All Forum Posts by: Dennis Trinh

VA doesn't have any seasoning requirements like Conventional guidelines. However, something to consider is when the lender runs the Automated Underwriting System (AUS) and it refers and then the lender manually underwrites and applies their own overlays. You might hit a hiccup then. Hope this answers the seasoning question!

Thank you for the warm welcomes everyone!

@Casey Miles here's the link to the thread Click Me. I figured better to post a separate thread since no downsides to getting feedback, amirite? :)

Hi @Jason Brenizer Thank you for the feedback! Just to clarify I'm just going to own the home itself. I'm partnering in the sense I'm bringing the "financing" piece to the table, "John" will be doing the reno/bringing up to standard for the ALH; that is his piece he's bringing to the table. I do not know "Peter" but I trust John since from what I understand Peter has a waiting list so once John finishes his phase he'll be doing business with Peter to get it up and running. 

My landlord-tenant relationship will be just with John. The NNN Lease will be between me and John's LLC. John will be doing the remodeling to convert the garage and do the addition to bring it up to 10 beds for the residents.

The way I understand and asked my attorney to draw the lease (I should be reviewing the draft within a week or so) is John can exercise the option at the end of the lease not prior.

Hi BPers,

I wanted feedback for my first newbie rental. I'm under contract and COE is end of the month. I'm buying a pre-foreclosure property as-is (condition is okay when home inspector checked it out) SFR (3bd/2ba) property at $325,000. I'm partnering (not in LLC sense) with my RE agent "John" where he will be renovating the property into an assisted living home (w/ 10 beds) - ones with 24/7 care etc. He'll be partnering with his business partner "Peter" for the staffing etc. My understanding is "John" will bringing renovations (addition/permits etc.) and property management for his business partner "Peter". I'm just securing the actual real estate for the deal w/ conv financing and I'm getting a 5yr NNN Lease w/ Purchase Option for my efforts.

I'm hiring a RE attorney to draw up the lease and execute before COE since I do not know the nuances about commercial real estate. "John" has obtained the City of Scottsdale permit to start construction process once we close. Btw, he's new to this type of venture too.

I would love feedback since as a newbie this is pretty overwhelming for a first deal since it's not cookie cutter at all. I'm a bit concerned about the purchase piece of the agreement because he wants to buy the property at the end of the 5yrs for $375,000. Now, unless I'm missing something pretty significant I think the ROI over the 5yrs just from rent is good so I was advised to focus on that since I have no idea to determine future value. How do I know I'm not giving away the farm for $375k for a small ALH facility? I understand I'm not the one selling business as I will only own the building.

BP Rental Calculator

Thank you and please excuse my ignorance in advance!

Hi BP,

I'm a new REI. I currently work as a traditional mortgage underwriter as my full-time job.

I have learned so much over the past few months from webinars, podcasts and other valuable resources here on BP. I'm under contract for my first rental and just thankful to have taken some kind of action as I'm a terrible procrastinator and room to improve. I'm kind of embarrassed taking so long to post this intro as I've decided to go Pro a few months ago. Might sound silly but guess that cones from my upbringing.

Anywho, thanks for listening to my little rant! I hope to keep on growing and get along with everyone!