All Forum Posts by: Eric Schenck

Thanks for the intel. I still have 10 more years until retirement. It seems like a loooong time. I believe I have a shot at a comparable passive income by then. Brian and Phillip, thanks for pointing out the limitations on mortgages. That's something I hadn't thought about until now. 

@Mike Makkar Thanks! I just learned by digging through the forums, that I can qualify for VA loans until I reach 12 months prior to getting out. I used a VA loan to get my primary residence, and was just talking to my wife today about using it again.

I am grateful for BP and those that offer their advice in the forums.  I'd be in a completely different situation without it.

I am 18 months from the termination of my military service contract (ETS).  I'm in my reenlistment window and am on the radar for nominative assignments.  However, toll on health and time the Army demands is making that retirement paycheck seem less and less appealing.  

I really want to start my own business.  I've always been interested in real estate and want to build a business in that field.  My current job is extremely time consuming which is forcing me to focus my efforts.  I've been hitting up the library for Real Estate Investing books and listening to the BP podcasts in effort to learn the biz and choose my niche. 

I'm wondering what advice those that have gone before me might have to offer.  I'm very interested in your ETS AAR.  What did you do right?  What do you wish you would have done differently?

Consider establishing a relationship with the military installation's housing office.  The installation commander or garrison commander can establish off-limits areas for being detrimental to their well-being.  It is not limited to a toxic landlord's properties.  The housing office will look over contracts and advise the service member whether it is military friendly or not.  Be sure to include the military clause that allows the service member to break lease w/o penalties if they receive orders to relocate.  Without it, the housing office will advise they search for an alternate property.

Jeremiah, Ralph,

Thanks for the feedback. This is good info that I didn't have. I concur that HELOC probably isn't advantageous right now. I am a newb looking for ways to do investing. I just bought Brandon Turner's book about creative financing and started reading it this morning. I appreciate you looking out.

Eugene, 

Thanks for the tip. I'll see if in can get a CMA.

I recently bought my first home (primary residence) with a no money down VA loan for $135k. I got a low price because it was an estate sale and VA appraisers appraise no higher than the VA loan amount. My neighborhood average is around $175k-180k according to Zillow. I only have a small amount of equity so far.

1.) Would anyone recommend I get a new appraisal to increase the equity to apply for a Home Equity Line of Credit (HELOC) to begin RE investing?

2.) Will a new appraisal increase my property taxes (currently for $135k house)?

3.) If anybody else has experience doing this, was it worth it?

I want to be factor in as much as I can.  Any advice is greatly appreciated! :)