All Forum Posts by: Christopher Stafford

@Chase Stocki I appreciate the help! I am looking for a buy a hold strategy for long term and making sure that It cash flows at a healthy rate with the 50% rule initially before doing the math. The property is alright but a high asking price it seems for the quality and condition that it is in.  I will be in the local area around June time! I will hopefully have a property lined up before then.  So you would recommend me buying this property as a good investment? Also I was wondering if you could give insight into the highly rentable areas and types of properties. I know everyone wants a garage, nice appliances and updated interiors.  Im wondering if you had insight into hot areas that people are always trying to rent and get their hands on?

@Mark Caiazza @Corey Chonsky, I plan on using a landlord for the other side so that I am used to the payments once I PCS and leave the area! Currently the properties are being rented at 875 a side. I've spoken with only the selling agent which is probably a foul but I do have a contact of another real estate agent up there who is also a landlord.  I can use them to possibly purchase a deal. I have taken into account the oil boom and the market fluctuating and falling. It currently is the lowest that it has been in years.  I would agree that 900 sounds steep however the units do have good rental history from what I was told. I think that if I could get them to sell it at $160,000 and I could put in some updating of the features along with vinyl flooring in most of the house, that it would boost the overall appreciation and make it more attractive to more renters. Worst case scenario is that I have vacancy at different points of the few years that I am here but I can afford the mortgage on my own. I think what it comes down to is getting the property to be competitive in the nature of the features like I mentioned earlier. However, I do not want to boost it beyond the value and what other duplexes have to offer in a general standard. I think it is helpful that it does have two car garages for the units on the bottom with washer dryer hookups. Also they do have decks.  Biggest downfall of this property is that it is in the flood zone! After taking all of this into account, what would be an ideal property to invest in? Im almost at a point of analysis paralysis with this area. I was told that the Northwest area and the Southwest area were the highest in terms of rentability and desire for people to live at due to convenience to schools, stores, and nicer living. This is knowledge from the 4 real estate agents and three rental companies that I have talked to! @Brenden Mitchum

I am looking to buy my first investment property with a VA Loan. I was wondering if you all good analyze this deal with me. The property is selling at $194,000 4 Bedroom, 2 Bathroom Duplex with two car garages on the bottom floor, a nice deck per unit, and dated interiors (built in 1995). The selling agent said it should be valued around $174,000. The two sides rent out for 875 a piece, currently. The agent said that it should rent out at 900 a side. Its located in a hot, convenient area in Minot, ND. It has great rental history and would be ready to go from the maintenance that was put in. One side currently is leased out and the selling agent said that he would be able to get them to sign another lease if I bought the property. The sellers are an older couple who built several duplexes and are now ready to sell. Only downside is the $584 annual flood insurance that I would have to pay as it is in the flood plain. I've put all the numbers in the rental calculator on this website and have found that I would cash flow at 100 dollars each month for just the 1st year. What do you all think? Am I missing some items? I have attached a link below. Any help would be greatly appreciated as I am active military looking to use my money wisely.

https://www.zillow.com/homedetails/901-2nd-Ave-SW-Minot-ND-58701/220699236_zpid/

Sir,

I will be stationed there momentarily! How is the market over there? Did you end up investing in the local area?

Cole, I will be stationed there in a few months! Just wondering since your last post, how has your progress been in the area?

@David Pere I appreciate the advice! I have read both of your articles and feel informed on the process now! I had a question for you, I have seen all of your videos and on the VA renovation loan, I am confused on the process. Does the loan company give you a separate amount of cash that is tied into your mortgage payment to then use in your free time to rehab the home? Please advise!

I am looking into purchasing my first property to live at and am wondering what is the best way to start off real estate with the VA Loan? Would anyone recommend starting with single or multi family properties and why? Also, should I look for something that I can get some forced appreciation in the property and tie in the VA Rehab Loan? I'm assuming it has a lot to do with the market of my local area, however, I have a small barrier to start as the VA loan requires no money down.