All Forum Posts by: Charles Wickware
Charles Wickware has started 2 posts and replied 3 times.
Post: VA loan questions, refi, and 4-plex
- New to Real Estate
- Hawaii / California
- Posts 4
- Votes 0
That's what I was thinking. Thank you for the reply. Any suggestions on resources to finding a good LO like this? That would be new to me.
Much appreciated!
Cheers
Post: VA loan questions, refi, and 4-plex
- New to Real Estate
- Hawaii / California
- Posts 4
- Votes 0
Hello all,
I am interested in buying a 4-plex to act as an investment property and also a primary residence. It is around 950K in California. I do not have the 190K of cash for a dp so I am looking at my options. I have a SFH that I've had rented out for a year that was purchased using a VA loan. I purchased the house for 270K, and the mortgage is currently at 230K with an approximate house appraisal cost of 339K for the area.
At the beginning of the year the VA loan removed its limits but I am still unsure what all the stipulations are so I am looking for some feedback and information on what my options are ie: Refinance under traditional loan to free up VA loan or simply try to get another VA loan on the 4-plex now that there is no limit under the new rules?
FYI: I have excellent credit (>800) and a DTI of around 12%.
Thanks for the help and insight!
Post: New member! - California - Ready to learn from the best !
- New to Real Estate
- Hawaii / California
- Posts 4
- Votes 0
Hello BP!
I'm excited to be a new member and beginning my journey of RE investment!
MY HISTORY: I recently got out of the military where I was an F-18 pilot for 10 years. I am currently a contract pilot working primarily in California. I have one house that I rent out here in California. I purchased it in 2012 with a VA loan. Other than that I have no other real estate experience but I am looking to change that.
MY INITIAL GOALS IN REAL ESTATE: I would like to be able to have a steady truly passive income ($250K/year plus) within 5 years that require not that much work on a day to day basis.....meaning that my life is not consumed by it. From my cursory feeling I believe this is done with larger deals like multi family units and hotels, so I would like to move that direction as soon as I'm able. I want to build a roadmap over the course of the next couple months to be able to achieve this and looking to use this site to educate myself on how to do that from all you experienced investors out there!
By OCT of next year I project to have $100K of cash ready to move forward with my first smart investment. I'm interested in partnering with an experienced investor for this!
Let the journey begin!
Charles