Search found 4 matches

by EmergDocAF
Sun Mar 17, 2019 9:33 pm
Forum: Personal Finance (Not Investing)
Topic: New Home Loan + upgrades (how to finance)
Replies: 5
Views: 678

Re: New Home Loan + upgrades (how to finance)

Yes, we initially thought we'd have a "clean slate" and sell both properties to do as exactly as you said. However, we have a lot of extended family/friends in the location of the rental (personal decision and we're fortunate that we have a profitable rental and job options if we decided to move back) and weren't exactly sure on the location of our next duty station (notice came out last week). We told our previous long-term renters that we *may* have put the house up for sale in the spring back in Oct to give them some heads up/be courteous, and they both promptly left (within 45-60 days), which we really didn't anticipate/account for. Lesson learned. We still may end up selling the property but have until 2022 to make a big deci...
by EmergDocAF
Sun Mar 17, 2019 1:29 pm
Forum: Personal Finance (Not Investing)
Topic: New Home Loan + upgrades (how to finance)
Replies: 5
Views: 678

Re: New Home Loan + upgrades (how to finance)

There is a lot going on here: you could wind up with 3 houses in 3 places and a LOT of debt. 1. Are you sure that your current rental and soon-to-be rental are actually good investments, or are you accidental landlords? 2. What is your net worth and income today? 3. You mention CC debt to be paid off soon - what was this and how did it happen? Based on this, I would say NO to putting any more on a CC. Do NOT tale money out of TSP. Current rental is a duplex, rented for $3250/month, current mortgage is $2050. We pay partial utility/lawn care ~$200/m for a net of +$1K to us. It is in a good location and will likely continue to appreciate/have a rental market. Our existing home (mortgage #2), is the one we are selling. Purchased for ~$290K in...
by EmergDocAF
Sun Mar 17, 2019 12:37 pm
Forum: Personal Finance (Not Investing)
Topic: New Home Loan + upgrades (how to finance)
Replies: 5
Views: 678

New Home Loan + upgrades (how to finance)

Hello BHs, I'm looking for some advice regarding purchasing a new home that may need some upgrades. We currently own two homes - one serving as a rental (lived in for 2.5yrs before PCS) and the one we live in at my current duty location which is listed for sale. We used a USAA VA loan to purchase our rental in 2012 for $307K, 30yr, 3.75% int. It has since appreciated tremendously ~$450-475K, current mortgage of ~$266K. My FICO 8 is 790. The general question I have is regarding how we should plan to finance upgrading a house at the new duty location. I'm anticipating having $50-68K available for a downpayment after the sale of our current house and paying off existing CC debt. However, a lot of the houses we're interested in may need some up...
by EmergDocAF
Tue Jul 13, 2010 7:07 pm
Forum: US Chapters
Topic: Anyone in the New Orleans area?
Replies: 39
Views: 16648

NOLA Chapter

+1 NOLA, FQ