All Forum Posts by: Account Closed

@Jesse Mancuso Thankyou!

@Alyssa Dyer 

ThankYou!

@Ben scott

In order to be approved for a VA mortgage, the VA's occupancy requirement states you must certify you intend to use and occupy the home as your primary residence.

Typically, homebuyers have 60 days from closing to occupy a home purchased with a VA loan. However, the VA does allow homebuyers in certain situations to go beyond the 60-day mark, potentially extending up to one year.

The VA goes off a case by case basis if people have to move for specific reasons within a year. Most of the time you have to "intend" to live in the primary residence for at least a year, unless if you fall into one of those reasons where you have to sell and move. You just can't acquire the property then turn around and use it as a rental, then acquire another property with the VA Home Loan because that is considered as mortgage fraud.

Hope that helps!

Chase Busick

@Lance Thomas

That's a great idea and perspective to think about this! There are personal circumstances that go into why I would not go about doing that, which leads into future plans. Otherwise, I believe that's a good strategy to approach other properties.

@Marc Rice

Long Term buy & hold rentals are usually great since Midwest City has a high blue-collar workforce and is a great rental market. Short-term rentals are good too! A lot of there area is open to flippers who are slowly revitalizing the areas. Honestly any strategy you are comfortable with can work close to Tinker Air Force Base depending on the specific areas/location in Midwest City.

Chase Busick

Investment Info:

Single-family residence buy & hold investment in Midwest City.

Purchase price: $87,500

3/1 single family residence that I purchased with conventional financing in Midwest City, OK. Property is in a great location and super close to USAF Tinker Air Force Base. Buy & Hold Investment Property is about to be up for rent.

Investment Info:

Single-family residence buy & hold investment in Midwest City.

Purchase price: $87,500

Buy & Hold long term Investment in Midwest City, OK, close to USAF Tinker Air Force Base.

Investment Info:

Single-family residence buy & hold investment in Oklahoma City.

Purchase price: $130,000
Cash invested: $582

3/1 single family residence that I purchased with the VA Home Loan as my first primary residence.

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

Knowing the neighbor, made this a very lucrative deal.

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

I knew the person who was selling the home and she offered a price far below market value. I decided to jump on it.

How did you finance this deal?

I financed the home through the VA Home Loan since I am a Marine Corps Veteran (6 years Active Duty). I ended up getting my Oklahoma Real Estate License before closing so that allowed me to factor in a referral fee to the purchase. I also had gift funds from the Chickasaw Nation since I am of Native Decent which helped bring my out of pocket closing costs down to a whopping $582!

How did you add value to the deal?

So far we added new efficiency upgrades such as adding Insulation into the attic (None to begin with), caulked all windows and ceiling air vents and weatherized all the doors. We made serious cosmetic changes to the home inside and outside to make a new and great curb appeal!

What was the outcome?

Home is now very cozy and homey. We ended up buying the home $35,000 below appraisal value! Similar homes on the street in neighborhood have also been selling for far above appraisal value making this home a great starter home and buy & hold long term investment!

Lessons learned? Challenges?

Persistence and patience. Home Buying process and investment knowledge.

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

I worked with a family friend Realtor Jim Miller with Keller Williams Elite and he helped us throughout the entire process making it so simple!