How to finance multi-family homes with a VA loan - We Are The Mighty
MIGHTY MONEY

How to finance multi-family homes with a VA loan

The current Coronavirus pandemic leaves a lot of questions about the effect on the real estate market. But, one common opinion is that multi-family investing can offer a reprieve from economic disturbance for real estate investors. The reason is that multi-family properties offer less risk due to having more than one unit.

How Can You Finance Multi-family Homes with a VA Loan?

What most people don’t know—is that you can purchase multi-family properties with a VA Loan. It’s an incredible opportunity for seasoned investors or even first-time homebuyers, so make sure you don’t pass it up!

Multi-family Homes Research and Analysis

When you’re researching properties to purchase, know your costs! Your mortgage payments include principal, interest, taxes, and insurance, but that’s not all you need to consider. It’s important to also include factors like utilities, estimated maintenance costs, vacancy, capital expenses, and property management. Having more than one unit means an increase in all of these!

You need to know your potential rents. This helps you (and your lender) determine if it’s a good purchase. Location is a huge factor in rental amounts, so make sure to research locations.


Guidelines to Purchase Multi-family Homes with a VA Loan

First, to finance a multi-family property with a VA loan, the borrower must occupy one of the units within 60 days of closing. This is the same rule that applies to single-family homes. Even though you are required to live on the property, the opportunity lies in renting out the remaining units to cover your mortgage payments.

If there’s one veteran borrower, the property can only have up to four units. So, if you were thinking about doing a VA loan for a 100-unit apartment complex–that’s not possible, but there’s a way to add more units. By using a Joint VA Loan, two veterans can purchase a property together. Because it’s two borrowers, the VA allows for six total units. This includes four residential units, one business unit, and another unit that is joint ownership.

Per the norm, the VA requires the property to meet minimum property requirements to be financed. These minimum property requirements ensure that the property is safe and livable. One of these requirements is that each unit must be private and accessible. Shared water, sewer, gas, and electricity are okay provided:
• The property has separate service shut-offs for each unit.
• There are easements/covenants protecting water connections and VA approves of that agreement.
• Ensure the units have legally protected access to utilities for repairs (even if it’s passing through other livings spaces).
• Shared spaces like laundry and storage are permitted by the VA.

VA Loan Application Process for Purchasing Multi-family

Though the process can be similar to using a VA loan for purchasing a single-family home, there are some differences. Unlike single-family, the VA can allow rental income from vacant units to be considered, but you must prove:
• That you, the borrower, are an experienced landlord/manager using one of these criteria:
o You must have owned multifamily in the past.
o You have prior experience managing multifamily.
o You have prior experience collecting property rentals.
o You were previously employed for any property role.

Once you have provided relevant documentation to prove one of the above roles, the VA will apply 75% of future rental income to the total income consideration. To use future rental income, signed leases must be in place before closing the loan.

Other Considerations When Purchasing Multi-Family Homes with a VA Loan

Although the cost of a multi-unit inspection may be tempting to pass on, borrowers should have an inspection done on the property during escrow. Having an inspection will provide information on any issues with the property, which can help you make an educated decision on your purchase and may assist with price/contract negotiation.

Using your VA loan to purchase a multi-family property is a great start or addition to your investing journey. Once you PCS to another duty station, you can rent out all units to generate more income. You can quickly build your portfolio and have less financial risk–it’s a win-win!

This article originally appeared on Active Duty Passive Income. Follow them on Facebook.

MIGHTY MILSPOUSE

Recent changes with the 2020 NDAA and how they impact you

The National Defense Authorization Act (NDAA) is an annual piece of legislation which gives authority and funding to the United States Military. While it is a detailed body of work that doesn’t make for light reading, it should be read. This legislation is filled with items that impact the military family directly.


It addresses military pay

The 2020 NDAA provided a 3.1% pay raise to military service members. This pay raise was the biggest one to be received in the last decade and was reflected in the first paycheck received by service members of 2020. The bill also extended specific bonuses and special pay. One of the big take-aways of this bill is the focus on supporting not just the member, but the military family as a whole.

Military spouse education and employment

Within the bill there are increases in support of professional licensure for spouses. With the new 2020 bill, spouses are currently eligible for up to 00 in reimbursement for licensure costs accumulated when moving. This is twice the amount that was authorized in last year’s bill. It also addresses license portability by giving authorization to the Council on State Governments to research ways to create reciprocity across state lines.

The bill also extended opportunities for spouses for education. The My Career Advancement Account program is an example of this, as it is a valuable resource for military spouses. It offers up to 00 in assistance for licensure, certification, or an associate’s degree in a field that is portable. The eligibility for this is limited to E-1 through E5, W-1 through W-2, and O-1 spouses. The initial pilot program had it available to all spouses but rising costs and enrollment forces restrictions in who can utilize this benefit. In this bill language, Coast Guard spouses were also included even though they fall under the Department of Homeland Security.

Military housing reforms

One of the key elements of this bill is that it addresses the issues within military privatized housing. The bill created new accountability for these companies by enforcing quality assurance measures. It also increased the number of required inspections. This bill provides an additional 1.8 million dollars to make sure that each housing office has the vital personnel it needs to ensure military families are taken care of.

One of the tools that will be utilized going forward is a way to assess and evaluate for risks within military housing. This includes things like mold and lead. It also allows for the BAH to be withheld from the private housing entity until issues or disputes are solved. Another key piece is that it forces transparency by requiring these entities to disclose repairs or issues prior to lease signing. There will also now be a required Tenant Bill of Rights and minimal livable standards established.

Military family needs

The NDAA also authorized million for the STARE BASE program, which is a DOD youth program. It is an American military educational program for grades K-12 that teaches science and math in hands on ways. It was created to tackle the low rates of readiness in these subjects by implementing a program that makes math and science fun and interactive. To learn more about this program and to see if it’s located in your area, click here.

One of the chief concerns outlined in the 2018 Blue Star Families survey was that 72% of military families cannot find reliable childcare. An amendment was included in the NDAA for 2020 that creates more coordinator positions on bases to assist with childcare and extends childcare hours for families.

Another key piece to this legislation is that it created the ability of military service members to sue under administrative claims for medical malpractice by a military provider. Although there was existing legislation for under the Federal Tor Claims Act, the United States itself was immune. After countless hearings within congress over a decade, this amendment passed within the NDAA. If a service member sustains injury or death they can file a claim and receive up to 0,000 as long as they file it within two years.

Surviving spouses receive relief

Finally, one of the biggest parts of the 2020 NDAA is the elimination of what is known as the “widows’ tax” in phases. For multiple decades surviving families have not received their full benefits as they deserve, even though they paid into the benefit programs. This is a piece of legislation that has been debated and fought over for almost twenty years. Finally, change is coming and it will be finalized by 2023.

If you’d like to look through the 2020 NDAA, you can find it here. Fair warning, it is 1119 pages long. However, a pro tip is to utilize the search ability within the document to enter terms that you want to specifically read about. This will bring you exactly where you need to go. Happy reading!

This article originally appeared on Military Spouse. Follow @MilSpouseMag on Twitter.

MIGHTY BRANDED

Why now is the perfect time for military families to refinance home loans

In recent weeks, Wall Street has talked a lot about the fears of a coming recession, fueled by a drop in government bond yields. The casual investor may have no idea what this means for them, but for homeowners in the military and beyond, it means now is the perfect time to refinance a mortgage.


What any potential refinancer needs to know is that the falling bond yield is pushing mortgage rates to their lowest levels in three years. In November 2018, the interest rate was steady at five percent. Eight months later, the interest rate in now at 3.6 percent and looking to fall further.

This isn’t some shady internet ad, promising easy money on Obama-era mortgage laws or new Trump-era government home loans – those certainly exist and everyone should be wary about trusting easy money. But the drop in mortgage rates comes directly from Freddie Mac, whose rate on a 30-year, fixed-rate mortgage fell to 3.6 in August 2019. The reason is that the 30-year rate is linked to 10-year Treasury Bonds. The rate of return on those bonds just fell to their lowest since October 2016.

How to finance multi-family homes with a VA loan

(St. Louis Federal Reserve)

What this means is that suddenly your homeowner dollar goes a little bit further, considering the cost of taking out a new loan or refinancing an old one just dropped. According to Caliber Home Loans, a lending company who specializes in military and veteran homebuyers, the rule of thumb used to be that the interest rate for a new mortgage must be about two percentage points below the rate of a current mortgage for refinancing to make sense.

With new low- and no-cost refinancing from Caliber and other lenders, refinancing could make sense any time – especially right now, given the latest interest rates. A refinance could reduce overall interest while reducing a monthly payment. If you acted right now, you wouldn’t be alone, not by far. Falling rates boost the U.S. housing market.

How to finance multi-family homes with a VA loan

It’s important to think of your home as an investment, too.

“My applications are up across the board,” said Angela Martin, a Nashville, Tenn.-based loan officer told the Wall Street Journal. “Every time the Fed starts talking is when my phone starts ringing off the hook.”

What Martin means is the Federal Reserve just cut the benchmark interest rate after a few successive rate hikes. This is when people start looking for a better deal. But be wary – lenders will sometimes employ different perks after a rate drop to entice customers to accept things like credits at closing instead of a lower rate.

For military families and veteran homeowners, look into military-oriented lenders like Caliber Home Loans. Caliber and companies like it specialize in the needs and benefits afforded to military members and veterans. Caliber is also a proud sponsor of the 2019 Military Influencer Conference, a three-day conference of service members, veterans, and spouses who work to elevate the military veteran community.

Articles

Commissary savings overhaul might cost shoppers extra

A recent overhaul of the defense commissary program aboard military installations will result in higher costs for its customers, according to a recent MilitaryTimes report.


New rules, which were put in place as part of the latest annual defense authorization act allow the defense commissaries, or DeCA, to up the prices on about 1,000 products in 10 stores. Additionally, all 238 commissaries were authorized to raise prices on national brand products.

According to MilitaryTimes, this will allow officials to explore how the overall impact of raising these prices might help them to reduce operating costs that taxpayers cover, which currently sits at about $1.3 billion annually.

Before the rollout of the overhaul, DeCA was able to sell items at the commissaries at cost plus 5 percent. Under the new system, DeCA is able to purchase items at a reduced rate, but sell them at their previous rates or higher.

For example, if DeCA purchases a product at $.10 cheaper than before, it might not sell that product for the reduced price at the commissary, MilitaryTimes explains.

That extra cash might go, instead, toward operating costs or toward lowering the price of a different product, or both.

One of the issues with this new system, according to MilitaryTimes, is that the consulting company who designed it may be benefitting financially. MilitaryTimes claims that “unofficial reports from members of industry” say that Boston Consulting Group (or BCG) stands to make between 50 and 60 percent of the amount prices are reduced.

So that dime savings per sale of a particular item might net BCG between a nickel and 6 cents per unit sold.

DeCA officials are unable to confirm those claims, saying instead that the details of extra awards, fees or incentives for BCG won’t be available until they are “determined at a later date”, MilitaryTimes says.

Chris Burns, the executive director of business transformation at DeCA, told MilitaryTimes that the money DeCA saves is going toward reducing product prices or toward operating costs, but MilitaryTimes could not determine if consulting fees were included in those operating costs.

The effects of the overhaul are being felt elsewhere, as well. Some national brands who are pressured to lower prices below cost are pulling their items from the commissary altogether, MilitaryTimes reports. They claim that “multiple sources” are saying that other programs, like scholarship donations, could be cut.

Some good news does come out of the overhaul, however. DeCA will begin rolling out store brand items later this month that should be cheaper than national name brands.

While Congress approved the Department of Defense’s DeCA program, they are keeping a close eye on it and on whether it actually saves anyone money, MilitaryTimes says.

Articles

Vets First helped this former airman build her spiritual home

“It is neither your title nor your name that defines you, but what is written on your heart.”


Rene Locklear White has held many titles: lieutenant colonel; Air Force veteran; wife; mother; Native American religious leader.

But none of these things define her.

Serving as a space satellite surveillance officer, White says, “I spent 22 years in the Air Force. Proudly. Happily.”

That pride and that happiness are what define her more than anything.

With her husband, Chris “Comeswithclouds” White, White runs Sanctuary on the Trail, a Native American Christian church in the Blue Ridge Mountains of Virginia. The church has five key areas of focus this year, the Spirit Speaks Forum, arts and culture advancement, disaster relief, human rights advocacy, and veteran wellness.

The focus on veteran wellness doesn’t jut apply to spiritual wellness, but to physical wellness. Together, the Whites work with veterans to understand their benefits and to get wounded warrior care for themselves and their families.

Comeswithclouds built their house with his son, Jacob, and the home is a beautiful reflection of who they are.

“We can honor nature and be a part of it, all the time,” White said. “The house is built, but now we’re.. building the community,” Comeswithclouds noted.

Currently, the family hosts Ceremony at their home, inviting members and strangers alike to experience the land in its purest, untouched state. The way Native Americans thousands of years before them did.

For more information, visit Sanctuaryonthetrail.org.

Articles

WW2 fighter pilot and founder of Enterprise Rent-A-Car dies at 94

How to finance multi-family homes with a VA loan


Jack Taylor, the founder of Enterprise Rent-a-car who served as a fighter pilot during World War II, died last week at the age of 94 according to an announcement made by the company.

Taylor served as an F6F Hellcat pilot in the Pacific Theater during World War II, flying from the U.S.S. Essex and U.S.S. Enterprise (his company’s namesake). He was attached to Carrier Air Group 15, led by the top Navy ace of all time, Commander David McCampbell. CAG 15, which sustained more than 50 percent casualties during the war, was one of the most decorated combat units in the history of U.S. Naval Aviation. Taylor, who served as McCampbell’s wingman on several combat missions, was twice decorated with the Distinguished Flying Cross. He also received the Navy Air Medal.

How to finance multi-family homes with a VA loan
Jack Taylor.

After the war, he worked as a sales rep for a Cadillac dealership before getting into the leasing business with a fleet of 7 cars. His breakthrough idea was renting cars at places other than airports for those who needed an extra car around the neighborhood for whatever reason. His company, Executive Leasing, eventually became Enterprise. The company is among the world’s biggest rental car brands, with annual revenues at nearly $20 billion.

Taylor also a philanthropist. Since 1982, he personally donated more than $860 million to a wide variety of organizations including Washington University and the symphony orchestra in his hometown of St. Louis.

Years later, Taylor reflected back on how well his military service had prepared him for his business success, saying, “After landing a Hellcat on the pitching deck of a carrier, or watching enemy tracer bullets stream past your canopy, somehow the risk of starting up my own company didn’t seem all that big a deal.”

MIGHTY MILSPOUSE

Everything you need to know about startup accelerators for vet-owned businesses

If someone told you the only way for you to survive the coming recession unscathed would be to start your own business, would you even know where to begin? Would you be able to afford the startup costs on your own? Can you handle the workload that might come with such a venture? For most people, especially veterans, that answer is no. That’s what startup accelerators are for – access to knowledge, access to capital, mentorship, connections, talent – all these things can be acquired through these programs.


Vets have some unique skills and traits that make them natural entrepreneurs. And that’s why a startup accelerator like Bunker Labs has big plans for those who are ready to take the first steps toward entrepreneurship.

How to finance multi-family homes with a VA loan

When some of the most powerful brands get together for vets, big things happen.

Veterans are an interesting slice of Americans, especially where entrepreneurship is concerned. Time and again, veterans show they have the work ethic and drive it takes to start their own enterprises. Of the 200,000 separating veterans every year, 25 percent of those are interested in starting their own businesses but only 4.5 percent of those 50,000 vets are actually able to pursue their own entrepreneurial vision. The reason is because starting your own business takes knowledge veterans may not have and capital most definitely do not have.

That’s where a veteran-owned business accelerator can come into play. If you don’t know where to begin but you have a great idea, an accelerator like Bunker Labs is a great place to start. Starting a business isn’t obvious – there’s a lot that goes into it that you will just not know. Bunker Labs is a non-profit startup accelerator for the military-veteran community comprised of veteran volunteers with the tools and resources to help their fellow vetrepreneurs start their business.

Bunker Labs has helped create more than 1,000 veteran jobs in the United States and helped raise some million in startup capital. This accelerator captures the ambition and innovation veterans bring to startups and equips them with knowledge, mentorship, and opportunities they might otherwise not have had access to. There are labs online, labs in-residency for vets, and when the ball really gets rolling, a cadre of CEO vetrepreneurs who are taking their work to the next level. Bunker Labs is even a partner with the 2019 Military Influencer Conference, a three-day entrepreneurial workshop which brings together the brightest and most inspiring veteran entrepreneurs to teach and share their lessons learned and best practices.

How to finance multi-family homes with a VA loan

To get started with Bunker Labs, vets simply have to start with registering for their Launch Labs Online, fill out some quick demographic information and from there you can connect with other new members, find a mentor, engage the Facebook group, and more. After activating your account, you can start taking classes with Bunker Labs right away. The core classes include knowing yourself, knowing your customers, and how to make money. From there, the sky could be the limit.

If you’re interested in starting your own business and don’t know where to begin, the Military Influencer Conferences are the perfect place to start. There, you can network with other veteran entrepreneurs while listening to the best speakers and panels the military-veteran community of entrepreneurs can muster. Visit the Military Influencer Conference website for more information.

MIGHTY MONEY

Small nonprofits that make a big difference: The Military Health Project

How to finance multi-family homes with a VA loan
Jacob Angel speaks to guests at the Veterans Day Reception in San Francisco on Nov 11, 2016.


Today there are over 40,000 nonprofits that focus on military and veteran issues, according to Charity Watch.

Most of those registered as nonprofits are chapters of larger organizations, but some of them are single chapter projects that focus on specific needs within the veteran community.

Here at We Are the Mighty, we wanted to explore some of those advocacy groups you might not have heard of in a bit more depth.

The Military Health Project & Foundation is based in San Francisco and is run by Jacob Angel. Founded in April 2013, the nonprofit was originally designed to address mental health issues through pushing national legislation.

Angel tells us it took the nonprofit eight months to realize where it was failing.

“We were making the same mistake that the Department of Veterans Affairs and Department of Defense were making,” he says. “We were treating mental and physical health care as two separate areas of care.”

The nonprofit re-aligned itself to better connect mental health and physical health, and in March 2014 it went to work garnering support for the Excellence in Mental Health Act, a bill that Angel says eventually became law after a long battle.

“Thus far, the program is going very well,” Angel says. The law, according to Angel, makes counseling and other mental health service available to everyone “regardless of socioeconomic status or insurance coverage.”

In March 2015, The Military Health Project & Foundation announced the creation of the Military Support Fund, a dedicated financial resource to address coverage gaps for military and veteran families.

Angel tells that since its creation, the Military Support Fund has assisted 40 families in securing funding for specialized medical services and equipment.

Chief Petty Officer Carla Burkholder’s son was the recipient of a $2,500 grant for specialized medical equipment from The Military Health Project & Foundation.

“It feels like a great weight has been lifted off my shoulders,” she wrote.

The organization is focused on addressing both physical and mental health needs through direct assistance and legislation.

“We are now a hybrid organization,” Angel says.

The Military Health Project is the advocacy wing where the nonprofit helps to create policy that addresses the ever-changing needs of the military and veteran community through legislation.

The Military Health Foundation works to provide for military and veteran families in the interim.

“They should not have to wait for treatments that they require and frankly deserve.”

MIGHTY MONEY

Everything you need for a secure financial future and when to start

The world would be a perfect place if everyone grew up with a financial advisor, someone who told them exactly what to do with their money and when. While the best rule of thumb is to start investing early and often, the benefits of compound interest just aren’t as interesting as spending your allowance on candy and Wiffle ball gear.

How to finance multi-family homes with a VA loan
It’s also not nearly as satisfying.

The rule that you should get started early still stands but it’s not necessary to get started quite that young. However, if being bullish on Wall Street is more appealing to you than playing ball in the street, go for it — your future, financial self will thank you.

Military members have experienced a lot of changes in the tried-and-true retirement and benefits packages we used to know. For new troops, guaranteed pensions by themselves are gone. This is true for some older members who decided to opt-in to the new system, too. And now, the military will match your contributions to your Thrift Savings Plan (a kind of military 401(k)). There are other variations in the blended retirement system that troops need to know, too.

Some will still wonder if they’re doing enough to save for retirement. This is a completely understandable feeling as a trade war with China grows and the stock market becomes more and more present in daily news cycles. After all, infantry troops and aircraft mechanics are not traditionally well-versed in financial products.

How to finance multi-family homes with a VA loan

If you don’t know if you’re doing all you can to promote a healthy financial future, you should turn to the financial advisors available on base or seek help elsewhere. But for starters, here are few general guidelines to let you know if you’re on the right track.


How to finance multi-family homes with a VA loan

Paying off your credit card feels like being awarded an achievement medal.

(U.S. Air Force)

Around age 22 — Get rid of credit cards and save some cash.

I know, every single financial advisor or personnel officer starts out with this advice, but it’s for a good reason: they’re right. Paying off your debt means you can use that cash and put it to work for you. When you have a lot of credit debt, you’re the creditor’s investment and they’re earning interest on your money instead of the other way around.

At about this age, you should also be saving a significant portion of your income, roughly 15 percent. While this sounds like a lot (and it very well might be, especially for military families), remember that every little bit helps. Setting aside an allotment of fifteen, ten, or even five percent of your pay is worth the time and effort.

How you do this is the (potentially) exciting part. Explore a 401(k) like the TSP, IRAs, and savings accounts — in that order. Just keep an eye on the management fees companies charge. Most charge a percentage of your overall portfolio and the difference between one percent and one and a half percent can be hundreds of thousands of dollars over a lifetime. Look into fiduciary firms to open these accounts. Most can even be managed on your smartphone, via tools like Wealthfront or Wealthsimple.

How to finance multi-family homes with a VA loan

Paying off your student loan feels like a handshake from Chuck Norris.

(U.S. Air Force)

Your 20s — Don’t miss a chance to pay extra on your student loans.

They’re the goddamn worst.

How to finance multi-family homes with a VA loan

Crazy things happen.

Your 30s — Prepare for your home and family.

You are never going to be fully financially prepared to have kids — nobody is really. But if you’re finally up to saving that 15 percent of your income, you can open a 529 pre-tax college savings account for the little ones. You can also be open to other kinds of investments, like a real estate investment trust, which is a kind of managed fund that buys and manages income-generating real estate.

Another thing that needs to go at this point are excessive fees that take away your money without giving you much in return. The market is flooded with organizations that want your money and they want to take it without you noticing. You shouldn’t be paying a lot of bank fees, ATM fees, or any fee that seems excessive. Keep watch.

By this point, you should be building up a savings account of three to six month’s worth of expenses as a cash reserve and, in the case of any unexpected windfall of cash that comes to you in the form of bonuses or gross profits or lottery win (no judgement), you should always put half away before enjoying the other half.

How to finance multi-family homes with a VA loan

If you’d thought of this 30 years ago, DiCaprio would be your neighbor.

Your 40s — Expand your reach.

For the life of your mortgage, you should be trying to make an extra mortgage payment on your home at least once a year. If you have the means, you might even seek to buy a vacation home or investment property that you can make money from while working to pay off. Renting a house in New Mexico (or wherever) or putting it out on AirBnB for 15 years could turn into a fine place to retire later.

How to finance multi-family homes with a VA loan

No matter what Tom Selleck, Fred Thompson, or Henry Winkler tell you.

Your 50s — Slow your roll.

Move investments away from stocks and think about commodities through exchange-traded funds (ETFs). They aren’t as prone to market changes as stocks are but still allow for growth over the years. As you approach your 60s, consider getting half of your investments into securities, like corporate or municipal bonds.

If those kids have flown the coop, this also might be a good time to downsize your home to take advantage of any equity from making those extra payments all your life. A reverse mortgage is not a good way to take advantage of your home’s equity because, like credit cards, you’re spending money you haven’t made yet.

Your 60s — Live it up.

Find a new career that you love for the love of the job. By this time, any money you make will just be the money you throw around for fun, instead of using your savings. Try to stay active, get out, and maybe see some of the world.

Articles

Pentagon considers lifetime access to Exchange system for vets

While Congress might have tinkered with the benefits many former servicemembers will receive when they leave the military beginning in 2018, the dizzying array of calculations, percentages, and investment tools now a part of a veteran’s future nest egg may come with a silver lining.


Potentially tax-free shopping for life.

The 2016 National Defense Authorization Act included significant changes to the military retirement system, including a reduction in retirement pay and matching contributions to a military Thrift Savings Plan. The so-called “blended retirement system” is similar to the kind of portable 401(k) that many civilian workers already have.

How to finance multi-family homes with a VA loan
This could be you in twenty years.

But in a separate deal, the Pentagon is set to approve a change to the Army and Air Force Exchange Service that would allow former honorably discharged servicemembers to shop at AAFES online for life.

For those not in the know, the Exchange is a department store-like retail outlet that also operates food courts, gas stations, liquor stores, and military clothing stores on U.S. military installations worldwide. While items do not have to be sold at cost (as they do at the commissary – the military grocery stores which are also on bases) if they are sold at the Exchange, they are sold tax-free.

This could mean tax-free commercial electronics for all!

How to finance multi-family homes with a VA loan
Time to relive those dorm room days.

The deal would not include access to the military commissary system.

Opening the Exchange service to all veterans would mean 20 million new customers and hundreds of millions in revenue for Morale, Welfare, Recreation services, which is where the dividends from Exchange services are reinvested, Military.com reports.

Access to the Exchange is currently restricted to military members who are active duty, guard, or reserve, retired or disabled military members, authorized family, and Medal of Honor recipients.

While the Pentagon says the proposal from Executive Resale Board is still under review, if approved, the new benefit would go into effect on November 11, 2017.

MIGHTY CULTURE

USAA says, be safe—cyber threats never end

If you received an email advertising a new vaccine for the coronavirus, would you open it? If a doctor called you requesting payment to treat your family member for COVID-19, would you share your information?

While the world is focused on the coronavirus (COVID-19), criminals are taking advantage of the situation.

“We are seeing coronavirus-related phishing attacks and we are seeing them at USAA,” warns Michael Stewart, assistant vice president of information security at USAA. “We are seeing emails advertising alleged coronavirus-related benefits and others from a healthcare perspective.”


Other potential scams include fraudsters pretending to be members of the Centers for Disease Control and Prevention or World Health Organization to obtain personal information or selling fake coronavirus test kits and vaccines that do not exist.

“Fraudsters like to take advantage of these situations,” explains Stewart. “They will leverage the coronavirus and urgency around it to get people to click on things or give up information that they might not otherwise disclose.”

How to finance multi-family homes with a VA loan
Hunter’s Den

media.defense.gov

Some additional scams during this pandemic period to be aware of include:

  1. Charity scams: Stay alert of scammers contacting you to donate to fake charities. Research the organization you desire to sponsor to ensure your information is protected.
  2. Product or services scams: Items like hand sanitizers, disinfectants and household cleaning supplies are often offered by scammers who will keep your money. Scammers also offer cures, coronavirus test kits and vaccines that do not exist. Services can range from house cleaning to doctor visits.
  3. Employment scams: Scammers create job ads to lure unemployed consumers to fake jobs. The scammers will wire money or send a fake check to you, asking to send a portion back or use the funds to purchase goods, which are directed back to the scammer

Tips to protect your information include:

  1. Secure your accounts: use multifactor authentication everywhere, especially with banks, phone and email providers. This extra layer of security helps keep you safe.
  2. Stay vigilant: scammers will contact you by phone, email or text offering products, services or humanitarian opportunities. They often pose as credible companies “phishing” for login or personal information Pause to confirm it’s a credible company before proceeding.
  3. Monitor your accounts: stay close to your personal bank accounts, report suspicious behavior and respond to alerts.
  4. Use trusted Wi-Fi networks: as more people transition to work from home, ensuring your Wi-Fi network is password protected is critical to safeguard your information.
  5. Be informed: visit the FTC’s Consumer Information site for more information at https://www.consumer.ftc.gov/features/coronavirus-scams-what-ftc-doing

More information is available at www.usaa.com/coronavirus.

Articles

4 schools the GI Bill pays for other than traditional college

Everybody knows that the GI Bill is for college, but did you know you can use it for things other than a typical brick-and-mortar institution of higher learning? Here are four VA-approved ways you can use that benefit to better fit your goals in life.


*Note: While Veterans Affairs has confirmed that each of the schools listed here are approved institutions for using the GI Bill, you should always consult with your VA representative before making decisions regarding benefits.

1. Be the best bartender you can be!

While the GI Bill itself does not actually cover bartending school, try to find an accredited school with degree programs in culinary arts. If you can manage that, your course load will most likely include classes that involve various aspects of drinkology, an academic counselor at Culinary Institute of America told WATM.

The institute- which is best known as the CIA- is a VA-approved school.

2. Make Mary Jane your money making biotch

With the rise in the legalization of cannabis — both for medicinal and recreational purposes — across the country, professionals within the cannabis industry are going to be in high demand.

There are three different areas within the weed world to look at: chemists, horticulturist and dispensary managers.

Chemists and dispensary managers can be made through any traditional college route, but to be a cannabis grower, you can attend an horticulture school that offers degrees or certificates in horticulture.

Southeast Technical Institute offers an associate’s degree in horticulture and it is a VA-approved school.

3. Show everyone that you have the perfect face for radio

The Academy of Radio and Television Broadcasting offers an intensive course of study in radio and television broadcasting. Students at the Academy learn everything a normal college student learns in a four-year broadcasting degree- but in a much shorter time and without the requirement to invest in typical “core” classes. Core classes in math and science don’t typically translate into radio and television broadcasting, so the concept behind the school is to focus solely on broadcasting.

This cuts the typical four year program down to a mere seven months.

Tuition for the entire program is roughly $15,000.

4. Dive for buried treasure.

Well, be a commercial diver, anyway. The Divers Institute of Technology actually prefers veterans, and it is (and always has been) owned and operated by veterans.

The Divers Institute’s website claims, “you’ll get lots of hands-on, in-the-water training during your seven month program. We’ll teach you surface and underwater welding, cutting, and burning. You’ll learn diving physics and medicine, safety, rigging, salvage, hazmat, inland and offshore diving and more.”

The kicker? Some commercial divers like underwater welders can reportedly make upwards of $300,000 a year. Suit up. And make sure you aren’t barefoot.

The institute is a VA approved school.

For more information on exactly what the GI Bill will cover, check out the VA’s website.

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