All Forum Posts by: Jeremy Zollin

I live and never in Killeen SFH. Killeen has unique opportunities because of FT Hood. Military renters don't get laid off and military provided rent money so even COVID didn't really dent the market. There's also a lot of Ft Hood business related travel in the area and large medical networks.

Killeen does appreciate as a house I bought for 122 in 2003 is worth 177 now.  But it is held down by large numbers of builds and taxes here are a large portion of the mortgage (25-30%) range. 4 Plexs have a fire code sprinkler requirement that was added so any rehabs require one to be installed. They haven’t been built in CenTex since the rule change. 

Interested

How are you only getting 1200 rent in 4 units?   Killeen 1 beds are 450 ish.  The repairs and capes depends on how much remodeling was done- all new it’s probably good. If the roof or major systems are older you’d need more capex. 

Advice please:

Was trying to buy In-laws house with VA. Fell through 3 days before closing because they were behind on mortgage- they didn't know they were that far behind(considered bail out- since they weren't moving out as we are moving in to help them as their medical is getting worse). Catching them up also pays off their loan.

What is the best way to complete the purchase? Intent is for them to get money out of the sale as part of their retirement plan and for us to get the house in our name to avoid future family drama.

We were given 2 options when they told us no- #1 pay them up (off), quit claim deed to add us, then in 6 months cash out conventional refi. #2 pay off/ see if a local bank would touch the sale knowing they were behind recently.

I also have an LLC I just stood up but in Texas for real estate.

Is there a third option? Could we do seller financed with a year before payment due and after 6 months cash out refi- pay off seller finance? Would a bank touch that? Would the VA?

Could the LLC take ownership and refi faster or would there still be 6 month seasoning? Would there be additional filing requirements for the LLC taking possession of a property in LA?

Any advice POC or guidance is appreciated.