All Forum Posts by: Dakota Evans

Investment Info:

Single-family residence buy & hold investment in Gravette.

Purchase price: $350,000
Cash invested: $5,000

3 Bedroom, 2.5 Bathroom, 1536 Sqft home. 1.84 acre property. Renting for $2200.00 a month.

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

Life circumstance enabled me to be able to rent this particular property.

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

I purchased this property through a VA home loan.

How did you finance this deal?

VA Home Loan

How did you add value to the deal?

I fenced in the property, built a Shed, and added a 1200 Sqft garden plot.

What was the outcome?

In the end i was able to have a mortgage that was lower than the rentable amount which allowed me to have a $260.00 monthly cash-flow.

@Salvatore Lentini

I know I dont know everything but with running numbers and researching the market. I feel like I am grasping the concepts needed to understand some key factors. I feel like I have found some amazing deals in my local market for residential rental properties. But, the avenues of approach I have used to procure funding have at this point fell through. My biggest regret is seeing a good deal for cash flow after I have ran the numbers and looking at the property the next day just to see it pending.

@Richie Thomas I appreciate the response! yes I drove by the house today and its interesting to see the difference in just the houses right next to one another. But, I am actually looking into how to procure this property bc I think it has potential. BTW my wife is getting her Real Estate/Broker License, she started the course today. So, one of our goals is not only real estate investing but also property management. That way even in slightly sketchy locations we can just do what we need to do to make sure things get done effectively and efficiently for ourselves and others.

Again I appreciate the time you took to look into my post!

Dakota Evans

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I need some guidance on whether I should move on this or let it pass.

@Micheal Wallimann I ran this deal with the intent to purchase the home with a VA home loan which allows me to live in the house for 12 months then turn around and rent it out so, I will live in it and pay may self as the renter to put money back and have it in case I need it.

Regarding the closing cost I have only purchased one home and I didn't have to pay closing costs bc the seller did. It might be a false assumption for the house.

@Bryan Noth yes the LTV is 100% bc the loan would be a VA home loan. Thankyou for the knowledge on considering the capex and repairs increase over time.

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@Tim Herman Ok I understand now thankyou for the explanation.

@Tim Herman thankyou for the insight! I am new to formatting the proper numbers in the appropriate location. Quick question; maybe its a dumb one but, what do you mean when you say I cant refinance for a lower amount after I have been paying the initial loans total? 

Again, I am somewhat ignorant to the process at this point so, I am just hungry to learn.

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