All Forum Posts by: Dalton Wilson

@Trevor Aydelott ahh is see well I hope everything with your investments goes good, thank you for sharing!

@Trevor Aydelott okay on the SFH did you add value or was the house move in ready? If you renovated, how was the VA lender inspection process? I am under the impression that if a house needs real work then the VA lender won't go for it.

@Trevor Aydelott I have a SFH in florida and plan to move to dayton when I get back from deployment.

Congrats on your investment property in Colorado! What type of deal was it? I was under the impression that with typical VA lender the home has to be move in ready.

I sadly do not have Instagram but I plan to change that after purchasing my first deal!

@Satyam Mistry Hello Satyam! Thank you for the compliments on my plan and your feedback!

1- it is my primary residence that will be rented out.

2-I have yet to really set in stone what I will go with as far as GC. From what I have read, good GC's in dayton are few and the ones you want are probably busy. However, for any rental units (other than the one I live in) my main concern will be to rehab and fill them ASAP. So yes I will probably use a general contractor.

However, your question does let me know that I have one more piece to that puzzle I have to plan for, so thank you very much! I am not sure on the Sub/me being a GC. I have construction experience but I am unaware of that approach.

3-I do plan to manage the units myself both to learn and save. And the cash reserve is most def the reason I am going multi, so a vacancy doesnt kill us. But I will have to plan for losing money regardless so I appreciate your advice and will keep that in mind as I save! Thank you so much again, Satyam!

Hello! I am a currently deployed U.S. Navy Sailor who is looking to start my real estate journey upon my stateside return. It has been a long mental uphill battle to get here but I now know what I want with my life and how I aim to get there!

I plan to move to Dayton, Ohio and purchase buy and hold multifamily properties until I hit my freedom number!

If any investors from the Dayton area would take a look at the three-five year plan below, and give me any sort of feedback, good or bad, I would be very grateful!

***Disclaimer: I apologize if the responses back are slow.

Year One (Save >15K)

• Get back home around August; go back to work two weeks later.
• Sell the truck and trailer.
• Start prepping the house for renters.
• Get a job at Wright-Patterson AFB.
• Sell all unnecessary furniture and miscellaneous.
• Vet and sign renters.
• Move to Dayton, store all the necessary furniture, and rent out a motel at monthly rates.

Year Two (Buy My First Multi)

• Attend the local REI and network.
• Find a multifamily deal through any means necessary (wholesaler, foreclosure, MLS, driving for dollars, direct mail, etc.). (*Thoughts: there are some multifamily homes on the MLS that seem like decent deals, but I am not acquainted with the tougher areas and do not want to put my family in a danger area).
• Fund the deal and rehab costs, attempting to save as much of my personal savings as possible. (*Thoughts: Private money seems to be dependent on knowing someone (which I don't), Hard money seems more feasible, VA loan would require the home to be livable (which in turn may reduce much of the potential value add), conventional loan would require less stipulation than the VA loan, and personal credit cards (Not a bad option with 0% balance transfers and commitment to pay down.
• Complete the rehab in less than 6 months (I will work on the project when possible, but sticking to the shortest possible timeline is paramount).
• Rent out the units.
• Refinance it either with VA 100% LTV (Not sure if the lenders do a full 100% but that's what Navy Fed is repping on the site) or Conventional 70-80% LTV. (If I went with the VA refinance there is a one year primary residence stipulation)
• House hack while we plan for investment opportunity #2.

Years Three-Five-Unknown (Rinse and Repeat)

• Continue the same BRRRR strategy until I hit my projected freedom number, then figure out my new goals.

Everyday Action Items: Complete one hour of study, save $10, and tell myself that I will have the ability to retire before 35.

***

To anyone who took the time to go through that, I appreciate you!

@Whitney Hutten thank you for the reassurance! I'm planning for the day!

@Kirk R. I have not applied for a loan in Dayton as I am not there yet, but if the potential deal qualifies then that will be the road I take. As far as the retirement, the juice isn't worth the squeeze, for me. Thank you for your input

@Aaron DeLaO Thank you for the input! That was my idea, the hotel room rental was just to have a place to stay until we can buy and get into a deal. Thank you, again!

Hello! I am a currently deployed U.S. Navy Sailor who is looking to start my real estate journey upon my stateside return. It has been a long mental uphill battle to get here but I now know what I want with my life and how I aim to get there! 

I plan to move to Dayton, Ohio and purchase buy and hold multifamily properties until I hit my freedom number!

If any investors from the Dayton area would take a look at the three-five year plan below, and give me any sort of feedback, good or bad, I would be very grateful! 

***Disclaimer: I apologize if the responses back are slow. 

Year One (Save >15K)

• Get back home around August; go back to work two weeks later.
• Sell the truck and trailer.
• Start prepping the house for renters.
• Get a job at Wright-Patterson AFB.
• Sell all unnecessary furniture and miscellaneous.
• Vet and sign renters.
• Move to Dayton, store all the necessary furniture, and rent out a motel at monthly rates.

Year Two (Buy My First Multi)

• Attend the local REI and network.
• Find a multifamily deal through any means necessary (wholesaler, foreclosure, MLS, driving for dollars, direct mail, etc.). (*Thoughts: there are some multifamily homes on the MLS that seem like decent deals, but I am not acquainted with the tougher areas and do not want to put my family in a danger area).
• Fund the deal and rehab costs, attempting to save as much of my personal savings as possible. (*Thoughts: Private money seems to be dependent on knowing someone (which I don't), Hard money seems more feasible, VA loan would require the home to be livable (which in turn may reduce much of the potential value add), conventional loan would require less stipulation than the VA loan, and personal credit cards (Not a bad option with 0% balance transfers and commitment to pay down.
• Complete the rehab in less than 6 months (I will work on the project when possible, but sticking to the shortest possible timeline is paramount).
• Rent out the units.
• Refinance it either with VA 100% LTV (Not sure if the lenders do a full 100% but that's what Navy Fed is repping on the site) or Conventional 70-80% LTV. (If I went with the VA refinance there is a one year primary residence stipulation)
• House hack while we plan for investment opportunity #2.

Years Three-Five-Unknown (Rinse and Repeat)

• Continue the same BRRRR strategy until I hit my projected freedom number, then figure out my new goals.

Everyday Action Items: Complete one hour of study, save $10, and tell myself that I will have the ability to retire before 35.

***

I just want to say thank you to BiggerPockets! If not for a random youtube click onto your podcast, I would not have ended up here taking my life into my own hands!