RE: First investment using VA loan!

[William Spekhardt]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $435,000
Cash invested: $60,000

This was a live-in and flip; our first home purchased with a VA loan. We quickly remodeled utilizing a commission loan ($30K loan at 2.99% low interest loan given my USAA or Navy Federal for newly commissioned officer) and enjoyed this house for several years before moving.

What made you interested in investing in this type of deal?

This was our first primary residence and we absolutely loved every minute of it.

How did you find this deal and how did you negotiate it?

My wife's parents knew the seller and we were able to buy it before it went to market! It ended up appraising for $30K over the selling price.

How did you finance this deal?

We used our first VA loan. Zero money down.

How did you add value to the deal?

We remodeled the kitchen and living areas to make it a more open concept. We then remodeled the bathrooms and did an overhaul on the landscaping.

What was the outcome?

We were able to refinance out of the VA loan and open up our eligibility for a new house. We currently rent the property and it continues to have high demand.

Lessons learned? Challenges?

We learned a ton about VA financing and eligibility requirements. We also watched a lot of YouTube videos on how to install flooring, tile, you name it!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I worked with The Phillips Group which is a San Diego Brokerage that works out of Coronado. I would absolutely recommend them; I also hang my real estate agent license with them!