All Forum Posts by: Christian Rafael Gongora

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $245,000
Cash invested: $15,000

Contributors:
Keith Andrews

My 2nd Purchase while using a VA assumable loan

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

I wanted to find a 2nd property to invest in that will cash flow for the rest of my life but without putting a big down payment for it

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

Keith Andrews found this deal for me in San Antonio Texas while living all the way in Colorado Springs!

How did you finance this deal?

VA Assumable Loan

What was the outcome?

While the listed price of the house was $245,000… I was able to purchase this future CASH COW of a property with only 15k cash to close! This deal would have normally been a 20% down payment of 245k which is $49,000…. But since I used the VA assumable loan, I was able to purchase a quarter million dollar property with just 6% down. Not to mention, I assumed a 3.25% interest rate from this house as well! All real estate investors know that we most likely will never see interest rates in the 3s!

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

For anybody living in the Colorado Springs area, Keith Andrews is and should be your only guy to work with! He introduced me to this property in San Antonio Texas while living all the way in Colorado Springs! If that doesn’t tell you how GOOD he is at finding these properties for you… I don’t know what will. He is and should be the only agent that you want to work with if you live in the Colorado Springs area!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $245,000
Cash invested: $15,000

Contributors:
Keith Andrews

6802 Sabinal was my second purchase. This property was introduced to me by my wife's amazing father, Keith Andrews, who is also an investor, realtor, and BRRRR mastermind. He introduced me to the not so known, "VA assumable loan." I was able to Assume this 250k property off of another active duty service member who was PCSing and falling behind on his payments. So we offered a VA assumable loan in which I Assumed his mortgage while getting a killer interest rate of 3.25%! Every investor knows that a 3% rate will most likely never be seen again in our lifetime, so this SFH will be a cash cow for years to come!

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

I wanted to find a 2nd property to invest in that will cash flow greatly for the rest of my life

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

Keith Andrews found this deal for me in San Antonio Texas while living all the way in Colorado Springs!

How did you finance this deal?

VA Assumable Loan

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

For anybody living in the Colorado Springs area, Keith Andrews is and should be your only guy to work with!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $289,000
Cash invested: $4,000

12535 Corona Borealis was the first home I ever purchased and it was the start to my real estate investing journey. I was serving overseas with my wife for 2 years and prior to coming back to America, we decided we wanted to own rather than rent.

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

My wife's father, Keith Andrews, introduced the idea of real estate investing to us. Although my wife did not care for the idea of investing, I saw it as an opportunity to begin the journey of escaping the rat race. Keith Andrews, who is my mentor, is an extremely successful realtor/investor who has been very successful with his 11+ properties through the BRRRR strategy. But he informed us to just use our VA loan first and get a piece of real estate with 0 money down.

How did you finance this deal?

I utilized the VA loan

What was the outcome?

We ended up acquiring the property and living in it for 12 months before moving to our 2nd home that we purchased.

Lessons learned? Challenges?

The biggest lesson we learned was that just owning a piece of real estate does not equate to a good purchase. Although I will forever love the memories that I shared with my wife in our first home… I will always regret not listening to myself instead of my wife and buying a 4plex to start. But it was a learning experience and that “bad” investment, shaped my mind for the better for the rest of my journey.