All Forum Posts by: Chad Woods

@Dan Travieso as far as numbers go, our property value has gone up due to some new development in the area. If it wasn't for that, we wouldn't have too much equity in it since we've only been in it a year and it was a bew build.

Definitely need to reach out and see about rates for sure. Thanks

Greetings,

My wife and I used the VA loan to purchase our primary residence almost a year ago. We like the house but want to find something in a different area. We also, recently purchased our first investment property (conventional 20% down) as well. We are on schedule to get it refinanced and occupied within the next few months. We would like to successfully BRRRR the investment property and turn our primary into a BRRRR as well in order to gain a second BRRRR property and relocate to a different area. Has anyone BRRRR'd their primary and cash out refi'd it in order to free up the VA loan for another primary?

@Clint Shelley thanks for that piece of advice as well. Once again, something I would never have thought of. I am sure that will come into play for properties in the future for me as well.

@Stone Saathoff I'm in the Alabama / Georgia area. Not sure if foundation issues are a major occurrence here but I am definitely going to check into it on this property specifically. Thanks for the insight!

@Paul Shannon I appreciate the great wealth of information! Definitely a few things I may have not considered. Thanks again.

@Paul Shannon that's my main concern with it being so old. I should know more this weekend. The tenants are month to month right now, so I would have to get them out to do anything significant to address anything major.

Other than "old home" issues, is there anything you would recommend looking for that I may not be thinking about?

As I said, relatively new investor..especially in the realm of older properties.

Thanks

@Will Fraser thanks for the response! His agent is trying to get my contractor and I a tour this weekend. Due to my inexperience with older buildings, I'm a bit stand-offish but I am assuming that may be the reason it has been listed for so long. Relying heavily on my contractor to point out areas of concern.

I do like your creative approach with offering 90% conventional OR 105% seller finance. That'd still be a good investment if there's not major renovations to be done.

Greetings,

Relatively new investor here and I am looking at purchasing an older duplex that was built in 1900 (BRRRR worksheet attached). I have not been able to go into the units yet due to them being occupied. It has been on the market for about 9 months and the owner apparently doesn't want to let potential buyers inside unless they are "serious", as he has had many tire-kickers in the past. The photos look like the property has been updated and he says he has paper work showing upgraded electrical, hvac, roof, termite letter, etc.

Assuming my numbers are accurate, the buy would make sense and would provide cashflow after the refinance but my repair value has been guesswork since I haven't been inside (assuming the owner has updated the interior). Does anyone have experience with older properties like this and what should I look for when I do convince him that I'm serious?

Also, would it be advantageous to provide different offers on something like this (i.e. something that is older and has been listed for so long) such as seller financing? I could purchase outright or use a conventional loan but was curious if there were some advantages to offering different options to the seller such as purchase the property for less than he's asking for in cash / loan OR seller finance for a little bit more but tie up less of my cash up front. Thanks in advance. 

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