All Forum Posts by: Douglas Alexander

@Jeremy Johnson Thank you for your service! I work with a great team of Realtors and currently live in Noblesville, IN as well. I'd love to connect once you're back in town. 

@David Pere I'm going to guess you have a good knowledge base according to your "From Military to Millionaire" tagline. I have a couple questions for you:

Am I able to use my VA loan combined with another veteran if I am married?

Do you have any experience using the VA loan to invest in MFR?

Thanks so much!

@Brooks Rembert everything I've read says that it can be done, but it'll be hard to get the construction loan. It's worth a shot! I haven't used the VA loan before, so I'll have a lower VA funding fee. I think that a buy and hold strategy for either SFR or MFR is up my alley.

What advice do you have for a beginning investor? 

Hey there! New REI here. I am interested in purchasing or building a multifamily property to househack. My wife and I currently have a SFR that I could turn into a rental or sell if the numbers worked. I am currently serving in the Indiana Army National Guard and have access to the VA Loan. I would want to use the VA loan to purchase or build the Multifamily. Does anyone have any experience in doing this? I appreciate any advice you can give!

@Tj Hines Thank you for the advice! 

@Tj Hines That's a great way to get a more accurate depiction of the financials for the property. I'll have to do that on the next one. Any other advice for a beginning investor? 

@Tj Hines I requested 3 years rental history for all the units, as well as a complete report of all operating expenses. I've got enough protections built in to get out of it and retain my earnest money if need be. I included the estoppel's because that seemed like great advice. Thank you for your insight!

@Aaron Montague That is some awesome advice! Thank you! I think that second point can be entirely covered by @David Espinosa's suggestion of an Estoppel Agreement. I have added your suggestions and I'll keep my fingers crossed. Offer submitted this afternoon. THANK YOU!!!

Hey BiggerPockets Community! I am putting in an offer on my first multifamily property. I won't be house hacking this one, as my wife and I already own a single family residence and aren't in a position to sell it or rent it out prior to purchase this next property. What conditions do you put in your purchase agreements? This is what I have so far, having not seen all the units or been given info I consider necessary:

"This offer is subject to receiving and approving of the seller's disclosure and utility information, and viewing/approving all 4 units. Seller to provide 3 year rental history along with copies of current leases for the occupied units and all operating expenses.Rent for the month of closing to be prorated to buyer. Tenants' security deposits to be transferred to buyer."

What else do you like to add in your offer? Any advice would be greatly appreciated!

Thanks!

Doug Alexander