Skip to main content

First rental

Just going till make things simple.

My wife and I want to buy a new house. We're currently living in our first home that we purchased roughly 3 years ago on a va loan with no down payment.

The home was bought for 140k, since the neighborhood had filled up, homes in the area go for around 160ish.

The new home we want is 190k. Trying to find a way to make it work is proving to be tough. Due to our lack of fu ds in savings and checking (probablycan't put anythingdown). Mainly because I really want to keep the first home and rent it out. (In a new subdivision 10 from a large air force base)

I have very little knowledge on how these things go. But what I'm thinking is we have 1 of 2 options.

Refinance first home, and use escrow to put down payment on new home? Or refinance with a new bank to clear up my VA benefit so that the VA will approve the new loan?

Get a signed lease for original house to show it as income before attempting to get new loan?

Additional info: First home loan from VA that we got, I was the ONLY income. Now my wife works full time and makes an additional 30k/year.

If there's more info I need to add that could maybe give me more options or something that is going to negate the options that I think I have. Please share, I'd really like to learn as much as possible about this

submitted by /u/okarnando
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/e39y1g/first_rental/

Comments

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...

How to Avoid Property Scams in Delhi?

Here’s What You Should Know! Commercial Real Estate (Non-Residential) Buying a property in Delhi can be tricky, especially with all the stories about scams and shady deals. If you're in the market, here are some tips to keep yourself safe:Double-check the documents: Always verify ownership and approvals. Don’t just take someone’s word for it—look at the actual papers. Do your homework on prices: Compare similar properties to avoid overpaying. A little research can save you from a bad deal. Work with trustworthy people: Whether it's a seller or an agent, go for someone who's transparent about pricing and the process. If they’re dodging questions, that’s a red flag. Ask for reviews or references: If someone you’re dealing with has a good track record, they won’t hesitate to share testimonials or connect you with previous clients. I’ve noticed that some property services have started focusing on things like verified listings and clear communication, which makes the whole proc...