All Forum Posts by: Dustin Boggs

Hey Marcus I'm in the hampton area. I'm currently in the process of closing on my first rental in march. I'm definitely not a pro but I know the area and I've did my best to assemble a good team. So if you want to compare notes or just have someone to help analyze deals feel free to drop me a line.

Ok so im currently investigating my financing options and i know its very difficult to get a conventional loan with 5% down if the property is in bad condition ie bad roof holes in walls ect. My question is, is it just as difficult to obtain an investment loan 20-25% down for the same type of properties or are lenders more lenient because you already have so much invested? Either way i plan on occupying the house and doing all the repairs myself until it is rent ready. I would love to get an fha 203k but i think it would be to hard to convince the lender that i am capable of doing the repairs myself and it would cut into my future cashflow with a higher mortgage payment. Any help would be appreciated.

So im finally ready to purchase my first property and i am in need of a good agent. Any recommendations for an investor friendly agent in Hampton, Va?

@Mark Creason I believe that was my problem i gave them information that i didnt need to give. lesson learned the next lender i go to i will not disclose future intentions. As long as i comply with the one year occupancy guideline i shouldn't need to worry about fraud correct?

@Darren Eady That is my intention to live in the house for 1-2 years then rent it out. what hes saying is if i have any intentions of renting it out ever in the future that it is fraud to get a conventional loan over an investment loan. Makes no sense to me he even read the contract to me and it states that i have to occupy the home for at least a year and i tried to explain to him that was what i was doing and he just kept using the word fraud.

So i finally feel confident enough to jump into the world of investment and this happens. I went to my local credit union to apply for a mortgage. i told him that this was going to be my primary residence and possibly be a rental after a year. He tells me that it is fraud to have intentions of renting a property with a conventional mortgage and that i need an investment loan to do this. He says that if i apply somewhere else that i should not disclose my intentions with the lender. Do these seem like accurate statements?

Also i asked about going the fha route and buying a small multifamily. He says that the loan will never go through because i already own another property (jointly) free and clear. With all the research i've been doing something just doesn't seem right about the information hes giving. Supposedly hes the top guy for mortgages in my credit union.

that's exactly what I'm looking for just basic info that I'm on the right path and the property warrants a second look or a driveby. The numbers I have are as follows

Taxes 236/mo

Flood ins. 100/mo

Water 150/mo

Garbage 24/mo

If I make an offer I plan on subtracting repair costs off of the offer.

I hope the limited info helps some 

Hello all I'm currently looking at a 4 plex in the hampton roads area of Virginia. Asking price is 200k. The current gross rent is 2550 and will be reduced to 1950 when I occupy one of the units as I will be going the fha route. The property is in an ae flood area so I will need flood insurance. 

When I run the numbers it seems like a decent deal but I am just beginning and feel like I am missing something. With the 50% rule I would have $440 cash flow when I move out and all the units are rented. I also believe I could bump the rent up to around 3000 as 2500 seems very low for the area.

Any help or advice would be greatly appreciated.

I just went to my first rei group meeting last night. Anyone who is just starting out like myself should definitely seek out their local group. The group was very diversified from beginners like myself to long time investors and everything in between from agents to private money lenders. The amount of contacts I met in one night is amazing!!

@Neil J.Yes when i said refi i was referring to refinancing im learning everything as i'm going too. Ive learned more in the past week on these forums and the podcasts then i ever thought was possible. WEALTH OF INFORMATION