All Forum Posts by: Zenus Wilson

My father is looking to convert his 3BR, 2BA vacation home in Myrtle Beach, SC (approx 5-10 min from beach itself) into an AirBnB as he is moving out of the area. I know absolutely nothing about this market but at least from AirDNA estimates it has some hope of turning a small amount of cash flow and I think that's all he's looking for. He's looking at a couple property management companies in the area but was curious if anyone has worked with someone that they would recommend?

@Lionel Mosby Jr

Thanks for the feedback. Yes I definitely get what you mean. We have a 6 month timeline so also open to rehab if need be.

@Brian Nel

Thanks for the honest feedback!

I live out of state but am moving to Houston in 6 months to start a full time job in July 2021 at the Houston Medical Center. We are moving to the area with my older parents who would like to live with us. We've settled on looking at residential multi-family which I think provides us all that we are interested in. With that said, we're open to duplex up to a quadplex depending on the situation and intend to utilize our VA loan benefit.

Anyone have any recommendations for a realtor with experience residential multifamily and VA loans in the Houston area?

@David Pere

Thanks for the reply! Definitely would appreciate more insight! I’m in San Diego now so not far from you. We’re moving to Houston and plan to come back to SoCal most likely in 4-5 years.

I've heard some people getting VA loan reinstated due to job relocation as you mentioned but there's not a lot of good resources online I can find!

Hello! First time posting in quite a while and wanted to get some advice on how to approach this scenario.

We've been living in our current home (condo) for 3 years which we purchased with a VA loan. We have done a VA refinance to a lower interest rate twice, most recently July 2020. I am planning to relocate (from CA to Texas) for a new job in July 2021. Because of the location/rental market (and to leave open for parents to retire at residence in 4-5 yrs) we had planned to start this condo as our first rental property. We've saved up and were planning to pay down the loan and refinance it, likely into a primary residence conventional loan in December-January 2020 (6 months after VA loan refi) and then start renting it out in July 2021 when we move so that we could free up our VA loan benefit for a new primary residence at our new location. Is this legal? I've seen most websites say you need to have lived there for 12 months or its fraud but also seen exceptions for job relocation.

We haven’t ruled out just cashing out and selling the condo with the small appreciation bump. Which is our alternative. Any advice appreciated. Thanks!

@Tim Herman

Familiar with 50% rule. The location is San Diego so it almost is never a 1% rule/50% rule kind of area. We also only financed with 5% down (VA loan) so really need more equity in the property before we would see any appreciable cash flow. I do believe it has a good chance for cash flow as the area continues to be highly desirable but I don't think rents will be $4k in two years...maybe low $3k. I understand this is partial speculation. Thanks for the input!

@Eric Carr

Thanks for the advice. I agree if it can pay itself back in 11 months it seems like a good idea and we can always revisit rates again in 6-12 months.

First time forum poster, long time podcast listener. I have yet to step my foot into real estate other than some small crowdfunding and REIT funds—primarily focusing on career advancement/income and stock market investing.

I'm hoping I'm posting this question in right category of forum, but I'd like some advice regarding a VA loan mortgage refinance. Primary residence balance of $491k at 3.75% with 28 years left. With rates dropping I can get 3.25% interest rate for a 30 year mortgage with $2900 in closing costs—breakeven would be in 11 months with approx $200 freed up in cash flow. My thoughts were to look at lowering the monthly payment as we are hoping to rent the unit out when we move in 2 years. Right now with current market rent and expenses it would not break even. With the refinance it's not quite but very close to break even with rent appreciation in 2 years. Our location is highly desired in San Diego with extreme walkability to grocery stores and several popular restaurants and so we'd like to hold if we can make the numbers work better. There's a strong likelihood we may also have my parents move in to the unit further down the road. Does this make sense to pay the upfront costs or should we wait for a better refi vs consider selling in 2 years.