All Forum Posts by: Brian Decker

I just closed on my first rental property 2 days ago, a SFR with 3bd/1.5ba. It will cash flow about $500 per month. I used a conventional loan and put 25% down for the purchase. I am now looking for my next property and found a package deal. The deal is 4 houses with a total price tag of 320000 asking price. They have been listed on Zillow for over 300 days, so I think the asking price could drop 10-15K per house. The properties currently have tenants, with a combined income of 4325/month.

My question is, how do I make this deal?  I only have about $20K on hand to make a deal since I just closed on my first property.  Is it possible to get a bank loan to cover all 4 properties at once?

Thanks in advance.

I am trying to learn how to leverage FHA loans and BRRR to my advantage. My understanding is that I have to live in the house I buy if I am using an FHA loan. Can I refinance as soon as the rehab is complete? If the rehab takes 3 months, can I refinance using a conventional loan immediately after rehab is complete.

Thank you all for your responses.  I'll go with 30yr

I was just pre-approved for my first investment mortgage.  I plan on buying a single family rental property in Philadelphia, PA for around 225000, 4 beds and 2 bath.  This property will rent for at least 1800 per month, possibly 2000.  I have read and understand the 1% rule and the 50% rule as well.  I have a full time job and make good money.  It would be nice to have cash flow, but I do not need cash flow at this time.  I plan to buy and hold rental properties and would like to have the tenants pay off the properties in as little time as possible.  Considering this scenario, does it make sense to use a 15yr mortgage with about $200 monthly cash flow or a 30yr mortgage with about $700 per month in cash flow.

Hi everybody,

I’m looking for some advice on vacation rental property. I live on the east coast and have been vacationing in New Jersey for more than 15 years. In that time, I have seen property values increase exponentially in almost every popular destination except for one. I’ve spent the past few weeks analyzing properties for sale and pulling rental rates for the actual properties for sale, as well as comparable properties. I’ve concluded that I could easily realize 20K per property of net profit on each property. The average property is 300 – 400K. I would like to go all in and acquire 5 properties, but I only have enough funds to pay for 20% of one listing. My question is, what is the best way to go from zero properties to 5 as quick as possible?

@Zack Karp Thanks for the quick response. I live in Philadelphia, PA. I was aware of the fact that I would have to live in the property to use the VA loan. I just wanted to make sure that I would be able to convert to a conventional loan upon completion of the renovations and rent the property.

Thanks for your help,

Brian

As a vet, I qualify for a VA loan. I only have enough money to either put 20% down or renovate a property, so I figured I would use the VA loan to purchase a property with no money down and 100% financing and use my cash to renovate the property, then refinance for 80% of the ARV. Does anyone know how difficult it is to convert a VA loan to a standard mortgage after renovations are complete.

This will be my first investment property.