Closed on a 3 bed 2 bath VA Foreclosure While Deployed!

[Tyler Roger Goble]

Investment Info:

Single-family residence buy & hold investment in Sneads Ferry.

Purchase price: $117,500
Cash invested: $20,000

Bought a VA Foreclosure in the Sneads Ferry area and doing a live in renovation prior to myself and soon to be wife moving in. Actually closed on this house while on a deployment (Active Duty USMC) and had to go through all the hoops of purchasing the home digitally and via a Power of Attorney. Utilized Vendee Financing and was able to close on the property with no money down. Would have used a VA Loan however I already own one property with a VA Loan and this property did not meet the min price requirement to open another VA loan. More than willing to discuss the challenges of closing on a home long distance or through a power of attorney. Looking to do more deals in the greater Camp Lejeune area, fix and flips or long term rentals. My comfort zone is SFR however I would be interested in small multifamily properties as well!

Tyler

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

Looking to house hack by using a residential loan (Vendee) to buy a house and make equity up front. Upon leaving the area willing to rent out or if the number is right sell!

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

Automatic email update from Realtor.com, immediately called the listing agent offered that day. A competing offer had been accepted right as I was being shown the property. I had the realtor have my offer on standby in case they backed out. Turns out they did, I had first dibs on the property and after one counter offer settled on $117,500 purchase price.

How did you finance this deal?

Seller financing through the Vendee program.

How did you add value to the deal?

Bought low, remodeling the kitchen, master bath, and new flooring throughout.

What was the outcome?

Unknown, still own the property!

Lessons learned? Challenges?

Learned how to negotiate a deal from a distance (some complications with first mortgage company not counting rental income in the debt to income ratio led to a last minute denial from an FHA Loan. Forced me to switch funding in the middle of a deployment with the USMC).