All Forum Posts by: Michael Dunn

Greg H. , 

Thank you for taking the time to reply and for your advice

I really appreciate it 

I am trying to wrap my head around the VA Loan , and how it works, via all of the Ins and Outs of this particular loan

A question I have please is:

Can you Purchase 4 RENTALS with a VA Loan, as long as each Rental does NOT exceed $104,000 PER Property ? ........ $417,000 divided by 4 = $104,000 ?

I know that you have to occupy the Property for 1 year, since it's an Owner Occupied ..... But could you do it this way, in a 4 Year time span ?

And then at the End of 4 years , have yourself 4 Rental Properties ?

OR

Would you have to sell Each Property you purchased with a VA loan, before you could use it again , to purchase your next Primary ( Rental ) using the VA loan ?

I guess what I'm asking is .... Is there a way to use your VA Loan , in Purchasing 4 Primary ( Rentals ) in a 4 year time span ?

Thanks so much for any and all help 

Good Evening,

I am wondering please, if I will have any trouble in Purchasing a Property listed on the HUD website as my Primary as my Primary Residence, IF the Property shows that it is " Insured " ?

I know that using a VA Loan , that they have the Strictist Clauses, in that a Property HAS TO be in Move in ready condition, in order for it to qualify under the VA Loan Guidelines . correct ?

I just need a basic Guideline on what WON'T pass via a VA inspection , so I'll know which Houses to Avoid and not even consider, since they'll be more Inclined to not Pass, with X Y Z repairs being needed

Questions:

1. Is there a Rehab type loan ( similar to a 203K that you can use with an FHA loan ), for the Use with a VA Loan ?

2. On the Condition Summary Report on listed HUD properties...... If it shoes that a House needs $3,000 in repairs ( Listed are..... Water Heater needs Replaced, Some Siding needs replaced and the Stove is Missing ) ...... How could I get such a Property to Qualify for a VA loan ?

Could I Pay to have the Repairs completed myself.... I.E. Out of my own Pocket ?

How do you get around repairs that are needed on a Property, when you're wanting to use a VA Loan for the Financing/ Purchase ?

Thank you for the help , It's very much appreciated 

Thanks so much for everyone's replies ....... What about,

John Thedford and  David Dachtera

What about: 

John Thedford

David Dachtera

David Dachtera

1. Pre-Payment Penalties ?

2. Seasoning Period requirements before you can Refinance out of the HML and into a Conventional ?

3.  It's MANDATORY that I find out from my Lender ( that I'll be using to do the Refinance into a Conventional Loan ), if they have Any Seasoning Periods before I can Refi, yes ?

I DON'T want to get into an Investment Property using HML , and have it Renovated and Rented out in 4 months, BUT my Lender will ONLY refinance , after 6 months Seasoning Period. Or worse.... 1 Year required Seasoning Period

Thank You 

Can someone with a lot for knowledge regarding HMLs , help me in understanding how the Interest and Points work with a Hard Money Loan ?

EXAMPLE:

Say a HML says they charge 4 Points with an Interest Rate of 12%

If The TOTAL Loan ( Purchase Price + Rehab costs )  =  $80,000

How much can I Assume to pay via Points and Interest Rate , given that the Loan is for 5 months ?

And is this the Total that I heard someone mention that the Closing Costs on a HML they aquired was $6,000 on an All-In cost of $100,000

So did this $6,000 likely include all the Points and Interest Rate via the HML ?

Thanks so much 

Just a real quick question,

Do you pay any Closing Costs when you use your VA loan to purchase a property ?

Thanks 

Good Morning,

Can someone in either the Tennessee and or Shelby County area ) , recommend any Hard Money Lenders please ?

It is literally like finding a needle in a Haystack trying to find one.

I Don't really want to use a Big Corporate HML, as I'd prefer to use one who is ..... 1. Local 2. Knows the area better 3. Can hopefully give me better Rates and will be able to work with me on financing these Properties

Thank you for any help

Good Morning,

Can someone in either the Mississippi and or Desoto County area ) , recommend any Hard Money Lenders please ?

It is literally like finding a needle in a Haystack trying to find one.

I Don't really want to use a Big Corporate HML, as I'd prefer to use one who is ..... 1. Local 2. Knows the area better 3. Can hopefully give me better Rates and will be able to work with me on financing these Properties

Thank you for any help 

Hi,

Can someone please help me in knowing what I need to do via Rental Income , and the filing of this Income via my Taxes ?

Thanks so much 

Jassem A. ,

What please is  PITIA  ?

Thank you