All Forum Posts by: Cori Bryan

if you are looking at the house on Reyes...thats a great rental property by base. I'd try to get it for 145K and have them pay 3K CC, but I saw what they paid- so you may be stuck where you are at because they can't bring money to the table.

I would add granite, backsplash and laminate to living room where carpet it...do it right away so you can enjoy it. It'll help it sell faster on back end...But don't do much more or you won't see that money back

4 bedroom by base thats new like that...$1400 is definitely doable

I wouldn't hire property manager- just post it on military by owner and ahrn.com and your vacany rate will be low. Unless you pcs overseas- your home warranty will help you manage from afar. Put a code on front door and tenants can leave keys behind with easy access to other tenants. Also gain yourself good cleaning person contact info when you are here. Use old republic home warranty- they are by far the best here.

Tax value doesn't mean much everywhere else, but it surprisingly does around here. So glad you aren't paying over tax value.

Good luck!

holler if you have any specific questions, but I am sure your realtor is taking good care of you

whats the address? I own rentals in town, have flipped a lot of homes in town and am a realtor here. I can pull past mls history and really look at it to give my opinion...

@Cassie Villela I think someone saw you post that your interest rate was going to be 4.8% and misread....they were thinking your return would be 4.8% which is not the case.

If you are buying by an AF base- you can probably rent that house out for $1300/month (correct?) and your mortgage would be approx $850/month.

As a new investor if you are buying that for a rental deal...you would actually do well. 

In a market where things are selling above ask prices-

20K below comps is a good deal for what sounds like a move in ready rental by a base...where you can post on militaryowner.com for rent and get a renter with little to no empty tenant time. I rent by bases (in WF) and I purchased a move in ready rental and because it was vacant- I set up a tenant before it even closed.

Only thing that has me a little worried is the garage converted to a bedroom...with all the hail storms in Texas- no garage is tough on resale.

I also think thats a good price range to be renting in by base because you will get higher ranking individuals to rent who are typically better tenants (gained marturity over time). I wouldn't buy below 100K with plans to rent it out...the tenants you get are much higher maintenance in most cases.

I know I am going against the grain, but I think people thought you were saying your returns would be 4.8% and made decisions based on that.

Also- in your calculations on buy and sell...you will pay 3% closing costs on the buy and 8% closing costs on the sale (6% realtor fees and 2% sellers closing costs). So you will want to hold it for awhile (atleast 2 years) to let the market grow and make up for those.

The other issue would be- only need to put 20% down to avoid pmi...keep that extra 5% cash to save for a rainy day. Unless your long term goal is to pay it off (which is what I do)....I pay cash for my rentals to make a "passive" income. (Being a landlord isn't passive though, which is why I put it in quotes, haha.

Christine-

I am a real estate investor (mostly flipper) and realtor in Wichita Falls/Wichita County. Is there a specific neighborhood you have a question about? I know them all and am happy to give my opinion on any specific neighborhood. 

I would not. Honestly- best way to find a good local lender is to first find a good local realtor...they'll have someone to recommend to you. If they don't- i'd question the skill of that realtor, haha

Most local banks will sell your loan, so you will end up with a big bank like Wells Fargo or whomever...but starting with a local lender is key

Peter Hansen...for a disabled vet...the funding fee is waived, but thats usually rolled into the loan.

You do not get a break in closing costs...those are approx 3% of negotiated sales price (in Texas anyways) and you can ask for seller to pay those as part of the negotiation. If they aren't willing to pay them, but you are short on cash- you can bump up the sales price of the house to get them to pay them...ex. 140 sales price...bump to 145K sales price so they can cover 5K of your closing costs.

And I second the- use a local lender...don't use USAA- they end up being more expensive and can't get you closed as fast as a local company can- they also don't care about your closing date as much as somone local does. Its also nice to have someone you can call direct

Hope that makes sense...holler with any questions

For a disabled vet- Texas Land board isn't the way to go according to my local lender in WF that I work with (Rebecca Lammers with First Bank- shes awesome)...sometimes more incentives equals higher interest rate. 

I am a disabled vet and did a standard VA loan and they waived my funding fee- was able to get the lower interest rate.

Just was listing agent on house purchased with Texas land board in WF and was a nightmare- didn't close on time (first time thats happened to me ever in WF). There is a reason most banks don't even bother with that option anymore.

Food for thought...