All Forum Posts by: David Honeycutt

I like this strategy Erik, but I have another piece of information, I'm a veteran and have access to a VA loan.

@Tristin Crum agreed, the price of land is the biggest blocker. 

Has anyone used VA loan for this type of strategy?

Looking to draw on some prior experience here. I'm considering the multi-family strategy and I'd like to go ahead and build new. Has anyone gone this route? What kind of pitfalls should I be aware of beforehand?

thanks for the welcome, everyone!

@Issac San Miguel I'm in the middle of a transition, so flexibility is my middle name right now and I could do just about anything. But, to answer your question, I'd say scale. I can stay in the townhouse as a primary residence and then utilize the equity to expand. Just not sure what type of loan to pursue.

hi David (best name in the world),

Personally, if I was in your situation, I'd move on to another deal. However, if you want to move forward with a Subject To Original Financing deal, be careful of Due-on-Sale clause from the Lender. Apologies if this info is redundant, but that clause can bite. I would contact the bank and see what they will allow. Just going Subject To on the hope that the bank won't call the note due, is not my favorite. Who knows, maybe the bank may be willing to allow a lease with option to buy on the property or other creative financing options without triggering a refinance or sale.

Just my thoughts, hope it helps,

David

Fellow Investors!

I have a townhouse free-and-clear, no mortgage. What's the best financing strategy to start expanding? Perhaps apply for a HELOC on the townhouse and apply a down payment on conventional loan, FHA (think there is a residence req) or something else?

~David

Hello Everyone!

Just wanted to reach out on the BP Forums to say hello.

I'm a newish Real Estate Investor looking to expand my portfolio. I'm currently living in Cincy, but will be moving to FL early 2023.

David