All Forum Posts by: Giovanni Di Puglia

BP members,

Here is the situation: A friend of mine who is in the military has a property in Killeen TX as the result of her divorce. She wants to dispose of the property and I told her that I may take it off her hands as a subject to deal. After she researched the specifics, she had agreed. Now here is my concern, the mortgage is held by Wells Fargo and it is a VA guaranteed loan, which I have been told come with additional hurdles. Also, while the property is in outstanding conditions, only need new paint and carpet needed, monthly rent will cover the mortgage itself, very little ($25) as positive cash flow. While I locate and attorney to draw up the paperwork in San Antonio TX, where I am at, wanted to hear the comments, consents, or questions you may have.

Thank you all for your responses. there is truly a wealth of knowledge in BP. I took the time to compile a list of lenders that are local in my area, researched their webpages, and will be calling all of them tomorrow. A relative agreed to help me secure a loan if I find myself in a need of a co-worker borrower, but first have to figure out how that works on taxes. Francisco Seems I will contact you before the week is over. Nicole Grant, the nearest FF is almost 200 miles away. Will do call them and see what they say. I am meeting with a Realtor tomorrow and will post updates. Thank again!

Good morning BP members.  As a begin to feel more comfortable with the prospect of becoming an investor, it seems that there are plenty of hurdles to overcome.  I contacted two banks that I use for personal reasons; USAA and Bank of America.  USAA who currently hold my mortgage informed me that they do not do real estate investing.  When I contacted BOA, after running my credit and discussing numbers, informed me that they could not finance a home that would not pass inspection.  I explained the whole concept of the rehab, but in the end, got nowhere. I am a bit hesitant to contact more financial institutions since 1. I don't want 20 credit inquiries 2. I want to know that they work around the concept of not move in ready until after rehab.

I believe to have the right qualifications: can do 20% down, Debt to income ratio at 47%, savings, established job, 750 credit.  Yet in the end could not get the financing.

My question is: Do all banks see rehabs the same way?  Can anyone recommend a financial institution that lends to investors who need to secure the property in order to do the rehab?

Thanks.

Thank you Rick. I figured it was something like that. I have been doing my due diligence in researching as much as I can before I move forward. Been listeningto the podcasts and reading content in the BP site. 

Charles,

Thank you. 

Brian,

Than you for responding. I attached the link to the site. I first saw it on my Facebook feed. Then as a Google ad. 

http://event.fortunebuilders.com/class/?Contact0St...

I found a real estate event taking place in San Antonio on 2-5 November. Has anyone heard of it? Would it be a good one for a newbie to attend? I don't want to go and be sold something. Thanks in advance.

Good morning Lisa,

My name is SGT Giovanni Di Puglia, currently stationed at Fort Sam Houston. I find myself in your "boots" right now, trying to locate a good property in the San Antonio area. While I cannot provide you advice on your investing goals, if you have questions about the area, or need someone to drive by a property and give you honest feedback, let me know. Best of luck.