All Forum Posts by: Allen C Herring

@Alejandro Arciniega hello Alejandro, see if you can get a 203K loan which allows you to include your repairs in your mortgage loan. This will help you get around raising that 75,000 dollars.

@Mike D'Arrigo I see what you’re saying mike. I guess I was trying to get both and like you said, in this market it’s going to be hard to do just that. Thanks for your advice.

@Bill Plymouth do you have any recommendations on how to find the MF’s to send out letters too?

@Bill Plymouth thank you for the input bill! I personally been feeling that way as well and it’s tricky sometimes when you get out bid multiple times mentally. Thank you for the input and I will go ahead and look harder for properties!

@Aaron Moayed exactly, & awesome!

It all depends on loaning institution. Some lenders allow you to do a conventional loan under your name then as soon as you close you transfer the title under your business name as long as the payments are still linked to the purchaser. It’s called, “quick claiming.”

I'm looking at purchasing a multifamily home 2-4 units. I'm in the Air Force so I wanted to utilize my VA loan which allows 100% financing but the catch is I have to live in one of the units. In today's market the prices are high, amount of sellers are low, and it's hard to find a property that I can buy under market value especially in an area where there isn't a lot of properties on the market. I almost had two good deals for prices under market value that were cash flowing even though I was living in one of the units. I ended up getting out bid and lost out on it and my question is would it be smart to start offering a number closer to market value as long as the cash flow is good and the property is turn key or Keep trying till I find one under market value for appreciation. Currently I'm at a stand still because there aren't any 2-4 units for sale. HELP PLEASE

What steps would you recommend for a motivated first time buyer to accomplish on a deal?