All Forum Posts by: Joshua Iachini

Thanks, @Brooks Rembert. Reassuring to here that I haven't broken any rules!

Hey, BP Community,

I purchased a townhome in Jan '14 with my VA loan. My girlfriend and I decided to move in together a few months ago (into her place) and I made the decision to keep my townhome as an investment property. I signed a 2-year lease yesterday :)

Question: Am I obligated to do anything with my loan, like a refi? I don't think that I am because it was my primary residence when I purchased it, and I used it as such for a year. Secondly, if I am not obligated to do something with the loan, should I? The current loan is a 5/1 ARM. I only plan on holding the property for another 3-4 years before pursuing a sale, however, I think I'll be pursuing another primary residence in that timeframe and would like to use my VA benefits. I know I can have 2 VA loans open, as long as I don't exceed my total benefits, but I'm wondering if I should just refi out of my current loan so that I have max benefits/leverage when I purchase my next house.

I know there is a million variables, but wanted to hear some feedback from others who may have used a VA loan to purchase a primary residence, then ended up using it as a loan on an investment property.

Thanks!

Josh

Yep, everyone that has responded is right on. You can't charge extra for rent or a security deposit for the service dog. LIke everything, it depends on the state. New York law states :

"Tenants who are blind or deaf are permitted to have guide dogs or service dogs regardless of a no-pet clause in their lease. Also, tenants with a chronic mental illness are permitted to have emotional assistance animals." --- NY Civil Rights Law § 47.

i highly recommend postlets...and its completely free!

What do my fellow PA real estate investors think of Gov Wolf's proposed tax plan? In general, increasing the personal income tax & sales tax & cutting property taxes in half? I'm interested to see how this all shakes out & what exactly makes it into the legislation that will be debated. 

The BP lease is a good start (found in the documents section), but I found connecting with a local real estate investing club/association beneficial for local nuances that need to be included in your lease. Good luck with your closing! Josh

Thanks for the reply Neil Aggarwal . I don't think seller financing is really an option because my tenant won't have any issues getting approved for a mortgage & she'll be able to lock in a lower rate than what I'm carrying on my note. I'm wondering if there's anyway to cut some of the legal costs out? Anything I could do on my own, like deed transfer with the county? Josh

I own a flip that I was unable to sell, so I am currently leasing it out. The tenant has fell in love with the home & has approached me about buying it outright. We've built a good relationship & now I'm wondering what the two of us can do in order to keep transaction fees during the closing process to a minimum. We have a mutual real estate agent that is going to do the buy & sell at 4%, so I'm saving 2% right there. Is there anything else anyone can think of to save on other closing costs?

Thanks, BP!

Josh

I have a flip that is listed for sale at $349K. The seller's REA has approached us with a buyer who insists on full seller's assist (read: they want to bring no cash to the deal). They're so adamant on this that they're willing to offer more than asking price in order to not bring cash to the deal. I don't know what to think of this offer. My gut instinct is that if they can't bring cash to the deal how are they going to get pre-approval on a $350K+ mortgage. 

Has anyone ever experienced something like this before? Do I have any other "creative financing options" (like owner financing)? I don't want to just increase the asking price because then transfer tax, commission, etc increases with it. Should I just tell them NO & move on??

Thanks everyone!

Josh