All Forum Posts by: J Frank Cole

@Account Closed anytime man!

@Account Closed I'm a principal broker here in Virginia Beach. My understanding is that if you have a signed lease on your current property and you meet all the other qualifications, you would free up your VA eligibility. I'm not a loan officer, so you should consult with them, but I have had a few clients that have done this.

@Justin Jones some really good advice here for your first investment property, I wish I had that when I was getting started.  My wife and I own a real estate brokerage here in VB and primarily work with first time homebuyers and investors.  The TRIG meetups are a good time, hopefully you've been able to check into those a bit, some really good people and sound advice there.  I'm always down to meet and chat about real estate and investing anytime, if you'd ever like to get a cup of coffee or a beer if that's your thing, let me know!

Nice! Love to see it!

Hey Hanna,

Welcome to BP!  Hampton Roads is a great place to invest, really something for everyone that fits most budgets. I've lived in VB for over 25 years so I know the area really well. Don't hesitate to reach out if you need advice on anything!

Speaking as a principal broker in Virginia Beach, you would have created agency with your buyer agent on your first substantial real estate conversation and as such, they have the procuring cause of the sale. Did you sign a buyer/broker agreement with them? If so, there should be a time limit on its effectiveness, so to speak (3 months, 6 months, etc.). Personally, I would recommend that you gut it out and close with the agent that you are dissatisfied with, as it would be too much trouble to change course, especially if you are almost there. Even though you feel you were given sub par service, there are substantial consequences to be had if you were to back out at this point. You always have the option of calling the agents broker and informing them of your grievances. Good luck, hope it works out for you...we’re all friends at the closing table!

@Chris M. I wouldn't over think it.  I've been in that exact same situation myself.  All I did was focus on the things that I could produce and control and the funny thing, we just naturally grew apart.  We're still cool, still friends, but we have different goals in life now.  We never spoke one word about our feelings and what not, we just got on with our lives.  Good luck bro, fortune favors the bold!

@Jason Mayberry look for a 5+ plex, try to obtain a commercial loan based of the previous 12 months rents and finance the down payment (20-25%), or get a loan for a DP from an investor (your parents maybe?).  Anything over a quadplex is considered commercial property.  A commercial loan is easier to obtain because it's not based off your credit history and job status completely, like a residential property, the main concern is the performance of the asset.

It's not a guarantee that you will get funded, but it's worth a shot.

@Mike Sattem Extreme Ownership is so good!  I definitely had a paradigm shift after reading that book. The best part; it works.

@Chris Jackson discipline equals freedom.  That's a great story you're living.