All Forum Posts by: Tyler Hodgson

Hey Kevin, you can definitely get another VA Loan and/or a conventional loan. Send me a PM if you'd like me to dig deeper and see what you would be able to qualify for and we can run some numbers.

Is there a specific reason you are looking for a portfolio loan rather than conventional? 

Hey Zane. Welcome! I will see you at the meetup in FloMo on the 30th. 

A couple comments:

• Why are closing costs 5%? This seems high?
• Did you look up actual property taxes for the property? $525/month for taxes and insurance seems a little low at that sales price
• 4% interest rate on a rental property? Rates I'm seeing on an 80% LTV rental property are closer to 4.875%

Thanks Trevor. Got it on my calendar

Rickey, for an investment property the minimum down payment on a conventional loan is 15%. If you will occupy the duplex as a primary residence you can do as little as 3% down, even with your current loans. 

@Kenneth McKeown

@Kenneth McKeown

@Kenneth McKeown is realtor in DFW. 

I'm a mortgage broker. I mostly work with investors and military veterans. I'm also a CPA, so in addition to mortgages I can provide some overall financial strategies and advice.

@Daniel Hernandez is my go to realtor. Daniel also has an attorney he has worked with briefly, but I haven't worked with the attorney yet. 

@Mark Askey - I think it is great that you are exploring real estate as a possible source of additional income, and a pathway to retirement.

A little about me:

• I'm a local mortgage broker and have lived in the DFW area for almost 20 years (minus a 4 year stint in the Marine Corps). I currently have a primary residence (with roommates), 2 rental properties, and finishing up my first rehab/flip deal. I have a Master's Degree in Accounting and will have my CPA certification in a couple weeks (exams passed, just waiting on the license). I love real estate and finance!

My few recommendations:

• I'd look at a cash-out refinance rather than a heloc on your current primary residence. The terms are typically better. (I am a mortgage broker and can help you out on the mortgage side of things if you'd like. I'm happy to run some numbers and answer any questions you may have).
• $1,500 rent with $1,000 for PITI (principal, interest, taxes, insurance), sounds like those numbers could work. Two things to consider here: (1) how much do you plan on spending in capex items over the next few years - are your appliances, roof, HVAC, water heater, etc fairly new? (2) if you do a heloc or a cash-out refi your PITI is going to increase and monthly cash flow will decrease. You'll definitely want to run the numbers on that.
• Converting primary to a rental and purchasing a new primary is a good way to go if down payment funds are tight. You can purchase your new primary with a variety of low down payment options and may not even need to pull much (or any) equity out of the current house. Most mortgage companies have 3.5% FHA and 3% Conventional loan options for primary residences. I also have a 1% down Conventional loan that is not offered at most places.
• Your dilemma: you are living "paycheck to paycheck on a single income." I strongly recommend that you strengthen your overall personal financial health before undertaking real estate investing and leveraging yourself with additional debt. If things go sour with the rental and you have a  $5k or $10k expense come up, or extended vacancy periods, will you be able to make it? What happens if you lose that job that is your one income source? Make sure you balance that personal budget (and by balance I mean have some excess income for savings each month). 
• Keep doing your research. The podcasts, books, forums, and other BP content are great ways to start learning and help you make the jump! So far it looks like you've been doing this.

Good luck and let me know if I can help in any way!

-Tyler