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How Military Members Retire Rich

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Stop paying your land lords mortgage with your BAH. Stop renting and start buying property using the VA Loan with 0% down payment and low interest rates. Own your own property and see how military members are retiring rich.

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How Military Members Retire Rich

  1. 1. = HOW MILITARY MEMBERS RETIRE RICH RANCHO COASTAL PROPERTIES, INC. “I always thought I would have to work through my retirement. Now I can relax and do as I please.” BRANDON FOSTER BRE # 01983904 760-583-9757 BRANDONFOSTERGROUP@GMAIL.COM RANCHO COASTAL PROPERTIES 2833 CACATUA ST. CARLSBAD CA.,92009 BRE # 01836634
  2. 2. Rancho Coastal Properties, Inc. –Brandon Foster, Realtor 2833 Cacatua St. Carlsbad, CA., 92009 brandonfostergroup@gmail.com – 760-583-9757 RETIRE RICH Testimonial While in the military I never thought I could get a loan due to me living month to month on my pay check. Little did I know that I was paying someone else to get rich. Yes every time I made a rent payment I was paying for my landlord to get richer. Finally I learnt about the VA loan, 0% down with no upfront cost, I was able to buy a house for the same amount that I was paying for rent. Not only that, due to the tax break you receive for owning a house or condo, I was able to get money back at the end of the year. The process allowed me to move into my own home. I lived in it for a while and then when I had to relocate I rented it out. Now that person was paying for me to get rich. By the time I retired the house had increased in value by 100%. With having someone else pay the rent for most of the time I owned it meant that I had paid almost nothing towards paying down my loan. This meant that when I retired I sold the property and was able to purchase another house for cash where I was based when I retired. INSIDE THIS ISSUE Testimonial 2 How to Get Started 2 Transferring or Moving Base or Station 4 The Future 5 I now am rich, earning my retirement with no home payments and dividends from the cash I invested after the purchase. How to Get Started Being in the military is hard and the pay can make it harder to set up a future where you can be wealthy too. There is a way though. To compensate its members for their hard work, the government has created many programs. These programs are part of your pay and military members really should use them. Places to find out about all these benefits can be found at, www.military.com or www.ebenfits.gov. Base pay is very minimal; however BAH is a fair market price for housing in the area where you are based. This compensation can make you wealthy. This amount is usually given to landlords every month due to the fact that military members do not know that they can get a loan for a house for this amount. They are often scared due to the fact they would have to relocate too often. There is an answer to both these concerns. By Brandon Foster
  3. 3. Can you afford to get a loan for a property on your pay scale? The answer is almost, always, yes. This is due to the fact that to be in the military your salary is considered very stable and therefore the banks are more willing to give military members loans. Combine this with one of your benefits a VA Loan and you are even more likely to get the loan. (Below we will go into how to do this) I have to relocate every three to four years and cannot make two mortgages or a rental and mortgage payment. The answer to this is, „you need to research where you buy to make sure that the house you buy has a rental demand‟. Combine this with the increasing demand for rentals in the USA it will make renting your property to cover all or most of the mortgage payment easy. (refer to below on how to do this) So how do you get started on you path way to wealth? 1. Contact a mortgage company or bank and ask for a pre-approval for a VA Loan. They will take you through a process of getting your financials, credit score and asset statements to see how much of a loan you qualify. Remember to keep the amount for below or close to your BAH amount. If one bank will not loan to you always remember to try a second or a third. Combine this with one of your benefits, a VA Loan and you are even more likely to get the loan. You want to make sure that it‟s below or close to your BAH amount because this way you can also tap your fellow military members who are stationed at your base, to rent to them when you move. The great thing about the VA loan is that you do not have to put any money down on the property when you purchase it. This means you need hardly any savings. This allows you to get into the real estate game with hardly any money in your savings account. This is how you can go from close to broke to stepping stone to being rich. The loan officer will finally get you a pre-approval letter for the amount of loan they are willing to give you. 2. Contact VA home loan specialist, real estate agent, Brandon Foster.
  4. 4. AN ARTICLE 760-583-9757. Using his knowledge of the San Diego and its surrounding county real estate market, he will search the MLS (real estate property search engine) for you. He will search for the perfect condo or home that will fit your family‟s needs as well as the requirements to make it a future rental property. 3. Go through the home or condo search and find your perfect property. With the help of your real estate agent, place an offer and hopefully get accepted. You now are a proud home owner. Complete your tour at your base or station. Making improvements to your property and growing equity in the property as you live in it and pay down your loan. (this depends on the market but on average always goes up in price) Make sure to talk to a tax expert when doing your taxes as you can get great returns and deductibles being a home owner. Transferring or Moving Base or Station Now comes time to transfer or change base. You need to start as early as possible and examine the rental market for around your property, for like kind properties. Get a competitive rental figure in mind that will cover or come close to covering your complete mortgage. 1. Contact a property management company. Ask for how much they charge to rent and manage your house or condo. Make sure that money paid in rent, minus their fees still covers your mortgage payment. (or as close as you can) If the deal looks good, from the property management company, sign up with them. ( try not to manage your own property, you are too busy with the military to worry about the rental) 2. At your new duty station contact a loan company and ask them to check if you still have eligibility left on your VA loan. Depending on the location you are in you could still have eligibility to get a second VA Home Loan. If you do have eligibility, use the VA Loan and begin the process over again attaining a second property. If you do not have eligibility you can ask the loan company to try and get you a conventional loan. If the conventional loan requires that you put down too much money, that you don‟t have or is too difficult, rent. Yes this is a time to save. Find a reasonable rental and use this as a time to gain equity in your first property and build up your savings. 3. On moving your second time, if you were able to purchase a second home look for a property manager again and begin that process to get it rented. If you rented this tour, look to purchasing at your new duty station with the money you saved as
  5. 5. a down payment. Or if your new location gives you more eligibility in your VA loan use the VA loan to get a second VA Loan. 4. As you move from station to station keep an eye on the value of your properties. If you see that you have gained a large amount of equity in one of your properties, sell the property and move the cash into a new property as a large down payment or total cash purchase. You might be able to use a 1031 exchange to save yourself from owing capital gains tax. (ask a tax expert or attorney for help in this area) This is where you must be wise but can start to become very wealthy as you attain more and more property. If you do it correctly you could own four properties earning rental income by the time you retire. Or one or two properties you own out right that you could liquidate and purchase a large property to retire in with cash left over to invest elsewhere. The Future The future can be very bright for military members if they play their cards right and use the compensation and benefits afforded to them, through their jobs. “This is where you must be wise but can start to become very wealthy as you attain more and more property.” “make yourself wealthy….. For more information on how to make yourself wealthy, please contact Brandon Foster at the phone number or email to below. --------------------------------- Brandon Foster Lic # 01983904 Rancho Coastal Properties, Inc. 2833 Cacatua St. Carlsbad CA, 92009 760-583-9757 brandonfostergroup@gmail.com

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