Closed on investment property #1
Sunday, December 11
It's done, we finally closed on our first, purely investment property! It was a VA foreclosure, 2/2 townhouse that we purchased all cash. The property is located in Fayetteville, NC.Here's the numbers:Purchase: $30,775 Rehab estimate: $6,500ARV: $60-65,000Rent estimate: $700/moAccounting for all...
We lost it
Monday, September 26
Unfortunately, our offer was not accepted on the VA foreclosure we had our hopes set upon. My family and I began to get emotionally invested in the property and had begun planning the renovation, as the house would have been our primary residence. We'll continue to look for other properties, bu...
Still waiting....
Wednesday, September 14
We're still waiting to hear back from the VA if our "highest & best" purchase offer has been accepted. In the mean time, the listing agent updated the house's status as "pending". We're definitely in limbo at this point as no one will even guess how long it will be until the bank makes a de...
Highest and best?!
Friday, September 09
The listing agent for the VA foreclosure we offered on said there are multiple offers and asked for our "highest & best" offer. Deciding on what to do was tough for us. We realized that an objective view is harder to take at this point, as we're beginning to become emotionally attached to t...
Submitted an offer on a foreclosure
Thursday, September 08
We recently put in an offer on a VA foreclosure to be our primary residence. The place needs work, so we're getting a 203K loan through a local mortgage provider. This is our first experience NOT using our primary bank for the mortgage--so far it's been a good experience. The 203K mortgage is ...
Time to end the hiatus
Tuesday, September 06
It's time to get back into the REI game! It's been a long hiatus and I'm eager to make some big moves to provide for my family's long-term financial well being. I own two rental homes that originally began as primary residences. My most recent purchase of which I made in 2006! Granted, this ho...