All Forum Posts by: Sean McDonald

Yes. VA requires only one year as primary residence. You can buy the other home to move to with an FHA. You could even buy the other home with another VA loan if you still have VA entitlement left over.

I haven’t done it, but if you were willing to allow it, then maybe you could make a percentage of Airbnb rentals. It could be an easy secondary income from the property. The tenant can make you a co-host so you can see the activity. Usually, a co-host does the job of a PM for a fee. You would have to look further into it but you probably can set it up so that you collect the fee automatically, but you don’t do any of the work. It could be a really good opportunity to test the market for your property on Airbnb without the investment of adding your own furnishings, etc.

How is this deal going? Did you close? 

If you want to stick with rentals, BRRRR could work well. BP’s Brandon Turner coined the term. Here’s an article about it: https://www.biggerpockets.com/renewsblog/brrrr-buyrehabrentrefinancerepeatprimer/. This could work for you if you start with a hard money lender to do the initial purchase, then refinance after you fix it up. You’ll need less money up front than buying already fixed properties to rent.

How is the economy in Longview? I’m hearing conflicting reports.

Welcome to BP!

@Filipe Pereira Thanks, I'll do that too.

@Soh Tanaka Thanks for the advice. I'm going to do everything you suggested. I'm working on coordinating viewings with the GC, agent, and tenants and I'll let you know when I get in have an update.

I’m looking into buying a duplex listed at $100,000. Each side is rented at $600, which is below market. It’s in B- neighborhood transitioning upward. I have structural reports from 4 years ago that indicate that roots from trees planted against the house were damaging the house. The report reads that bricks were becoming loose with potential to fall and injure someone. At least 3 trees need to be removed at $1000-1200 each. I’ve yet to do a tour because I’m not local but pictures show a home with some issues that may only be cosmetic. If there are any other structural issues, they would have had have come up in the last four years. My agent has told me that the structural issues have not been addressed and I believe the landlord has probably ignored all maintenance issues. She won’t provide a Schedule E or any other expense report and her agent stated that she may not have one. What should I do to estimate operating expenses for the home when I tour? What are some questions that I should ask the landlord? What should I ask the tenants? Thanks for the help!

@Jared Viernes, @Wayne Brooks, and @Account Closed Thanks for the replies. I think we'll try the wrap. The VA loan is just $60k, leaving VA entitlement left over on the seller's side.