I’m hoping to increase it with my first contract expiration so eventually I’ll be at $4700/month. 

Taxes are high, but they are straight out of the City Tax website. I used the insurance numbers I got from a USAA quote. I did account for $200/month repairs and $200/month CapEx. Utilities are separate, and I will manage myself.

I’ll admit that I’m not sure how vacancy calculations work. This is the first report I ever run. Adding 5%/$200 per month for vacancy brings my cash flow down to $16/month. 

It’s not looking good.

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hello everyone,

This is looking like my first deal. The cash flow is not great, but I think the equity and value over time make it worth it. 

Any advice?