All Forum Posts by: Jared Viernes

It’s nearly impossible to predict a market correction. You could be on the sidelines for years if you do that. Just make sure you buy low at the middle of the market. It’s the high end that gets slammed the most in a correction.

You are definitely able to use your VA loan benefits on more than one purchase. I think the problem you’d run into is with how much benefits you have left if the previous VA Loan was left in place. Due to the huge cost of housing in Florida it is unlikely you would be able to have both places under the same $36,000 benefit ($36,000 is the amount of money the government is will to cough up if you default - this is how you get the loan without paying PMI). The great thing about the VA Loan is if you can prove you are upgrading (especially for family planning purposes) you don’t need to be PCSing to reuse the VA loan benefits if you have some left over. A good lender that understand the VA loan and the local market can work magic.

I absolutely agree with Jonathan Roper , the multi family properties on the market right now are not worth the asking price as an investor. You can find better deals in the SFR market. Your best bet for quality will be in the nearby suburbs as Jon stated.

Are you unable to refi out of the home with a conventional loan to get back all of your VA benefits? I don't know if you have been paying attention to the DC news, but there is a very good chance that John Taylor will be appointed as the next chairman of the FED. He is a well know hawk on interest rates, so there may be a chance interest rates rise as soon as December. If you are able to lock in interest rates now through a refi, now is the time to do it.

I got my C-REPS certified through the NABPOP to get a better chance at securing BPOs. I’m did my first one this week. Took me waaaaay to long. But I’m sure I’ll get faster with time and really understand values in my Market.

I had previously heard of new agents doing BPOs on an episode of biggerpockets, but never really understood the concept until recently.  None of the experienced agents in my market want to do them, so as a new agent this is such a great way to become an expert in the market!  Anyone doing BPOs out there that has some systems or files they use to assist?

As long as you have a good idea of ARV and cost of repairs you will be able to figure out a good price. That's the whole problem everyone has to start out. No good knowledge of either. If you are going to compete with the other more experienced wholesalers in this market you should be sharing the 3 comps you used to get value.

https://www.benefits.va.gov/homeloans/documents/docs/funding_fee_table.pdf Go here for more on the funding fee. You may also be expected to pay for inspections (except termite). You cannot be expect to pay anything to your real estate agent. The lender can charge up to a 1% origination fee. If you want to know more go to the VA Lenders handbook that is mentioned in the link above. Most real estate agents don't understand the VA loan benefits; most lenders actually don't understand the benefits either. If you find a real estate agent that is a Military Relocation Professional (MRP) they should be able to get you in touch with local lenders to get your loan pushed through. The major national lenders that give out VA loans most often have often have crappy loan officers that are way out of the loop. Getting a local lender gives you a stronger offer when using a VA Loan for two reasons. 1) they can close faster (in as little as 30 days in some instances - vs 60 for national lenders) 2) their pre-qualification is more rigorous so their financing will not fall through as often. (Unlike other loans the VA loan is never pre-approved; so only those who care to save their time will actually qualify you well during pre-qualification)

@Zachary Caudill there is a funding fee cost for the VA loan. The cost of the funding fee varies depending on if you got your benefits from the Reserves or Active Duty and if you have used the benefits before. The difference between the first time use and second time use is 1.15%. Most lenders will roll the funding fee into the loan. Considering the VA loan has no PMI its still by far the best deal normally. Additionally, if you have a 10% disability or higher through the VA; the funding fee is waived. The only problem with the VA loan if you intend to "house hack" they will not put any of the expected rent towards your income unless you have Property Management experience.

Kevin Baird welcome! I've know quite a few army leaders that purchased a new place every time they PCSed, found a local PM company and had another cash flowing rental when they left. Wish I had done it while I was still in. Good Luck!