All Forum Posts by: Brian Koons

Hey John and Brian! So I purchased a 4 unit property and I am living in one unit leaving 3 additional units. The lender took a conservative number of the projected rental income from the other units and applied 75% of that toward my gross income. It put me at about 58% debt to income ratio, but my lender was able to allow that. That how I was able to qualify since there is no limit on the VA loan anymore

Thank you! I definitely lucked out on this one. I totally understand not wanting to make a long commute to work. Aside from the living expense, thats one of the most costly (and time consuming) expenses. I would definitely recommend looking into the VA Renovation Loan. That may give you a little more of an option closer to home. For my deal, I was looking and running numbers on properties trying to get an understanding of the market for about a month, and then looking to make offers for a couple weeks (about 4-5 offers made). It honestly wasn't long at all.

Investment Info:

Small multi-family (2-4 units) other investment.

Purchase price: $1,259,313
Cash invested: $1

I'm house Hacking this 4-plex. With the VA loan, I Put literally 0% down at 2.75% and lender covered all closing costs. Renting out the 2 extra rooms I have in my unit, I will be making a couple hundred dollars a month PLUS my housing allowance ($2400) from the military.

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

Learning about what real estate could do. ( especially through bigger pockets books)

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

MLS

How did you finance this deal?

VA Loan

How did you add value to the deal?

Lender covered closing costs, seller covered termite clearance

Lessons learned? Challenges?

Learn enough and talk with enough who have already done it to reinforce your decision that real estate investing is a good idea

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

Twana Rasoul

I was intending not to have a PM at all, but one of the loan contingencies is that I am required to show proof of Having a PM

Hey everyone! I am currently in escrow for my fist property in San Diego.It's a 4-plex ride outside of downtown SD. I am utilizing the VA loan, and in order to close, I need to have a property manager in place due to my lack of experience, but I intend to self manage. Has anyone encountered this before/how did you go about the situation? I don't want to screw over a property manager by any means, but I would really like to get my feet wet with managing it on my own. Any advice is appreciated. Thank you!!

I'm currently in escrow and I plan to house hack there. Rent out the other units and the rooms of the unit I'm living in. While doing this, the property will cash flow. Im utilizing the VA loan which definitely helps because there is no PMI, but it just shows it's possible in that area

@Maxwell Venturaundefined

What does everyone think about the Sherman Heights/Logan Heights Area? Its right outside downtown and running numbers relatively conservatively I am able to find properties 2 or 4 unit that will cashflow (not many but every once in a while ill see a good one). Then you will also get pretty good appreciation based off past numbers and low housing supply