Great podcast! I used my VA entitlement to buy a $30K condo in Hawaii in 1978 but later sold it to a friend. I'm retired, have my entitlement and have been considering using it again. This was a timely podcast, especially regarding reusing my entitlement.
@Frommilitarytomillionaire
Ай бұрын
That's awesome, and hopefully this helps you utilize it again!
@johnnyb33good21
Ай бұрын
0% down VA home loan is the greatest Loan program on the market. You definitely need to take advantage of it to buy a 1 to 4 unit property
@MrAlextoyou
Ай бұрын
David Pere is such a humble dude.
@Frommilitarytomillionaire
Ай бұрын
I appreciate you Mr. Alex!
@brianbobo136
Ай бұрын
Dave Pere is an amazing success story
@Frommilitarytomillionaire
Ай бұрын
Thanks Brian!!
@manuelllanas1840
Ай бұрын
I has many questions. My younger brother in arms has done something quite amazing and hopefully, I can do the same down the road.
@MikeCavaggioni
Ай бұрын
Great episode and great to see David on the show again!
@Frommilitarytomillionaire
Ай бұрын
I appreciate you brother!
@JayAttys
Ай бұрын
Nice! Do you have recommendations for lenders who specialize in VA loans?
@johnnyb33good21
Ай бұрын
I would recommend going to a mortgage broker who will then shop your lenders to find a VA lender. This is what I did instead of going to a lender such as Veterans United . Surprisingly Veterans United is not the best blender for veterans despite their name. I've used my VA home loan three times to buy 4plexs
@codebebop
Ай бұрын
I respect the Ducati buy 💪
@Frommilitarytomillionaire
Ай бұрын
Monster 696, it's a lot of fun :)
@Paul_Sullivan
Ай бұрын
I have a VA loan and want to house hack a 4 plex any guidance or tips?
@johnnyb33good21
Ай бұрын
If you currently have a VA home loan. You need to talk to a mortgage broker to see about how much remaining entitlement you have left or to see if you can restore your entitlement to use your VA home loan again. After that is squared away. Definitely go for the biggest property you can such as a four-unit. Buying a fourplex is the same as buying a duplex or a single-family house. No difference. So don't be intimidated by 4 units. Even if the property isn't going to make you money right away. It will allow you to live in one of the units and rent the other units out those tenants will help you pay your own mortgage and live for Less which will help you save more money to then put down for another building. I've used my VA home loan 3 times for 4plex's FHA 3.5% on a 4plex Fannie mae 5% down on a 4plex. Currently have 11 properties with 49 units These programs are awesome and you definitely should take advantage of them to help you build a rental portfolio
@florianewu7256
Ай бұрын
David Pere’s website?
@dh13king75
Ай бұрын
Great episode, but what’s the name of that orange book in the back 👀
@Frommilitarytomillionaire
Ай бұрын
Says "The Real Estate Strategy", though I'm not familiar with it personally
@dh13king75
Ай бұрын
@@Frommilitarytomillionaire me neither, I wonder who the author is because it looks like it would be interesting
@dh13king75
Ай бұрын
@@Frommilitarytomillionaire Also, wonderful episode. I have a lot of family members in the armed forces and they’ve struggled with getting into real estate investing just because they don’t know. Thank you for creating a resource for them!
@ringzorj7258
Ай бұрын
how do we get well off in this economic climate? The interest rates to make any cash flow seem to be too high if they were what I have my original loan for 2.75% I could understand how that make extra.
@johnnyb33good21
Ай бұрын
I would still recommend a house hack find a 2 to 4 unit property. Instead of paying rent at someone else's property you buy a small multi-family property live in one unit and rent the other units out. Those tenants will help you pay your mortgage. Which will allow you to live for less and save more money in your pockets to then buy another property and go from there. Overtime rents and values will increase and you will benefit by owning. you have to think long-term.
@masterkong369
Ай бұрын
The entitlement requirement is no more. There is no cap on entitlement unless you are grandfathered in now….
@Frommilitarytomillionaire
Ай бұрын
yes and no. It is no more on your first-time use. Then it comes back into play unless you utilize a one-time restoration of benefits, or sell the home(s).
@masterkong369
Ай бұрын
@@Frommilitarytomillionaire lol it would be nice if that was public knowledge and easily accessible leave it to the govt to make it a full time job to find critical information
@masterkong369
Ай бұрын
@@Frommilitarytomillionaire do you know what the max entitlement is on the second? Last I checked was in 2019 when it was 425000…
@4444micnic
Ай бұрын
@@masterkong369 that calculation would be based on the County Loan Limit for the particular area and how much entitlement you have used on a previous loan with any entitlement restoration. For example here in Ventura County, CA loan limit is 954,500. Max second tier entitlement is 238,625 (1/4 max loan limit). My buyer has 82,188 of currently used entitlement from his other home purchase he still owns. We subtract 82,188 from 238,625 and a remaining entitlement of 156,437. Take 156,437 times 4 and get a zero down limit of $625,748. The great part is that he can still purchase a house higher than the 0 down limit with a slightly small down payment… for instance if he was buying a house for 780,000 he only has to pay a quarter of the difference between the purchase price and his zero down limit…e.g. 780,000-625,748 leaves $154,252 difference. 1/4 of $154,252 is $38,563 - which would be his down payment requirement.
@MikeCavaggioni
Ай бұрын
The entitlement in your second depends on how much entitlement you used in the first. Example, I own my primary residence in Hawaii. The “cap” for a home in Hawaii is $1,149,825 (there is no cap if you have your full entitlement which means you can buy a 6+million dollar home if you wanted), so if I was to keep my home that I paid 785k for I would have $364,825 left of entitlement to use on another property. But if I sold my home, I would have the full entitlement and no cap on the price of the property (as long as I qualified for the loan). I hope that made sense. It can be a confusing process.
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