All Forum Posts by: Marcus Whitmore

Thanks for all the great responses and some good points too.

@ Robert Brubaker

I do have around 30k in reserves for any expected expenses and to cover any unexpected repairs. Thanks for the other advice I'll make sure these items are covered with my lender.

@ Stephen Collins

I did the standard 1% of home value for insurance at this point. Utilities are covered by the renter minus pest/yard upkeep.

I'm out of the Corps now, was with 14th Marines out of Ft. Worth, then did a pump with 1/23 Weapons out of Austin.

@ Ryan Morris

I'm not sure on the points at this point, I am eligible for a Texas VLB loan which gives a 1/2 point discount to Vets with a certain disability rating. They also restrict what a lender can charge in fees. Here is a link to some good info I found. In a couple weeks when everything is done I'll post the particulars.

VA Limits Fees

I have been browsing for awhile and reading. About to jump on my first home as an owner/occupant. The property is currently fully rented. I'm eligible to use a TX VA loan which has a current rate of 3.5%, Zero Down Payment, Very Low Closing Costs and NO PMI. Required to live in the unit for at least 1 year. Individually Metered Units where tenants pay utilities.

TX VA Loan 200k @ 3.5% = 900/month

2012 Taxes $2,137 = 178/month

3 units Rented(650,650,750) = 2050/month

Insurance 1% of Value = 165/month

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Cash Flow = 807/month

I do have 25k to cover vacancy, unexpected repairs etc. This also does not take into any tax breaks such as homestead, or disability which I'm eligible for. Most friends and family don't understand the benefits of purchasing my first home as an investment property so I wanted to run the number by people that understand.

Thanks for your Time,

M.W.