All Forum Posts by: Troy Meyer

Welcome Karen,

My wife and I have also been investing in the Vero / Sebastian market, the market has been growing here.  I would not hesitate if you find properties with good numbers.

Good luck with your RE exam I did the same thing and started as an agent.

We just did a refi pulling out 110% of what we had invested in to it ( a great feeling) and close in two weeks on our next rental. However, most lenders are now charging a 3.8 origination fee on 80% LTV investment loans and are requiring 6 months of reserves for all of your properties to close. If you're investing locally you may want to consider the new purchase as a primary home saving you on points, interest and required capital, and turning your current primary into the new rental.

Welcome to BP. I'm down in Sebastian but would like to network with you.

I'll give you a call/

House Passes VA Loan Bill on 11 Feb 2016

This is something you might want to checkout, since it could effect your options.

http://www.realtor.org/articles/house-passes-va-lo...

Brian,

Sounds like your on the right track, my wife also picked up the property management duties when I was still in, which is a huge asset. When and if you PCS you will qualify for another VA loan but all subsequent VA Loans the fee is higher (unless you become disabled). I have had three VA loans at one time, which were key to getting us the doors needed to build down payment capital quickly. Which will be key when you transition to buying depressed properties, because getting VA loans on them are more challenging but not impossible.

Being retired military and have had several va loans, if you have the down payment the va might not be the cheapest route to go due to the va fee. If not its a great benefit. If you're single soldier, house hacking may be the best way to go verses a multi family simply due to the month to month and face to face with your tenants. As you know most of them will be single soldiers who don't qualify for BHA and are motivated to get out of the barracks. I'm not sure what your job is but I did a lot of deployments and you may not be able to manage three separate long term tenants on your first investment property. Especially if you're out of the country.

Also remember a pet Deposit has to be returned and a Fee does not, so thinking your getting a fee but describe on lease as a deposit may come back to haunt you.

Welcome to the area Nathan, you can also try driving the neighborhoods your interested in looking for vacated properties and county records

The security deposits (as per FL) must be placed in an escrow acct, they should transfer those funds to you at closing. Have them bring a certified check to the closing and you can create your own acct if you do not already have one with it.