All Forum Posts by: Edgar Claudio

Hi Jennifer,

My first property was purchased with a VA loan. Initially I was told by several lenders that I could only have one property at a time with my VA. The question I have for you Jennifer is, did you guys max out your entitlement? If not or unsure, I'd check with a VA approved lender to see if there's anything left. I ended up renting out my first home and bought a duplex that was much more expensive than the first home. The catch was I had to pay a higher VA funding fee the second time.Hope this helps!

Thanks

Nice Maitland property!

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I agree that multi families in Orlando are becoming slim-pickings. I'm starting to consider out of state MFP's. 

Thanks for providing more insight!

You brought up a valid point that there's a possibility that tenants may not declare an issue to avoid having to pay for it out of pocket and could escalate into a major problem. I've been fortunate so far to not had this problem yet, but I will def take what you said into consideration moving forward.  

Not sure if the tenant fixing it themselves threw some people off (really meant they're responsible for covering the cost below $50-$150), but I have exceptions within the lease agreement that state any issues relating to plumbing, septic, electrical etc. need to be addressed and paid for by the landlord regardless of cost.

Sam,

It comes down to two factors. First is knowing how much you can get for rent next door and the other is your monthly total expenses. Net Amount = Rent Amount - Monthly Expenses

Compare what you have left over in expenses, let's say $300-400 after you add in the rent money from next door, to what someone would pay for the exact space you're living in, 2 bed 2 bath or whichever. If the local rents are $1600 and you're only paying $300 per month after all your bills, you're doing doing great! Here's a tip Sam! My duplex was a 2 bed 2 bath. I had a deficit of $340ish after all my expenses and adding in the rent from next door. I rented out my other bedroom for $400 to a buddy of mine. Kaboom, living for free! 

Great questions Jennifer!

I myself am looking for the same answer.

Thanks

Hi Joe,

Congrats on the duplex! My first house hacking property was a duplex that I bought with a VA loan. I didn't cash flow during the time I lived in one of the sides but I came pretty close, almost free! Felt good when my friends asked me how much I paid for rent/living expenses and would go crazy when I told them I paid $150 per month!

Anyway, I had a long term tenant as well who lived on the other side for 13 years and was wayyy below the market. I didn't raise her rent right away. I made some nice improvements to the place, especially her side like replacing fans, light fixtures, new sink, new dishwasher etc. Things that the previous owner had neglected. I also did these upgrades over time Joe, not overnight. Some folks might be against the whole upgrading, but in the end of the day, the entire property is yours. Hope this helps!