All Forum Posts by: Timothy Colman

Originally posted by @Walter Key:

I think what she's saying is that she's buying US property while stationed overseas. You can certainly do this as well. Just a matter of putting together a network of the right people to assist. You're in the right spot for that!

 Ahhh I see now. Thanks for clearing that up. I scour the internet daily for deals in the U.S., but as you mentioned, having the right people to assist is a necessity.

Originally posted by @Kerry Baird:

No problem.  We have purchased a number of houses at different bases, to include two of them in the UK.  And we bought three of them while in the UK, that we still haven't seen the inside of.  We just didn't want to *not* continue investing, so we found a way.  

Find a way!

 I am stationed in Okinawa, JP, and my rent is $1,800 per month! Imagine the investment I could make with this amount of money! But buying here in Japan is exceptionally hard. I have opted to save, research, and prepare for my return to the U.S. to continue my investing endeavors.

Originally posted by @Kerry Baird:

Ask at your Education Office to see whether they can proctor the Florida real estate exam through Pearson Vue.  We were at Mildenhall, in the UK and they offer a lot of testing options, to include Pearson Vue.  

So, start there.  Here is a link to the licensing requirements.  

Florida requirements  

 Also, I see the GI Bill covers real estate certification. Bonus!  

 Thank you!

Hello Darrel,

I am active duty myself and I currently have a property, which I acquired with a VA loan, that is being rented.

I have also refinanced this same loan, which resulted in a reduction in my interest rate (4.75% to 3.75%).

After living in the home for about three years I received orders and consequently hired a property manager to handle my soon to be rental. Not long after I had tenants lined up and I took the next step of updating my home owners insurance.

I notified my insurance company that the property would now be a rental, which resulted in a change to my current payment amount. The new payment amount was sent to my mortgage company (WF), who then contacted me and stated I was not authorized to rent my home.

I ended up providing a letter to WF with my intent to return to the residence and was then allowed to rent the home. 

There have been three sets of tenants in there, but I have enjoyed three years of rental income.

The VA loan backs your mortgage by way of "certificate of eligibility." Any reputable lender should be able to walk you through the process of utilizing your benefits. It only becomes slightly more complicated if you have another current VA loan out there.

Hello all,

I am active duty military currently stationed OCONUS and was hoping to complete my online pre-licensing courses. 

My issue and reason for posting is that I will be unable to take the Florida real estate license exam for a couple years (approx. 2yrs 9mon).

Does anyone know how long the pre-licensing courses are good for after their completion?

Worst case scenario I could complete them and later on complete them again. Couldn't hurt...

It sounds downright incredible Kevin!  I won't barrage you with questions until I have read the article you have provided, but can I do the same process with my own personal funds; i.e. Buy (my cash), Rehab, Rent, Refinance?  I would like to cut out the private lender if possible.

Also, I will have to research this refinancing when there is no mortgage.  I have refinanced in the past on a home that I lived in and had a mortgage on, but not when I own a home outright.  I honestly did not know that was possible.  Maybe my interpretation of refinancing is flawed...

Anyone?

Thanks for asking this question! I am active duty myself and some ponder my possibilities. Not to steal your thunder here, but I have a tax question for you :) Here is the scenario: active duty, owns townhouse in NC that is being rented. Stationed in Japan. This past year I paid state tax on my rental 'income' as well as federal tax on the 'income'. However I still have to turn around and pay the mortgage with the 'income'!!! Is this right?

Hello all, I am active duty military and currently reside in Japan. I currently have a town home I am renting out, which I obtained using my VA loan. I now desire to purchase an investment property to make a rental for additional income. My question comes to financing. I estimate to spend approximately 50k all together, but I am concerned with how to fund the purchase. I would love to have instant equity and a positive cash flow by purchasing a home at auction. However, with a current mortgage and the desired home being an investment property I don't know where to go for financing. I have 15k cash, but would rather save the money and finance the property. Any easy to understand financing options would be greatly appreciated.