All Forum Posts by: Joseph D Chapman

I'm buying a duplex and we're house hacking it. We are going rent out our current home and I needed a lease, I spoke with an attorney and they emailed me their lease. I'm going to use that lease for my house and the duplex. I'm buying the duplex with a VA loan. Should I refi in like 6 months so I can free up my VA loan in hopes that I can use it again?

Was contacting an attorney to get a lease my best option? 

Also should I get an LLC for the 3 doors? Or should I wait?

@Tina Tsysh

Thank you for your advice

Getting ready to move out of my house and rent it out. I’m pretty nervous about getting a lease. I called an attorney and he told me he charges 175 an hour, or I could buy his lease that is good in the state of Colorado for $400. Just not sure what I should do. Thanks for your time. 

@David Kelly

I will be renting out my current house that has the VA loan already. With the VA loan it has to be your primary residence. 

Hello!

We are getting ready to do a refinance, we bought our house about 6 years ago and we bought the worst house in the nicest neighborhood we could afford. 3 years into living there we did a refi and got a VA loan. (I was not eligible for the VA loan when we first bought the house) now we are getting ready to but our first duplex or bigger (hopefully bigger) and we are doing a refi on our current home to free up my VA so we can buy with no money down. Is this smart?

Also I would like to do a cash out refi because I was hoping to get the money we put into the house when we fixed it up, back out. Is this a good idea?

We paid 213k when we first bought it. We refi it and the new loan was 280k. Now I want to do another refi and was hoping to do so at 380k we are very close to that number.

@Michael C.

Thanks for all the input

@Michael C.

And I was just asking for 5k to go towards the re-wiring and we would cover the rest.

@Michael C.

I’m in Greeley and I got my rents off of rentometer. The basement unit has a separate entrance on the side. 

@Mark Gallagher

Yep! We found out today.

@Theresa Harris

Sounds good I will. And I wasn’t sure how I was going to go about the utility bills. But that’s a good way to look at it.