All Forum Posts by: Nelson Van

Our current home is financed through a VA loan. We have decided that we need to upgrade and we are currently looking to find a fixer upper. We plan on using the VA rehab loan. We plan on staying in our current home until all the renovations are complete.

In my mind our best bet is to refinance out of our current VA loan to free up our eligibility. Are there any other options you could see working better for us?

- Current loan 260k with 240k remaining - house value 300k

- Budget for new home will be 450k

Thanks for all your help!

@Serge S.

Do you foresee interest rates getting better or worse in the near and distant future?

@Scott Mac

I am in the insurance business and the company I work for will not cancel anyone for non payment during this time.

@Robert Kough

Glad to see you and your tenant came to something that you both found fair! You’re happy, she’s happy, everyone’s happy! Hopefully this leaves a good taste in her mouth and she stays for another 15 years!

@Robert Kough

Things to consider here:

1) Ultimately the lack of up keep on your home is the reason she has to pay more.

2) She probably has no where near enough to cover the bill comfortably.

3) If you make her pay the whole bill it will more than likely leave a bad taste in her mouth and she will probably move out when the lease is up. This in theory could cause you to spend more money to get a new tenant in.

Simple question here: with the interest rates being as low as they are how does this impact the percentage of purchase price you should look to charge(earn) for rent?

Hey you all,

I’ve come to the conclusion that getting a hard money lender will be my best bet first my first property and probably future investments as well. I have just a few questions for you guys if you don’t mind chiming in and helping me out.

- How to avoid scammers

- Best way to build a relationship and create a deal with a lender(how to find, keep, and have an ongoing business relationship)

- Is the first deal usually 20% down or can I avoid that?

- Should I get a proof of concept on my own before going after a hard money lender?

Anything you guys could chime in with would be a huge help whether it pertains to these few questions or something else to do with hard money lenders.

Thanks!

@Brian Roberts

That makes sense. Thanks for the input!

@Collin Chan

Yeah my reason to buy a condo is wanting to jump into the game immediately rather than wait for the start up money for a SFH. I appreciate the input!

@David Avetisyan

Thanks for all the advice. I will definitely keep all of this into consideration.