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All Forum Posts by: Tyler Jorgensen

Tyler Jorgensen has started 7 posts and replied 32 times.

Post: 1-2 year planning before military move

Tyler JorgensenPosted
  • New to Real Estate
  • Las Cruces
  • Posts 36
  • Votes 9

@Matt K. thanks for the ideas. After talking to one of my family members that work VA loans, I think I'm going to proceed with saving money for the duration and preparing the house I live in as a SFM rental.

Post: 1-2 year planning before military move

Tyler JorgensenPosted
  • New to Real Estate
  • Las Cruces
  • Posts 36
  • Votes 9
Quote from @Matt K.:
Quote from @Erik Browning:

@Tyler Jorgensen this is exceptional. Active duty and veterans have a unique benefit of having the VA loan. The reason is, you can utilize what is called your "split entitlement."

What that means is that you can use up part of your VA loan entitlement, depart from that residence, and use up the remaining entitlement on a second home. Yes, you can have multiple VA loans as long as you meet the guideline requirements.

Active duty and veteran folks use the strategy to help build their portfolio while leveraging the 0% down ability. This strategy, coupled with conventional investing products (DSCR, private funding, etc), is a great way to start with little money and proving your ability to landlord.

The only thing about this is...it can be hard to get a VA loan accepted in a competitive market for various reasons some of which can be overcame but the hardest one is they are much more picky about the condition of the property.

Most properties that'd qualify for a VA loan would probably have a hard time cash flowing anything and potentially impact borrowing potential at next duty station...

By no means am I saying it won't work or can't work, but 1-2 years is likely a short timeline for a VA loan to make sense.

USDA rural property loan is another 0% down option that could also be used to compare against a VA loan if the property fits (I don't know the requirements off top of my head)

FHA 203k should also be considered, more flexibility... And still lower down payment.

But again, these type of loans while positive for the buyer carry extra risk and burden on the seller which needs to be considered when making an offer.


 I might need to clarify then. I have a few years left and I already have a home now. I am looking to see what I can do in two years time to prepare for the next step in my life. I want to be able to buy another house when I PCS in two years. I'm looking for productive suggestions for the next 2 years since I can't be buying anything now.

Post: 1-2 year planning before military move

Tyler JorgensenPosted
  • New to Real Estate
  • Las Cruces
  • Posts 36
  • Votes 9

Hey everyone,

I'm out here in Las Cruces enjoying the first time home owner life. I'm going to hit two years in the area next month which means I've started to shift into exit strategy planning. I want to find a path that I can start walking to prepare for the PCS move that is inevitable in the next two years. I'm looking to have goals I can achieve in the next 48 months that will help me regardless of where I move.

Despite reading books and listening to podcasts, I'm not sure how to move forward right now because I feel like I don't have any cash to use or time to commit because I'll be moving.

The only idea's I've got right now is saving and education until I get closer to knowing where I'm going so I can be in contact with local networks to begin the real process.

Any suggestions for 1-2 year goals would be appreciated and any one willing to have a conversation offline would be great too.

Thanks!

Post: Whatsup Las Cruces!

Tyler JorgensenPosted
  • New to Real Estate
  • Las Cruces
  • Posts 36
  • Votes 9

I only own one home that I live in here but I'm up for meeting for learning and seeing what I can invest in. Count me in if anyone is planning a meet up.

Post: Meetups or Local REIA

Tyler JorgensenPosted
  • New to Real Estate
  • Las Cruces
  • Posts 36
  • Votes 9

I too am interested!

Post: Las Cruces Research Question

Tyler JorgensenPosted
  • New to Real Estate
  • Las Cruces
  • Posts 36
  • Votes 9

Good Day to Everyone!

I live in Las Cruces and I'm going to probably move (military) away in the next year or two. I am researching on what to do with my 3bed/2bath 2100sq ft. single family home.

Home info:

2006 build
Loan at 200k
Sell probability of 250k
Mortgage of 800 pushing 1100 with taxes and insurance

I don't know the probability of the area's rental capabilities or if selling is better. I would like to know if anyone has experience in the Las Cruces suburbs in this price range and how it's worked out. Even getting websites to know that track that kind of data would be helpful. I've looked at Zillow for rents but I don't want to just base my plans off one site so any extra information will help me make the best financial decision.

Post: Realistic expectation of financing as single income with kids

Tyler JorgensenPosted
  • New to Real Estate
  • Las Cruces
  • Posts 36
  • Votes 9
Quote from @Doug Spence:

@Tyler Jorgensen FIrst I would talk to a lender to see what kind of mortgage you could qualify for based on your current debt to income. I'm guessing you're probably going to have to partner with someone that has stronger finances. 

@Scott Wolf Is right about DSCR but usually, they like to lend to people that have some experience in real estate investing. You'd have to ask those lenders and see what their requirements are.

If you were to partner, what would you bring to the table? If the partner is bringing the capital and/or strong financial situation, are you bringing the hustle? the knowledge? Do you have time to be the one doing all the work managing contractors, an agent, a property manager, etc?

I agree with you that REI is not something that should be done without research. What books about REI have you read? Do you regularly listen to RE podcasts? How are you self-educating?

I'm active duty as well so I can tell you it's possible, but it's not easy!

Good luck and keep us posted on your progress!

I've been listening to podcasts everyday to and from work for a while now. I've been doing research online haphazardly about anything and everything. I've read one real estate book but it was kind of a pyramid scheme book I happen to be gifted. I want to read Long-Distance Real Estate soon.
Being single income enlisted active duty I feel kind of hopeless when it comes to being able to put away money for a house. I don't want to start myself of enjoying life to try and catch rising housing markets when I feel like there may be more creative options. To your point though, I should probably sit down and really ask myself what I can bring to the table when it comes to being able to provide non-cash benefits to a partnership. My knee-jerk response is I can't bring anything because I spend most my time in school/work study and with my family.

Post: Realistic expectation of financing as single income with kids

Tyler JorgensenPosted
  • New to Real Estate
  • Las Cruces
  • Posts 36
  • Votes 9
Quote from @Mike Dymski:

Your first option works.  Another option is to buy a 2-4 family property, live in one unit, and rent out the others.  Wife may need to work while training and you may want a side job.  Figure out what's important...that's a personal decision...and how bad you want those things.  Good luck, sounds like you're on the right track.


I won't really have the ability to make side money currently (school and work) and the wife is still training and being a fantastic mom but I've been able to change my mindset that I don't need to look local and a 100k house may be worth investing in somewhere else. My hope is that I can house hack on our next move which will 80% be Colorado so I will be reaching out in a couple years when that happens to more people here to help me with that.

Post: Realistic expectation of financing as single income with kids

Tyler JorgensenPosted
  • New to Real Estate
  • Las Cruces
  • Posts 36
  • Votes 9
Quote from @Theresa Harris:

Can you do a side job to earn extra money to help you save or your partner do some part time work?

There are online calculators you can use to see how much you cam borrow-as a first start.  How much are houses in your area?  Trying to save for a down payment on a $100K vs $250K home is quite different.


I'm having a hard time saving because I spend a lot of my time in school and studying for work certifications. One day I'd probably look to moonlight doing something. Something Biggerpockets has helped with though was that 100k purchase can be a valid purchase. I've use to be stuck thinking that 300k SFR homes were the only thing worth buying.

Post: Realistic expectation of financing as single income with kids

Tyler JorgensenPosted
  • New to Real Estate
  • Las Cruces
  • Posts 36
  • Votes 9
Quote from @Caroline Gerardo:

DSCR requires minimum 15% down But it must cash flow with today's market rents, you also need reserve money. Not having cash excludes you from that plan. What can your wife make ~ create ~sell ~ part time to increase income to save?


 She’s currently training to be a transcriptionist but it’s tough to say it will be worth very much in two years. Seems like I’m might just have to start saving a tiny bit at a time then I just have a hard time feeling like having is going to do anything with how fast housing costs have gone up.