Did you know there are over 21 million veterans and nearly 1.35 million active-duty military who could be eligible to purchase a home with a VA loan? However, many do not understand how it works which prevents them from trying to obtain homeownership. Here are a few facts to help:
1. No down payment or mortgage insurance
One of the biggest advantages! You don’t need a down payment. Most mortgage programs require at least 3.5 percent to five percent down. A huge savings for our veterans!
With a VA loan, you also avoid steep mortgage insurance fees. At 5 percent down, private mortgage insurance (PMI) costs can be $150 per month or more on a $250,000 home, depending on the buyer’s credit score. This buyer could afford a home worth $30,000 more with the same monthly payment - simply by eliminating PMI. Using a VA loan saves you money upfront and increases your buying power.
2. Use your benefit more than once
You have a total entitlement of $484,350 in El...
Last week I was travelling across Europe with my wife and kids flying first class from country to country. We went from Germany where we spent time getting served by folks in lederhosen and over to Scotland where I went to a few Scotch distilleries testing some various choice Highlands and Speysides… what an amazing trip! We passed through Paris and took a helicopter tour of the city and had an amazing view of the Eifel Tower. We went to Poland and visited Auschwitz (amazing!) where my 8-year-old son asked, “what happened here, daddy?” Right then I knew we needed to continue travelling the world and showing our kids what really matters in life: time with your family while learning and experiencing the world while sharing the blessings we have with as many people as we can.
Now, I have a confession, I didn't actually make that trip… last week I was stuck working a lot of hours on a TDY away from my family. I worked about 95 hours and I barely even talked to...
If you want to be a military real estate investor, you need to protect yourself. Most people never think about investing within an Limited Liability Company (LLC). Years ago, I definitely thought it was not necessary. In my imagination, it was an incredibly difficult process that was something that only big companies had to do. This is simply not true.
LLCs are a fairly new legal business entity created in Wyoming in 1977. The unique aspect of an LLC is that it provides a combination of liability protection and also acts as a “pass through entity” for tax purposes. It is the perfect entity for real estate investing.
LLCs have exploded in popularity since their beginning and are the new standard for Real Estate investing.
The three big reasons for owning a rental property within an LLC are: Tax Benefits, Privacy, and Liability Protection.
This is one of the biggest reasons why Real Estate Investing is such an incredible wealth builder.
The number one question is always, "where do you find the time?"
I have almost completely stopped listening to music in the car. I treat my commute every day as if it was a college course. Listening to the news or some other dramatic time-wasting content does not cut it anymore. I have become highly selective about how I spend that precious daily hour.
The funny thing is, I always thought that the only way for me to learn something is by taking notes. Something I realized about myself during flight school is that everyone can learn through repetition. For example, for a while it was difficult for me to understand all the details of owning a rental property within a Limited Liability Company (LLC). But after listening to several podcasts explaining why it is important, the concept and all of its supporting arguments began to sink in.
The following list of three podcasts are my "go-to" for real estate investing information.
Real Estate Investing in the United States is magic. Investors from other countries often disregard any additional resulting taxes and invest in our real estate market. It boggles their mind that our system is so profitable. If you or your parents were caught up in the 2008 crash, you are probably on edge about real estate and that is completely understandable. However, all it takes is arming yourself with knowledge of the system to be ready to capitalize on the next market crash instead of simply surviving or even drowning amidst all the hysteria.
There are FIVE specific aspects of real estate that show why it is a fantastic way to build wealth. Each aspect is reason enough to take the plunge, but when properly combined, the results cannot be overlooked.