All Forum Posts by: Austin Medina

@Patrick Soukup The renovations include some paint in the master bath/spare bedroooms, some reseating of planks on the wooden fence, and then if you consider them - a fridge/freezer and washer/dryer.

Thankfully the only real reno cost here is the appliances. The others are just an investment of time and maybe a couple dollars for supplies since the seller has left all the spare paint they used for the house.

We plan on living in the home for at least 18+ months but possibly more pending on my full-time job situation.

Appreciate that thank you!

Investment Info:

Single-family residence buy & hold investment in Pasco.

Purchase price: $255,000
Cash invested: $6,500

My wife and I just recently purchased this home (closing in a matter of days) as our primary residence

Long-term appreciation in the location of this house, along with the ability to maintain positive cash flow when we move onto our next home are some of the major contributing factors to us buying this mixed investment/primary residence.

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

Our situation with COVID-19 gave us two options - find another rental for us to live in and pay someone's mortgage or buy our first home and pay our own mortgage.

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

Found this deal through our rental property management company.

How did you finance this deal?

VA loan with 0% down - However, we added ~2K in earnest money so <1% down.

How did you add value to the deal?

The owner was hesitant about going through a buyer with FHA or VA loan financing due to their conservative evaluations of homes. In order to reassure the seller we were serious about our offer we placed our ~$2K in earnest money along with the condition that if the home appraised under value we would be willing to give them an extra $2K above the appraisal.

What was the outcome?

Closing in a matter of days - This will initially be our primary residence. This will benefit us in the long run as we are able to pay our mortgage and utilities at this home for less then our rent alone at our previous rental.

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

Amanda Windom

Investment Info:

Single-family residence buy & hold investment in Pasco.

Purchase price: $255,000
Cash invested: $6,500

My wife and I just recently purchased this home (closing in a matter of days) as our primary residence with a VA loan. Under normal circumstances the numbers on this home didn't jump out to me. However, due to timing with COVID-19 our landlord requested to move back into her residence we were renting.

This house checked the most important boxes with the ability to utilize the VA loan with 0% down, turn-key (less a little paint), and our ability to pay our mortgage and utilities together for the same price out rent was at our previous residence.

Long-term appreciation in the location of this house, along with the ability to maintain positive cash flow when we move onto our next home are some of the major contributing factors to us buying this mixed investment/primary residence.

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

Our situation with COVID-19 gave us two options - find another rental for us to live in and pay someone's mortgage or buy our first home and pay our own mortgage.

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

Found this deal through our rental property management company.

How did you finance this deal?

VA loan with 0% down - However, we added ~2K in earnest money so <1% down.

How did you add value to the deal?

The owner was hesitant about going through a buyer with FHA or VA loan financing due to their conservative evaluations of homes. In order to reassure the seller we were serious about our offer we placed our ~$2K in earnest money along with the condition that if the home appraised under value we would be willing to give them an extra $2K above the appraisal.

What was the outcome?

Closing in a matter of days - This will initially be our primary residence. This will benefit us in the long run as we are able to pay our mortgage and utilities at this home for less then our rent alone at our previous rental.

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

Amanda Windom

As stated in the title and description I'm looking to find groups that meet up in the Tri-Cities area to discuss the real estate market, ideas, ventures, and collaborations.

I have only lived in the area for approximately 6 months and haven't found any meet ups yet.

As a new investor, I would also be interested in finding someone who would be willing to go through some of their experiences with me and offer guidance on the realty market here and situations as they arise.

I feel that if I can offer some value to you it would be beneficial to both parties. You helping me with advice, experiences, and guidance as a new investor and I could potentially help you with some light renovation labor in exchange for this. (interior/exterior painting, power washing siding/decks, etc.)

Anyways best of luck to everyone and I hope to hear from some of you in the future and connect.

Hello all!

My wife and I are currently renting in Kennewick, WA and I've seen a home in my neighborhood that has been under renovation for the last six months we've been here. However, I don't think I've seen a single contractor or person ever step foot on the property. The temp lighting is up and the house is down to its framework at this time.

With that being said I've ran some numbers in my area and considering the prolonged timing I've seen this house go untouched I thought, "what the heck, I'll hunt down the owner." While I'm doing this and found contact information I don't want to get to far ahead of myself.

I'm a veteran of the US Navy. I've never used my VA home loan and while doing some research I have found some information that you indeed can use a VA loan with rennovation purposes. The issue is I haven't been able to find many people that are doing it. I just wanted to find out from some other home owners that have used this or lenders that support it what's the catch or details outlining what the state the house needs to be in and what is supported by this.

I feel i have enough funds to support a decent renovation on this house out of pocket. However, not enough without financing to make this house complete and solidify what would be a good ROI when we would decide to move on and actually initiate conversation with the owners.

Any information, advice, or comments regarding your experiences or personnel you've worked with to utilize a VA renovation loan would be super. If all else fails, at least building a relationship with someone for possible future contact would be awesome!

Hope you all have a great day!

Thanks BP community.

-Austin