All Forum Posts by: Aaron T.

Hi, I’m not trying to contradict anyone in the forum, just gathering factual information for the Florida market. There’s a hand full of investing companies in the Tampa Florida region that intentionally purchase investment properties with the purpose to install a solar system on the roof. They have been around for about 4 years and have a strong presence in marketing solar homes with a 15% mark-up. Unlike upgrading your kitchen or installing a new pool in your home, solar does eliminate 100% of the electric charges, which cannot be said by any other home improvement on real property. Example; If the home consumes $350.00 in electrical charges, a proper size solar system costing 40k / with $258.00 a month payment. Solar loans provide a better benefit than a solar lease solution. Most solar loans are not lien driven, but you must have great credit to qualify. However, it looks like you are referring to a Pace energy financing solution for your project. PACE loans are authorized by local and state governments which borrow money to fund PACE programs by issuing a bond, and then the money is provided by different private financing companies. They qualify as tax liens, so they have first priority over any other loan on the property, including the mortgage. If you are considering this type of financing, I don’t think it’s the right RE-investing for a suitable return on your money. Regular conventional loans will give you leverage with no lien on the property, and since you are funding the project you get to keep the 30% tax credit which is about 12K / cutting your solar cost down to about 28K. I think you can still make a great profit and move a solar property quickly in the right market. If you are in Florida, it’s a done deal.

Heyward,

I used my VA Loan to purchase my first home in Nashville, TN a full year before I was planning to move there (I was still Active Duty when I purchased and had one more year stationed in California). My broker, Hunter Zinkil from LendUS LLC, is the #6 nationally-ranked VA lender and he knows the rules backwards and forwards. He also has relationships with folks who can answer the mail on situations like yours that may be considered "gray" in what is right and what is wrong. My life plans changed so I ended up never moving out to Nashville after I got out; I've rented the home out the entire time I've owned it and am still financed through the VA Loan (with the streamline already complete, so my interest rate is now lower too - within a year of purchase). If you want his contact information, I will happily pass it along. His passion is helping veterans find homes that work for them not only personally, but in their best financial interests.

-Grace

...Also if you're looking to fix and flip, the east of the island got hit the hardest. I had done some volunteering with All Hands and Hearts rebuilding homes in Yabucoa in November, and there is still much work to be done and houses in tough shape. Could be a good area if you're looking for fixer uppers, but just a little less traveled by tourists. 

Good morning Heyward,

The VA can be a powerful benefit to use in terms of investing but it's definitely not as short term as some people think because you have to live in the property for at least 12 months unless you have orders verifying you can't stay. You can use them for any residential purchase (up to 4 units) which is great. I spoke to a lender that said you can even go up to 6 units if you are dual military (both spouses are military and eligible for the VA loan).