All Forum Posts by: Anthony Martin

Hi @Jonathan F.

Welcome to BP! This is a great community that will almost always have an answer for you. I'm still fairly new myself so I'm sure some of the more seasoned folks will happily come behind me and clarify a little more.

With regards to the VA situation; it's dependant on where you buy. Typically, yes, the cap is $417k and you are right that you can use another VA to purchase a new Primary Residence, so long as it is just that. You said you and your wife plan on living in it for the duration of your next tour so I don't see that being an issue. I'm still a little cloudy on their math, as you mentioned, but depending on where you're buying (I see you registered your location as Charleston) you shouldn't have a problem finding a home in the price range you have available.

This is where I may need some backup; you have had your current property rented out for three years. Have you claimed the rental income on your taxes? Is your rental income greater than your mortgage payment (and your PM charges). You may be underwater, but if your tenants are fully covering your mortgage, you should be alright. Unless I'm misunderstanding the lender I'm working with on my latest acquisition - after the first two years of rental history being recorded on your taxes, your mortgage is no longer added to the Debt portion of your DTI, it is countered by your rental income and anything over your mortgage is moved to the Income portion of this ratio. (Please BP, correct me if I'm incorrect!)

Depending on the DTI calculator you use (monthly or annually) add your bonus as additional income. (Clearly I need to move to a new AFSC/MOS if you're getting guaranteed bonuses every year, haha) The one I use is based on monthly net income.

As far as the risk level of buying a second home, that all comes down to you and your wifes comfortability. Some folks prefer to be very conservative, and others are aggressively risky. Have a sit down with her and see what you're both comfortable with.

I hope some of this helped and didn't make things worse. If you have any other questions, be sure to post them up and someone will get you an answer.

Anthony

@Chelsea Ricketson

I'm still fairly new myself and I'm sure one of the more professional folks here on BP can give you a better answer. But, the benefits I see with the VA loan is that they guarantee up to a specific amount, essentially giving you a $0 down loan with no PMI and a pretty decent locked in rate. I could be very wrong and I hope someone comes behind me and confirms this. With 20% down on a conventional, you will be removing your PMI regardless, I think it comes down to how much you want to pay out of pocket.

Is there a reason you mention trying to convince the seller to accept a VA? Are they hell bent on the buyer using a conventional? Like I said, I'm still fairly new, so I've never heard of a seller being that particular. I hope some of this helps. Let us know how it works out.

Anthony

I don't see one trumping any of the others yet. I use them all to comp against each other and see what kinds of differences they are reporting. I start with Trulia because I like how they give a little more information than Zillow does, but occassionally Zillow will have something that another doesn't. I use Realtor.com to shop for REO/Foreclosures, use Trulia for comps and rent comparisons, and zillow if I can't get any information. Then I go to the tax assessors page for clarification.

I definitely don't see one taking a monopoly too soon. I can't comment on MLS because I haven't tried to access that one yet. Just my 2c.

Aloha @Nola Akee

@Nola Akee

E Komo Mai and have a look at all the links that @Paul Timmins shared. It's all packed with amazing information!

You may not be able to find three REIAs on Oahu, but definitely find at least one to jump into. The more networking, the better off you will be, especially out there. I know there is a lot of potential on the big island; I would love to be out there to get in that market. Don't be afraid to post any questions you have in a new thread if you can't find an answer via the Search option.

Welcome to BP and may your years to come be prosperous!

Aloha

Anthony

Rick,

First of all, welcome to BiggerPockets! As a new investor myself, the best piece of advice I can give right now is to find the specific niche you want to work (buy & hold, flipping, wholesaling; residential or commercial, etc.) From there, learn your market as best you can and get everything you can from your local REIA. Network, network, network.

Another great starting point is to read and be familiar with the free Beginner's Guide available right here:

http://www.biggerpockets.com/real-estate-investing

No dumb questions here, ask away! Again, welcome and many wishes for a prosperous future!

Anthony

Miss Ebony,

Welcome to BiggerPockets! As a Real Estate Agent looking to do more work with Investors, check out this awesome article/guide:

http://www.biggerpockets.com/renewsblog/2013/08/24/real-estate-agents-working-with-investors/

As a new investor myself, I'm looking to expand my network; primarily in the Warner Robins/Bonaire area so feel free to send me a Colleague Request!

Again, welcome to BP and take advantage of all you can here, the wealth of information available here is endless.

Anthony

Hey @Bill Jones ,

I just sent you an e-mail.

Anthony

Hiya BP!

So I've been doing a lot of looking around and scouting out via websites, primarily Realtor.com and Trulia. I don't much trust Zillow. I found two REOs on the same street listed for ~$60k each with a market value of around $85k each. They really only require some cosmetic fix ups. They will both rent for about $800/mo in this neighborhood. I've seen similar homes rent from $795-$850.

My problem is thus; I don't have 20-25% cash to put down for a deposit and my resources are, so far, limited when looking to my network for money. If acquired, these properties will be numbers two and three in my purchase history. Is there any creative financing advise that anyone can offer as far as getting my hands on these two? I'd like to put in an offer for both at $50k a piece pending inspection results.

Any help/guidance would be immensely appreciated!

Thanks BP

Anthony

@Yee Yonfai

From the pictures, it looks like it has no flooring other than linoleum in the kitchen. Best bet is to look for a contact or higher someone to do the walk-through for you. Get a second, more local opinion on the house to confirm necessary repairs.

@Denise Madrid

have you or your broker friend had any forward movement with this property?