All Forum Posts by: Dylan Campo

I'm finally about to close on my first deal!

Its an out of state 2 unit multifamily property we found from a seller that was about to be foreclosed on. The house is rent ready but needs light rehab, nothing too crazy. My wife and I plan on using rentredi to screen and manage tenants. We are planning on acquiring several properties here in the next few years and decided to form an LLC. We were planning on getting a real estate attorney to create a rental contract for potential tenants and we are about to start looking for CPAs to help us better understand taxes in regards to our investments.

I've got a solid agent, our broker has locked down financing for us, we have a PM in our back pocket if we decide we want to go that route. At the current time we don't have a contractor/handyman to help us fix up the property, we've got our sites on an attorney and a CPA to help us navigate the legal realm.

With that, my question to BP is what am I missing or need to consider going into my first property? What are things you wish you did or thought of going back to your first deal?

I'm looking to purchase an investment property in New York thats listed under 40k. Several banks and credit unions I've dealt with aren't willing to do loans under 50k in New York state. Hard money lenders that I've checked out on this site aren't doing loans that small in value either. 

Seller financing seems to be an option but I'm not too familiar with it and I don't have a good idea on terms that make sense for doing something like that. Any tips or info would be greatly appreciated.

Hello BP,

A few months ago, my wife and I bought a single family home in San Diego using a VA loan. After discovering BP, I'm hooked on the idea of house hacking and want to rent out my current property and purchase a multi family. Unfortunately I run into some challenges doing so with the VA loan right off the bat.

With the VA loan, it has to be my primary residence so I'd have to refinance my current VA loan into a conventional in order to obtain full eligibility to be able to get another residence in the SoCal market. That being said, I do not have 20% equity in the home so we would get hit with adtl. expenses like PMI (and higher rates I'd assume?) when we refinance.

I'm trying to find a solution where I can keep my current property and rent it out while obtaining a multi family with a VA loan. The only answer I see is to make improvements on my current home to increase the value and sell it off to gain my full VA eligibility back.

Is there a better solution? Is there something I'm not seeing here?

Thanks!