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!

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).

[Adam Frank]

Hey @Tyler Roger Goble, 

I own some rentals in the same area.

I started investing in the Sneads ferry/holly ridge area a couple years ago while stationed there.  

After I PCSd last July and following hurricane Florence, the market there seemed to drastically change and is more competitive. 

Did you purchase in oyster landing? 

Anyways let me know if you have any questions, I may be able to help. 

Adam