#2 VA Loan House Hack

[Joshua Eudy]

Investment Info:

Single-family residence buy & hold investment in Jacksonville.

Purchase price: $145,000
Cash invested: $3,500

House hacking 2nd VA Loan, Listed on MLS > 45 days $163,000, I offered $145,000, $100 EMD, 45 day close.
Couple issues seemed to be keeping it from selling.
1. Main reason "in my opinion" MLS had 2 “Cell phone” Pictures, buyers couldn't see the potential.
2. Side-back porch repair. Cost $1,500
3. Ugly Paint inside Cost $2,000
4. Deep clean $200
5. Fence $700
Appraised w/ repairs to porches $170,000 = 20K + in (sweat) equity + My Realtor Commision $4,350
Airnbnb 2br $650 month +$1,300-900

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

Add Value, Airbnb opportunity in Military town with very $100 out of pocket.
$4,350 in realtor Commision at closing
$900 monthly mortgage
2br airbnb each rents $650/ month =$1,300
Power/ water and internet.
I live for free!!

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

MLS. Sent a offer with explanation of issues that needed repairs, asked for him to allow me to solve his problem, or I would wait till repairs and ask for him to repair all issues called in the inspection.
He ended up at closing taking a $70 Check!

How did you finance this deal?

VA Loan, David Cooper is Amazing to work with!

How did you add value to the deal?

The side/back porch were rotted due to builder not putting on gutters. I tore the side steps off, replaced all the wood from the ground up, back porch only needed the decking boards. Total cost of wood $1,500. We corrected the problem the right way,
We ripped up all flooring, Zero cost,
Paint throughout whole house $2,000

What was the outcome?

Commission of $4,300 with $20+ in equity, I want to help other Veterans see the benefits of the new VA Loan criteria. NOW I'M READY to do it again!

Lessons learned? Challenges?

Should have used the VA Loan every year to gain a new asset. I Learned Veterans (Talking about myself) don't understand how the VA Loan can set them up for success. Doesn't have to be where you live, you just need to intend on living there.

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

Yes. i'm a Realtor . Lender was " David Cooper"
Chris Tarpey is a new investor, He Added so much value to this house and my life, we are looking to do a JV. Close on 3 SFH January 3, 2020