All Forum Posts by: Skye Penland

@Anthoney Hanks thank you for the reply! So I spoke with a loan officer and Texas law does not allow a Va cashout refi. So our though now is to do a conventional loan refi, take 20 or so equity out for a BRRRR deal and use my VA entitlement on a new MFR property. This would mean I would keep the Plano house as a long term rental it would just reduce the cashflow from 250-350 a month to 200-250 a month. The home is valued at 225,000 and we owe 162,000 so a 75-80% cash out refi may be an option. OR we could sell it take the profit and put that towards a new deal and take the VA entitlement and get a MFR... The question is really... do we sell it? do we try and Airbnb it or what? So many questions. Thanks!!

So I have a question to follow up with all of this. I have two rentals that were initially primary residences converted to rentals. If I refi one of the to a conventional can I request reinstatement of my benefit and take advantage of the new 2020 law that removes the maximum amount that can be financed through a VA loan?

I have two homes that are currently VA loans. I want to either refinance one and apply for reinstatement of benefits to purchase a multifamily residence (I would live in one side and rent the other). OR I would move into the home in question and do a cash out refi with the VA and take that equity and put it towards a BRRRR duplex. Thoughts? My wife and I need a role model!! Can I get the VA entitlement reinstated if I have that second home as a VA loan? Or do I need to refi both of those homes in order to get my benefits reinstated?

Hello Fellow Investors, 

So my wife and I own three properties. Two are LTR and one STR. Our STR is in downtown Dallas and is preforming very well. One of our LTR is in Plano Texas and cash flows $250 a month. Here is the link for reference: https://www.zillow.com/homedet... We are planning on moving into it to make a few improvements and either convert it to a STR (does anyone know how the Plano Texas Market is for short terms?) or we will do a VA cash out refi and hope to pull out 30-50k to put towards a new deal... A duplex is ideal.... We want our next deal so bad. If we refi we wont be cash flowing as much if it fails as a STR. We really want to pull out the 30-50k to move into a new market, purchase a duplex and increase our doors.

Thoughts? 

Used twice already, and the interest rates are so low it wouldn’t be worth it to REFI.

Hello everyone! 

My wife and I are looking at picking up our 4th property and 5th door. We are actively saving for a 20% down payment to purchase a duplex (ideally) for STR and LTR... ie 1/2 and 1/2!! Anyway.. aside from the BRRRR for for a fix and hold using hard money or saving over the next 8-12 mos for 20% down I was wondering if anyone put their knows of an investors who would be interested in the below OR who have done what I am suggesting...

I am a 70% disabled vet and would like to put the 1500 I make a month towards an investment property as opposed to my savings... my thought was to talk to an investor about loaning me 100k at 15% for 12mos while we purchase/fix/flip etc etc.. and refi at 12 mos to pay back investors money. Obviously we wouldn’t buy a home valued at 100k... we would find a home that fit the numbers so we could refi at 75% and would be valued enough to repay the investor. But does this sound like a good way to approach an investor? We have an area in mind and and a great understanding of potential rental income and occupancy rates/avg nightly rates for the investment. We are hungry.... and would rather get it instead of waiting for 8-12 mos.

So just to confirm.. Va loans don't have a "due on sale" clause? I have used my entitlement on two properties, one in Plano TX and one in Anchorage AK so we lived in them while work was good... So would the above example work? could I transfer them to an LLC and apply for entitlement? They are both fulltime rentals now.

I currently have 2 VA loans and 0 entitlement. Can I refi out of the VA loan and request the entitlement to be reinstated? Has anyone else done this?

Thanks, 

Skye

I sure wish we would have found bigger pockets before we left ANC!! We own a rental off of Tudor/Patterson. If you guys every decide to host a FB live or webinar I would be interested in attending to speak with fellow AK investors! 

Skye

Thanks for the reply! We are in the unique position right now where we are, and have, assembled a decent team for our STR and are working on finding a decent handy man. With Ring door bells, an exterior camera and smart locks on both units we can watch and ensure the exteriors are cared for. And our cleaners are ensuring the interiors are cared for. The STR market has a higher return as compared to the rents in our area. We could rent our home for 2k and not profit or like March we could make 5k and profit 1500 after all fees, taxes etc...

We have thought about a hard money loan for a multi family BRRRR property to get in sooner than a year.