All Forum Posts by: Ryan Estes

I appreciate it!

Hello BP. My wife and I recently refinanced our investment home in California, did a Cash out Refi on our primary home, and used that cash to purchase an out of state rental home. All within 2 months. I have the option to use my VA loan and want to start looking to find a new primary residence and use our current home as a rental as well. My broker told me that we would have to wait 5-6 months before getting pre-approved and purchasing a new primary residence because the lender wont like all the action thats been going on. Is that accurate? Because of all the refinances and investment purchase, does that prevent us from looking for a new home this soon? if so, why? we would like to pull the trigger and buy now because the market is just insane here in california. Thanks for any advice!

However, I agree with Doug Spence, you should have a small amount of capital to pull the trigger. 

Fellow Military guy myself. I'll chime in as well. I have used VA twice, and going to be using it again within the next year. Using this loan process is what we call "Infinite returns". Go in the deal by yourself. There are ways to get the funds to rehab. Consider rehabbing the one you will live in, save save save, and then find a good time to rehab the other side. When you transfer, you can rent both out, and use your VA loan again to purchase your next property wherever that next duty station is. I tell this to all my guys who plan on staying for 20 years. Buy a property at each duty station you go to, essentially you will have your own duty station rental property portfolio! Good luck!

So, my home in North SD county was purchased zero down in 2016. Our payments were about 2100 and started renting it out for 2500. Since then, with a refinance, brought our payment to 1800 and rental price of 3200. As far as properties NOW, I have seen a few condos in Santa Maria 3bd2ba 1100 sq ft going for about 250k. With the rental markets, it seems like a good deal? Do you know the Santa Maria area??

 Additionally, what areas of Ohio have you been invested in? Myself, I like eastern Cleveland like Painsville and the surrounding areas. But havent found the one yet. 

Good information, actually, GREAT information. At the end of the day, I absorb as much knowledge as I can from seasoned REI, but never make my decision solely off of what one says. I will assess and analyze my options and I appreciate all of your insights! Even if you are just trying to get me to invest in your area! Everyone will say their market is great, which it probably is! Thats why you are there! This is a great community to share tips and insight!

I just don't have the time for STR. Even close by in Big Bear or Lake Arrowhead. The summer months worry me in that area and am just not comfortable taking that risk.

What are your thoughts on using apartments/condos for cash flow? The numbers are there! I have found numerous properties in California mainly, 2bd2ba that generate about 300-400 dollars a month cash flow. Why aren't investors jumping on these? Maybe they are? There is HOA, but still, the numbers don't lie and the cash is there. I understand condos don't appreciate as much, but my goal is cash flow.

Thanks!!

 Justin, 

Appreciation is awesome. However, it is something we cannot control. It may happen, it may not happen, or it may happen very very slowly compared to other markets. With my home search criteria in Texas, I am not finding any properties that will cash flow the way i want it to. Texas would be a long term play for me. I know, there are deals out there, but I haven't stumbled across any yet. And when or if I see something on sale below market value, i have to ask myself, "okay, why?". I have skimmed over Nashville, maybe i will take a look there! I always find myself searching back in Memphis, particularly around Millington.

I appreciate it! Navy! If any veterans or AD military on here, I have one thing to say to you. TAKE ADVANAGE OF VA LOANS! There are ways to make this program flourish in YOUR favor with practically NO money. #Infinitereturns

Hello Bigger Pocketonians! I consider myself well educated on real estate(I hope!!). I currently own two homes in California. One in SD County, which is my only rental property and am experiencing what they call "Infinite return" (Thank you VA). And my other home is in Riverside County, also used VA. I am active duty military and retiring after 20 years of service, so my primary goal is cash flow. I am in the process of doing a cash out refinance for 75k. I am also doing a refinance on my rental property which will increase my cash flow aby 250 dollars. So my question, or opinion, is what should I do with this capital? I have been looking out of state in Texas to buy a SFH and am trying to find a deal good enough to cash flow. However, I cant find any worth it! Should I pull the trigger on this booming San Antonio market near all the military bases utilizing all of my capital in one bang. OR should I look at purchasing two smaller cash flowing properties in markets such as Ohio, or Tennessee, Atlanta, or Missouri? My wife is scared about OOS investments, for which i understand. She wants me to look at California markets, however, the only cash flowing markets in Cali that we can afford are 2 bedroom condos, but with that again, i would be using ALL of our capital on something priced high like this. So do you guys think we should use all the capital for ONE home, or distribute our funds even amongst two cash flowing properties!

I stay up super late looking for deals across the whole nation. I find properties that will cash flow, but am hesitant on pulling the trigger because i just dont know if I am paying for a legit home, or a polished turd. I take schools and the surrounding areas into consideration while looking in these markets. But when do you KNOW you are getting a solid deal?? My wife's biggest fear is NOT finding a tenant! Especially in a martket that has high rentals!

Thanks for stopping and reading my rant!!