hoping this is a good deal

[Ryan Keenan]

Hello BP looking for some thoughts and advice on this deal  currently under contract for. 2 family duplex in Naugatuck CT buying it for 160,000 and splitting the closing costs so I will be into this house for 4000. I'm using a V.A loan and putting zero down. I will be house hacking to fill my 1 year occupancy per VA loan. Property needs about 20,000 worth of work.   Loan 160000 Mortgage, PT, PI totals 1220 per month Gross Rent 2000  Repairs and vacancy 180  Water 50 Snow 50 Lawn maintenence 50 Lawn and driveway are very small. Missing any thing here? Thanks!

[Ryan Keenan]

Originally posted by @Jared McCool:

@Ryan Keenan, I know I am just a little late on this post, but the VA is approving a loan for a property that needs 20k in repairs? To my knowledge VA was a whole lot more strict than FHA, and would deny a loan for a missing nail in a perimeter fence.

How did this deal turn out?

Thanks for your responses, so far the deal has turned out great. Currently living in the house while doing most of the rehab myself while paying contractors and handyman for things I can't do. The VA loan process was easy with no problems. I look forward to hopefully using another VA loan again.