All Forum Posts by: Joe G.

Aaron Osgood,
Welcome! I am originally from Philadelphia myself and have a great working knowledge of the Roxborough/Manayunk area, both of which are a good market.
What areas does your company build in?

Alex Baev,
I purchase my primary homes using a VA Loan as I am active duty military. After some time I refi out of that loan to re-establish my VA Loan status for use with another home...in a different area of course because the military has moved me.

Arnoby Torres,
Some thoughts from a long term buy and hold guy.

Your interest rate may be the lowest rate you will see in your lifetime. Have you thoughts about pulling cash out to pursue your fix/flip venture? Quick math looks like you have 37K in equity plus your 15K for 52K to purchase, fix, and flip all the while living in or renting our your first home.

What is your stance on:
Managing properties?
Taking on a partner?
Using Hard Money lender?
Doing the fixing yourself?

Great question. More details about your situation will help the members provide better advice.

Why only 80% of you wants to jump in?

Chukwudi Motanya,
Did you ever purchase a multifamily? I am looking into them myself and wanted to ask how it went for you? I am originally from Roxborough/Manayunk area of Philadelphia, what area are you looking at investing into?

Brenton Kasselder,
How did your quadplex situation pan out? I am interested in your actions and thoughts behind them as I am looking into this type of arrangement. Thanks in advance for any advice or details.

Walter Hammond,
I have been looking into quadplexes also...how did this situation go for you? I am very interested in hearing about your actions and thoughts behind them. Thanks,

I need advice from the experienced property managers or landlords out there.

The floor of a two car garage from a recently vacated home has a good bit of black spray paint overspray on the floor. Power washing and some type of acid wash plus power washing did not remove the black coloration from the otherwise standard concrete color floor.

I need advice on how you would proceed; leave the floor as is since it is a garage and do not charge the tenant any more or have the garage floor painted and further deduct from the tenant? Or some other option.

The tenant has departed the home on good terms and there are no other issues with the home or property. Thank you in advance for the help.

Jean T.
I am active duty military. I have developed a habit of purchasing homes in the city I move to and when I depart I rent the home out using a property manager. I have completed this action three times in the last ten years. This seems slow compared to very active investors, however this is building me passive cash flow for my future. I took my time with selecting a PM for each area. So, what you propose is possible and has been done.
What area are you moving too? Why are you moving out of the area? What type of properties are you looking into? Who else do you know in the area?

Let us know what you decide.

Kirk R.,
I am a active duty and have three homes, all rented out. Some quick answers your questions;

*Struggle with just buckling down and paying off this mortgage because I would sleep easier at night.
-> Interest rates are the lowest you may see in your lifetime. Think about getting as many homes as you can now...it will cost you less if you are using mortgages.

*Make sense to get a conventional loan - thinking PMI would be too much vs. VA loan.
-> I would work the numbers before you purchase another home. Look into pulling just enough out of your current home with a conventional refi that you don't need PMI. With that pulled out equity use that for a down payment on a conventional loan on the new rental. I would save VA Loan for when you really need them.

*Since I already have a conventional mortgage will the VA give me a mortgage and pay off the conventional of course.
->I don't understand why you would refi INTO a VA Loan? You seem to have enough equity in your home and it is a primary residence for you...why not refi with another conventional?

*How much are closing costs on a VA loan? Any way to lessen or get around some of them? Any way to get around the 1% origination fee?
->I have never gotten around the fee, interested to hear if anyone else has.

*Once I did pull out the $25,000 to $65,000 in equity would you suggest I just do 20% down? Or use the whole amount to try to buy one property for All cash?
->Work the numbers to put down as little as you can, keep a cash reserves. Repairs, vacancy, etc...

*Any suggestions on how much money to keep in reserve if I did buy a rental?
-> Consider the area, home repair status, vacancy rates in the area. 3-6 months of mortgages cost is typically time to find a tenant.

*How long would the loan take to come through?
->I am in a refi right now with same lender on a rental home...taking up to 60 days. Every company is different...call around.

*Do you think it is better to buy around Holidays vs. When kids just got out of school.
-> Research the area. Summer is generally the big move time so more should be available. Just target a home that meets your needs, ie condition, rental income, area, etc.

Hope some of these quick points help. I am always around to help with veteran questions and angle on investing.

Simon W.,
Thanks for the reply. You nailed it, I am looking for reassurance on not selling the home but really more specific advice on how to let the tenant down easy. Things seem to be going so well and I don't want to proceed with this situation and it need up badly b/c of a poor choice on my part.
Thanks for the reply Simon.

Anyone else have advice or have been in this situation before? Any real world examples would be great also.