All Forum Posts by: Eric DeVito

Hello all, just would like to some advice on what to do. I am interested in renovating my basement and/or buying a commercial property mixed-use to be exact. Would like to open a small business and have rental apartment/s above to help pay off 2nd mortgage.

Current Situation:

Primary Home = SFH VA LOAN 30YR/3.0 FIXED RATE. Bought two years ago for $255,000. Owe $190,000 now. Appraised for around $450,000.

Best VA Cash REFI Offer:

USAA offer 30YR/3.8 FIXED RATE. Based on $400,000 home value. I am only taking $100,000 cash at closing. New mortgage will be around $300,000. 

Worth it? They sent me paperwork already, but I have not signed yet. Also closing cost are around $15,000 it looks like. I am located in NYC. 

Hello all! I believe I took the best approach possible, but would like some insight as well. I have a SFH primary residence and have a 30 year fixed 3.0 rate/ VA LOAN. I bought the house for $255,000 two years ago and after some cosmetic updates my house is valued to be around $400,000-450,000 as per my realtor. I decided today to use USAA to do a VA cash out refinance as they had the best rate after calling a few lenders. It is a 30 year fixed 3.8 rate. I could have taken up to $160,000 in equity I believe they said, but I only opted for $100,000 as I feel that is enough for my goals. This leaves me with a mortgage now of $300,000. Closing is in two months. My end goal is to use this $100,000 to renovate my basement and finish it as it is a dungeon type basement lol. Also I am interested in purchasing a Mixed-Use property. Retail on bottom with apartments above. This is because I want to open a small business of mine and would like rental income to help pay off this secondary mortgage/property. The thing is I live in Staten Island and the only property in my budget is in the hood. The property is $250,000 and seller is really negotiable as property does need some work, but my realtor says it could be worth around $400.000 after some work too it. I could also go to New Jersey/Pennsylvania border and buy a property there as well. It is about 1 hour - 1.15 min drive from me. Wondering what is best?

@Account Closed Thanks for the reply. How do I even go about finding off market properties in a place I don't know anything or anyone. I was thinking of just finding a 3 or 4plex. Was just browsing realtor.com to get an idea whats around. I dont want to throw all my funds in one basket that is why I figure va loan would be a great help since I can do 0% down if I would like. 

Hello all, I have a possibly scenario that I might be facing soon and would like some input which route is the best to take. I currently reside in NYC and will be moving to another state where the RE market is more investor friendly and easier to break into. That being said, I am also a veteran and I have a VA Loan. I will be selling my SFH house here in NYC and I am looking to be making at least a profit of $250,000 on my current home. So VA Loan + $250,000 cash and moving to another state for a new job. Now I am thinking should I buy a 4-plex with the VA Loan and put 0% down or maybe put some type of cash down? Maybe just buy a nice SFH home and pay it off in cash and live comfortable w/o any headaches. Just so many options. I want to make sure I am using my funds wisely. I am new to investing as well and I've never been a landlord. Have been on the forums/biggerpockets for quite a while though.

@Keith Weigand thanks for the tips. I actually plan on using property management as I am a newbie who will be investing out of state and also work full time job. I figured things would run smoothly that way. 

Hello all, I am investing out of state and was wondering what info should I ask my RE Agent to find out for me on a property I am interested in from the listing agent. I know for example confirming rent, vacancy and expenses for starters. Anything else?

Hello, can anyone recommend a property management company for the Wilkes Barre, PA area.

please send info - [email protected]

Hello! Can anyone recommend a good Commercial lender in wilkes barre, pa or surrounding areas? Need financing for a 5 unit property. 

Hello all, just curious. Which should I be focusing more on CoC or CAP? Perhaps both? Also what numbers or percentage do you other investors like to see in your returns?