All Forum Posts by: Eric L.

PM me, I know a great contractor in Savannah looking to get into flips. @Marc Phelps @Chuks Erinne

I understand signing the FHA/VA loan means you intend to occupy for a certain amount of time. Wondering what that amount of time is... 6 months? or 1 year? Also, being a Soldier, I will be deployed for a bit of that 1st year. I bought a multifamily, does that mean I must keep 1 unit open to finish my year while I'm deployed?

Moving to the area due to PCS. In the process of finding a SFH because all the Multi's were super over priced or unrealistic owners. Is this just how the market is over here? Had a owner of a 4 plex with 1 bad tenant who trashed the place, so 1 unit down 3 rented. Well he refused to fix the damage after saying he would be willing to fix it so I can get into a fha/VA situation. Then came out and said only cash offers. I'm skeptical he thought there was a lot more going on than was upfront about.

I was trying to run the 1% rule and most of the places we looked at are closer to .8%. I'm wondering if I should just find a place to live, then invest elsewhere. I have 2 properties, 4 units, in Georgia and my returns are much higher than here. Well if there are any networking events, I'd be happy to meet some people in the area. 

Also debating trying to get my real estate license and do a part time kind of thing if any of you have thoughts. Single guy willing to put in all my free time, which is usually when buyers are free anyway. If not,  then I'd still be willing to come in and do paperwork. Essentially looking for a little extra cash for my free time and to get more into RE. 

Oh, and if you need the name of a real estate agent, PM or lender locally, I can give you the ones I have used.

read the forums! there are also a lot of good books(some are even free!) found on the website too. That will help you decide how you want to get into real estate and what strategies to use. 

For me, I bought my first house, then found all of this and realized I should keep the house when I move. Now I'm up to a total of 4 units(3 in savannah). Also, set your keyword alerts. I have them set for places where my units are, and also where I am currently located or looking to invest. You can also set them for your strategy like wholesaling, brrr, fix/flip....

If you can find a good REIA in the area, or a meet up, I'm sure there are some. Network with those people, tell them you'd like to shadow them on some deals.

Biggest thing is, if you aren't currently doing deals, for instance I have no money for downpayments currently, so my goal is to learn as much as possible while trying to keep my ears and eyes open for good deals to come my way.

best thing about savannah is the amount of duplexes there. I got my second property as a triplex there(duplex with carriage) and have been enjoying the profits of that. Good luck! If you need a good PM, Lender, or Agent let me know

@Terri Christie Still making my decision. Who would you suggest?

yes, I do qualify for the loan. 

Yes, I'm aware of the costs of investing. I own property in that same area which is why this person has approached me. The property will renteasily because of the location.  I understand it's not a "great" deal, but its a buy and hold that has potential.  

I also do not expect a deal, it's probably likely if I paid closing,  he would let me assume no money down. In the end a somewhat fair deal.

Friend of mine is moving, wants to get rid of the house. I believe it's worth about 75k. He has a VA loan on it which he took out recently. I'd imagine about a year old. He would like to sell it to me, but I am "not supposed" to buy it with VA due to the non owner occupancy. Well, I simply don't have the capital to do a conventional at the moment so are there any suggestions? I thought about possibly offering master lease. I would guess one could rent the place for 8 or 900. Mortgage should be around 5 or 600(taxes and ins).

That's what I was worried about, I can't actually move there.