All Forum Posts by: Patrick Blankenship

@Matt Mulvihill def going to consider that.

@Justin Tahilramani good point- I had looked into it years ago but not since the new entitlement laws came out. There are def stipulations so more research required on my part. Maybe I can get lucky... anyone know about second VA mortgage rules...?

Here we go- I will try and be concise. I live in Charlotte and own a home on a VA loan and am considering refinancing at 2.75% 30 yr fixed. Would only cut about $100 off current payment bc I have a 3.25%. Plan is to rent it when I move (Marine) summer of 21. My next duty station is my last and plan to buy. I have about $30k in equity in my current home, the way the market "has" been going I expect to have $30-50k in equity in one year. I want to use a 5% or no money down mortgage thru Navy Fed for the next purchase. 5% is about $25k for the house I am interested in. I want to hold my current house as a rental for a few years, sell within 5 to avoid capital gains or take $ out to buy other properties. Looking for some advice, alternative options and or ideas... thanks

@David Bruce

Capital Bank out of Northern VA- used them twice. Quick and seamless.

@Liosbel Gonzalez the 210 day is VA specific if using the IRRL program according to the lender. Also, man I had a ton of grammatical errors in that previous reply!

@Justin Tahilramani using a VAIRRL I have 2.75 locked for 90 days with an option to drop to new lower rate if that happens. Pushing toward end of April since I refinanced last summer and have to wait the 210 days per the VA. I just take my 2 months skipped payments and out them, along with escrow, back i to principal and it works out to be almost $0 refinance. I plan to hold and rent- this drops my monthly payment about ~ $100.

@Alexander Felice Great point on depreciation. I actually mentioned that this morning when speaking to the realtor bc it has decreased in value $10k since 2010. The rent was a "conservative" estimate based on the area and others' experience locally. Cash flow would be the main reason to go for it. Its also a seller financed option at 6% with a 10% down and balloon @ year three which would be   around $42-52k depending on the purchase and how much I put towards principle. Great feedback @Patrick Menefee, thanks 

@Patrick Menefee good info and yes a local insurance quote was actually only $50/month. Totally tracking CapEx expenses (had to replace a roof on my former primary residence) so am working the sale price to conform. Its an investor owned home, just trying to get rid of it and move on to something bigger so I think there is some room to make an actual good deal. Looking to make my money via the sale price vice back end.

@Noel R. Thanks for the response. I guess when I typed the question it did not save. Rookie mistake. I agree with your comment on CapEx. Ran the numbers with the realtor who also invests in the area. Possibility of seller financing and def an inspection contingent to purchase. Its a "good" area, being active duty military myself, I am familiar with proc and cons. There are two major universities and a massive Good Year plant along with the largest Army base by personnel. My concern is the diversity street by street. One block is run down, the next is Class B+, then back to C and back to B+ with some A class spots sprinkled in. There are no "good schools" in the entire city. Its an interesting area (Fayetteville NC). I live in Charlotte about 2 hours away so have options here as well, just not as many. Alternative is to wait, build my personal capital, and make move locally. I dont want to be the "what if" guy- bc I have been for the past several years. Thanks!

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