All Forum Posts by: Ginger Walker

This is great! And now I will commence my BRRR research and go get some ice cream.

Thanks for the input. We have been talking to a realtor who says he really enjoys doing them because he says it is a great way to be able to help homebuyers get a great house and build equity. He says there are typically great deals that most people pass by because they don't want to deal with the hassle. I just get nervous when the enthusiasm comes from someone who will be getting paid whether it ends up being a good deal in the end or not!

I am in the NOVA (Northern Virginia Area) and been looking at possibly doing a 203k to do a semi live in flip. We plan on living here for 2 -3 years so the idea is to sell when we move and hopefully have a little bit larger chunk of change so we can have more to invest when we move back to Oklahoma. Then when we move we will purchase a multi-family house live in one part and rent out the others using either a conventional loan or VA loan depending on the amount we have saved at that point. I am a little nervous about the 203k process because it seems like FHA tries to make it as difficult as possible and of course you are not guaranteed that the appreciation will be there, though more likely than just buying a property and hoping for it to go up in value. Would love to hear about others experiences with the process!

Thank you!

Welcome! I joined about a year back but just became active on the site in the last couple of weeks. I just moved from Oklahoma to Leesburg, VA this summer. My husband and I have one duplex rental but are hoping / planning / scheming how to acquire more in the next couple of years.

Welcome @Matthew Roach,

I have been active on BP for about a week now and I love how willing everyone is to share ideas and experience. I would check out the podcasts they are free and loaded with information on how many people got their start. I have bought one duplex as my Primary Residence and rented out the other side. Financing is much easier to get when you are purchasing it as a personal residence but that is definitely not the only way to get a start. Good luck and happy deal hunting!

Thanks @Jay Hinrichs we mostly stumbled into it but it has been a great investment. We are currently in Northern VA and the ROI's are not even close here. You will be lucky to get about $2,000 a month on a $300k property.

Only have one property which is a duplex located near Fort Riley, KS. Class A neighborhood $255,000 / $127,500 per side.

Side A : $127,500 and $1,275 in rent = 1.0%

Side B: $127,500 and $1,300 in rent = 1.02%

Rents have varied from $1,395 to $1,250 (the $1,250 became vacant in December and was a slower rental time). Both net about $300 after expenses.

Hope that helps!

I purchased a duplex in 2011 with a VA loan, both sides are now rentals love the property but as we are starting to get more serious about building a real estate profile, I am wanting to get this property under a LLC. I am assuming the only way you can go about that would be to refinance it under the company name. I have read many threads about refinancing out of a VA loan to a conventional loan and you would need 20% - 25% down, is that true if you are wanting to refinance into an LLC or would I be looking at closer to 30% down?

@Samson Kay I love this concept and can't wait to hear more about how it goes in the winter months. Have you considered looking around for permanent furniture for the units. I think the lower the amount of fixed costs each month the better. If you do end up selling it as a business investment adding $300 a month to the cash flow would have a large impact on what it could sell for. I know in my area you can pick up some nice furniture with little effort for a steal by subscribing to some of the Facebook garage sale sites.

Thank you @Ross Ellington I was about to post this exact same question. We have one duplex we picked up using the VA Loan but it was a new build so I didn't have this issue. We are looking at using our Secondary Eligibility to pick up one more multi-family when we move back home in about 2 - 3 years and all the properties I have found have been occupied but typically one of the leases expire within 6 months.