Updated over 6 years ago on . Most recent reply
Interesting NEW Investor Problems
Hello BP,
I'm Cobe with an accidental experience with real estate with my first purchase. I have been researching, reading, and watching alot youtube videos on different ways of Realestate investing. I am currently in the military stationed overseas in Korea planning my next move when I get back to the states next year. Heres a backdrop on my situation.
1) I bought my first house in 2014 not knowing what my intention was other then that was the smart thing to do (haha). I purchased it brand new with a FHA LOAN at $160,000. Soon later I lost my job and filed for Chapter 7 to keep the house.
2) The value price on the bankruptcy for the house in 2014 was at $161,000. I recently had a local agent do a comparative market analysis which gave me a LOW $175,000 AVERAGE $183,000 and HIGH $200,000 as of now. Since there is some value on this property I want to borrow money against the house like i.e. cash out refinance and use it to purchase another single family property or small rehab purchase to rent it out. The scenario/concern I face is since I did a bankruptcy do I qualify to tap in the property equity of high end $40,000 that has grown in it to even refinance.
4) When I get back to clean the house in the Texas, I don't plan on selling it but renting it out while I'm still in the military. I plan on using the VA loan at my next duty station in WA to purchase another single family property because I do have a family. I haven't seen any multi-family for the value range I'm considering. Sheeeeesh the market is VERY MUCH different from Texas to Washington State! This would be my first attempt to use it btw, but never the less I was considering on doing some real-estate investing in the Seattle area if possible with the cash out from my 1st property.
Im open to suggestions, if the first scenario is doable before reaching out to different sources?
Thank you for taking the time read fellow BP's!