All Forum Posts by: James Bradin

I figured I should post here, since I wouldn't be where I am if it were not for this website and all of the other tools and products that BiggerPockets has to offer. I am currently under contract with a closing date in mid-October on a duplex that I plan to house hack. I am active duty military and had the opportunity to use my VA loan for financing. I chose to put slightly more than 10% down in order to make the numbers work more favorably. I was able to purchase the property for nearly 25% off the asking price.

Based on the numbers I have run and comparable rent in the area I will be essentially living for free (not including luxuries like wifi/cable).  I am beyond excited to begin my real estate journey and learning to be a landlord.  The day the property went under contract I purchased Brandon Turner's book The Book On Managing Rental Properties and have been reading it as I nervously prepare for this next step.  I am very impressed with the tips presented in the book.

I just want to thank everyone on here that provides newbies like me with information and advice in this business.   I know for a fact that I would not have purchased this property had it not been for the hours of podcasts I have listened to by Brandon and Josh.  Maybe this will motivate some other newbie to complete their first deal too.

I am analyzing a multi-family property that I am considering investing in. The numbers appear to work out for what I want to do. The biggest red flag that I have had come up is the fact that the property was struck by lightning last fall. The MLS listing says that the home has been completely remodeled and all new appliances. My real estate agent then told me that the entire electrical wiring had been replaced. She told me to contact my insurance company to pull the claim for what exactly happened. They were unable to pull it, so I did some research on and basically found an article that said that they lightning strike caused water and smoke damage. It also said that the fire department was called and all tenants had to move out. I asked the selling agent to provide me with the claim so that I can see the extent of the damage (my insurance called it a "Clue Report").

 I was wondering if anyone had anything similar happen to them?

I know that its personal preference, but would this be a deal breaker (assuming it still passed home inspections)?

Would this be something you would bring up to potentially talk down the price (it is already priced well above market value)?

Thanks

@Kerry Baird wow that is great to hear.  I have just a few questions about your state side properties:

Were they purchased at the duty station your were at while you were there?  If so were any of these duty stations in a market you would not normally invest in?  

The reason I ask is because I am PCS'ing to Cannon AFB, NM (Clovis area) very soon, and I have not heard great things about the area.  I am hesitant to invest in an area just because I live there. 

Did you look for property management that had a background working with military owners?

Were any of the properties secured with a VA loan?

Thanks again.

Thanks to every one for responding.

@Bryan C. I am a big fan of this area, however I have only been here for a year and am PCSing to Cannon AFB, NM at the end of next month. I have seen posts from both of you regarding active duty long distance investing.  I appreciate the introduction.

@Stephen David Smith Jr.  I do love the Bradenton/Sarasota area.  Sarasota might be outside of my pricing but if an opportunity came up I would love to invest in that area.

@Devon Garbus  I am from north Bradenton and have family in the Brandon area.  I think that there is a lot of potential in the Parrish area with the growth in that region.  Specifically with the high school coming in there and the bridge coming across Fort Hammer.  It is amazing how fast that area has grown.

Hello first of all I would like to say how impressed I am with BiggerPockets and what it has to offer.  My real estate journey to this point is similar to most.  I read Rich Dad Poor Dad my junior year of high school, instantly knowing that someday I would want to follow Robert Kiyosaki's formula with building wealth.  I attended college where I majored in Civil Engineering and have been serving Active Duty in the U.S. Air Force for just over 3 years.  I have been saving and investing in the stock market in order to build (what I thought was) the necessary capital to begin my Real Estate journey.  After nearly 3 years of military training I wanted to begin serious investing.  I read Rich Dad Poor Dad again a couple months ago, which motivated me once more and re-aligned my investment goals.  This allowed me to discover Bigger Pockets.  I have listened to around 30 podcasts, read multiple blogs, read both 7 Years to 7 Figure Wealth and Real Estate Rewind, and taken the A Beginner's Introduction to Real Estate Investing (which was well worth the time).  I am also about half way through William Nickerson's How I turned $5k into $5 mil.  

I am still trying to build my Investment Plan in order to "Road Map" where I want to go.  I am from the Bradenton-Sarasota area of Florida and plan to invest there.  I know the area decently well and feel that it would be easier than buying rental properties at each of my duty locations (common tactic with military members).  Right now my investment plan is targeted towards a Buy and Hold strategy around multi-family homes.  I am sure I will have several questions about military investing, deal analysis, long distance investing, and much more.  Thanks in advance, I know this site can offer tons of quality advice and information.  I look forward in continuing my real estate education and hopefully finding my first deal!