All Forum Posts by: Andrew Moore

@Maxine Kunimura Are you doing a standard Va loan or a VA Renovation loan with Veterans United? thanks

Hey Ethan, I'd say the BRRRR is the way to go for just about anyone your age (dragging a young family through construction zones could be pretty tough). Prices have been rising pretty quickly over the last 8 years or so, but this year it seems homes are staying on the market a bit longer than they did previously. I'd plan to BRRRR or VA/community type loans for a primary residence if I was sticking with Colorado for real estate investing. People with 4-600k cash or a solid group of investors (ie the flipper has experience) can maybe be in the flip game, but I imagine it's pretty tough. Oh and trying to cash flow SFRs is next to impossible. Hopefully this post isnt too negative, Good luck man.

@Hans M. @David Beckley    Due to some challenges, I am waiting to see how the original pm wraps up the loose ends so we can end on a decent note. Their choice to correct or not correct a few things will affect my review and property update.

Hey BP, My main question. How does the VA calculate the max loan amount for a 2,3,4 unit, when you have already used a portion of the benefit?

I have also, been told it'll be too hard to get a owner occupied loan for a 3 or 4 unit if I already have a single family. Has anyone else had this issue?

I currently have a $250k VA loan for a single family home (currently rented out). I might sell in a year or two, but I'd like to buy an owner occupied fourplex this year if possible. So with the $484k loan limit, minus the 250k= 234k max for another VA single family...... but a 2,3,4plex??? I know loan limits for 2,3,4 units are much higher.

thanks for the help!

Thanks for the info  @David Hooper and @Dan Mackin. 

Hey folks, Needing to find a lender for a VA Multifamily loan in Loveland or surrounding area. I know there are several VA lenders, but hope to find someone with experience with VA multifamily loans. This will be for a purchase, so any property leads are welcome also. Thanks!

@Melinda Miller Thanks for the info. If you dont mind sharing, who are you using for management & what are your units renting for?

Great question. I didnt break those fees down to a monthly expense, but I took them into consideration. I think the 25% (approximately $7500) set aside each year will cover the both the repairs, maintenance and the leasing fees.  I am planning for a few furnaces, water heaters, etc. I also have $300 monthly planned for monthly utilities (water, trash + lawn maintenance), so I think that is pretty conservative as well.. 

What types of properties are you investing in? Any other thoughts suggestions?

thanks

Sounds like an awesome deal congrats!

@Donald S. Thanks, and I am happy to hear you think there will be some improvement in the area. Here are the main things my mgt co are looking at when screening tenants. "We check to make sure they have income 3 times the monthly rent, have OK credit, no past evictions, no felonies, and they must be able to get the utilities turned on in their name."

Any other suggestions?

@Janett Lewis Sounds like you have some fun projects in your future. If I could be more "hands on" in the area, I would also be going that route. Another area would be commercial multifamilies... maybe in a year or so. And yes.. Great houses for the money.