All Forum Posts by: Chuck Holland

I love the "in crowd". They make pretty good renters!!

I would pay off my personal residence first. That's an instant monthly expense reduction and you can start saving that extra cash for your next deal. Mortgage interest deduction be damned. Have a free and clear home and not paying interest to the bank well makes up for it. Just my two cents. Good luck and it's sounds like you are well on your way!

Great idea with moving in tenants to cover mortgage. Save your cash for the next deal!

@Nick Wing. Wow. You have 110 rental properties? Is that how many deals you funded or actual houses owned. That is incredible. Do you have awebsite we can check out?

You're on the right track Devil Dog. That's how I got my start into multi-family when I got out of the Corps back in '92. Just an FYI, if you get a VA loan, you need to be an owner occupier, so investing out of state might not be possible with that type of loan. I know of new properties in the LA market, but they would be jumbo loans so you would have to come out of pocket with a hefty "VA funding fee". Cashflow would be non-existant. You would just be subsidizing your living expenses.

If I was a young guy getting discharged now, I wouldn't stay in California. All the job creation and growth is happening in Texas, North Carolina and Arizona. Get out that way and get yourself a quadplex, live in one and the rents should cover the cost of you to live there. Live there for a year, refinance if possible to free up your VA loan, then do it again at your next quad. Rinse, repeat.

What are the HOA dues? Any pending special assesements?

Welcome aboard. Want to get a taste for this biz? Buy a duplex. Live in one for a year and rent the other unit out. Rinse and repeat. You will get a crash course is 3 months. After one full year of a tax cycle you'll have gone through all the moving components of buy and hold rei.

Sounds like you may have an "out" becuase of the underwriting issues?

Also, keep in mind you can write that mortgage interest off against your W2 income. If your not married or have any dependents or own your own personal resident, this is going to give you a little bump on your tax returns.

Alos, if you bought right, you can advertise to other investors in your area that you have a "turn key" property ready for them to buy!

USMC straight into technology. Worked for hospital, banking industries then ultimately CIO of a homeowner association management company. That has taught me how to treat real estate as a business and how to read financial statements and budgets. Also how to deal with difficult people. My REI portfolio almooooosts covers my basic basic expenses. The goal is for me is to replace my W2 income with rental income. But isn't that everybodys goal?

Los Angeles also has one of the largest shipping ports in the US and has a very divesre job market. Its a critical trade port to our economy so new cashed and redevelopment is going on constanttly.