All Forum Posts by: Dennis VanHouten

Welcome Corey,

When you use the VA loan, you have to use the new property as your primary residence. So, if you're planning to continue using the VA loan to pick up the new properties you'll have to live in them at least a year. I've heard conflicting stories on whether or not you have to refinance the old VA loan into a conventional before buying the new property with the VA loan, again. Some have said that you may have multiple VA loans out, maybe up to your limit for the area? I'm sure someone else could clarify that for you.

@Lelith Walker Thank you for your definitions on this.  I appreciate it.

@Lelith Walker thank you for your opinion, I'll take your advice into consideration.  How do you determine whether the area is an A/B/C/D type?

Hello all, hope you're all having a great day.  I'd appreciate any tips on how to evaluate a local market and from that information determine the best niche and strategy for that area.  I'm looking to getting into a buy and hold strategy, rolling over the equity after a year or two with a 1031 tax exchange upgrade, but I'd like to hear everyone's tips on how best to evaluate their local market and determine the best niche and strategy for that area.  From your tips and suggestions in helping me evaluate my local market, I'll either adjust my short-term strategy for my local market or evaluate other nearby local markets to pursue my buy and hold strategy.  Thank you all for your advice in advance.  

@Account Closed I'd like to come to the meetup, but I'll be busy most of the afternoon tomorrow.  What time is it?  If I can make it I'll try to stop by.  Or you can just give me info on the next meetup.  Thanks.

@Paul Timmins Thank you for the advice.  I sent you an e-mail and hope to hear back from you soon.

@Jon Chittenden yes, plan as if it's a rental property you aren't living in when doing your evaluation for gross income and cash flow and even if you don't plan on subbing out the management of the other units, count that expense into your calculations for when you move out if you're considering this as a buy and hold.  Check out the Rental Property Calculator...

https://www.biggerpockets.com/buy-and-hold-calcula...

It's free to use a few times each month for free members.  If you have any questions about the inputs just hover over the little question marks and it'll help you quickly evaluate a property.

From what I've been gathering in my on-going education in real estate investing is that when you are evaluating the multi-family property you plan to reside in and rent out the other units, you treat it as if you weren't living in it and count the rent when calculating the gross income and cash flow.

@John Hickey Thank you for the clarification.  I was looking to find a buyer's agent, as I am inexperienced in the negotiations of closing on a property.

@Jon W. Thanks for the tip.  It'd be a live-in fix and flip or buy and hold depending on how things go.