All Forum Posts by: Kerry Baird

Great minds think alike!  :D

No problem.  We have purchased a number of houses at different bases, to include two of them in the UK.  And we bought three of them while in the UK, that we still haven't seen the inside of.  We just didn't want to *not* continue investing, so we found a way.  

Find a way!

We also bought our owner occupied house with a VA loan. We had to sign an affidavit that we intended to owner occupy for at least one year. This is a condition of getting the loan. Once we have orders, that situation changes, and we are compelled to move.

A bit more about using the VA loan: you can go up to 4 units. If you have two VA loan entitlements (as we do, military to military couple) then you can go up to 8 units using both VA entitlements. You can also build. We saved our VA loan until we had purchased bunches of houses.

Find a reputable VA lender, and start the ball rolling. There are a number of them here on BP. They will pull credit, have you jump through bunches of hoops to show the path of money in your accounts, etc. But it didn't take any longer than a conventional loan, in my experience. We did need a minimum of 5 years left on the quality of the roof.

If you want to do AirBnB, perhaps you can find a 4 plex in a nice location and manage from up close.  Very up close.  :D

Ask at your Education Office to see whether they can proctor the Florida real estate exam through Pearson Vue.  We were at Mildenhall, in the UK and they offer a lot of testing options, to include Pearson Vue.  

So, start there.  Here is a link to the licensing requirements.  

Florida requirements  

 Also, I see the GI Bill covers real estate certification. Bonus!  

Attend your local REIA or BP Meetup so you are networking with people in your local area. You will meet folks and can start building those relationships, and perhaps find someone to partner with, or a wholesaler, or a hard money lender. Once you meet folks and can form a give-and-take relationship (meaning you don't just take...you find a way to be helpful) you may find doors open for you that you cannot see right now.

We've recently moved to the US from overseas, and had to start all over with networking.  I've set up keywords for my city and county, I've attended Meetups, I've hosted CashFlow games, and attended the local Chamber of Commerce meetings.  In all these ways, my hubby and I have met the movers and shakers in my little area, and have gotten calls from people who have deals to shift.  Get out there and see what you can offer to those who are more experienced than you are.  We always like a new bird-dog, for example.  You start the ball rolling by providing value.  

Hiya~

We are also a military family, and have learned so much here.  If you haven't found them yet, the podcasts are outstanding.  

The articles are free, as are the podcasts, while the keyword function can help you find people or deals in your area. I also have an alert for probate, LOC and other topics of interest. Lastly, there are often local meetups where you can network and find connections that will help you grow your business.

Also, you can use the Analyze deal function, to determine whether something fits your criteria or to build a proforma worksheet. The Pro Membership offers that as an advantage.

Looking forward to reading how BP improves your investing business!

When we sold our UK houses and exchanged funds, the pound to dollar rate was closer to 2 dollars for 1 pound.  The currency exchange rots right now.  Food for thought on a large sum of money.

Do both and compare.  Don't allow them both to pull your credit though...pull your own and tell them your score so they know the interest rate range.  Once you decide on a program, then allow them to pull your credit.  

Yes: a military member can live in a house for 2 years out of 10 years total...and they do not need to be consecutive years...and then sell at the end of 10 years. 

Obviously, talk with your CPA regarding this.  Here's the text from the IRS, link cited at the end.  

Taxpayers may exclude gain on a home sale, provided they have owned and used the home as a principal residence for two of the five years before the sale. A reduced maximum exclusion may apply to those who satisfy part of the two-year rule. Military personnel often retain ownership of a home while away on duty but eventually sell it without returning to live in it, perhaps failing the use test completely.

The new law allows persons on qualified extended duty in the U.S. Armed Services or the Foreign Service to suspend this five-year test period for up to 10 years of such duty time. A taxpayer is on qualified extended duty when at a duty station that is at least 50 miles from the residence sold, or when residing under orders in government housing, for more than 90 days or for an indefinite period.

This change applies to home sales after May 6, 1997. A taxpayer may use this provision for only one property at a time and may exclude gain on only one home sale in any two-year period. Although an amended return must usually be filed within three years of the original return’s due date, the law gives qualifying taxpayers who sold a home before 2001 until Nov. 10, 2004, to file an amended return claiming the exclusion.

IRS capital gains exclusion

We're military, too, and recently moved to FL. I recently contacted my CPA, and asked if I can use my AZ LLC for FL properties. He said I need to register my AZ LLC with Sunbiz as a "foreign entity" doing business in FL. If you are using your out-of-area LLC to purchase properties in a different State, I suspect you will want to do the same.