All Forum Posts by: John Payne

@Kevin Pillow it's a great market, and I hope my wife gets stationed there again. We loved it, and it's one of the few places we've found where we could see ourselves staying long-term when wifey is all done. Let me know if you have any contacts out here in Colorado Springs. She's on the athletic department staff at the Air Force Academy, so we'll be here for 3 years minimum. I'd love to help find quality properties for active investors in the springs area. DM me if know of anyone

@Kerry Baird They gave us 89% LTV for our HELOC, and I'm not sure if it's an all-in-one product, but I would say it's close. We have a sweep account, but we can do all of our banking through it, so we've swapped our old checking account for this sweep "checking" account to run on income and expenses through. If you're not familiar with Replace Your Mortgage with Michael Lush and his team, I'd highly recommend them. DM me if you have any questions about it.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $290,000
Cash invested: $25,000

Like many military investors, we typically buy properties in each duty location (if possible). We paid $290,000 (10k under asking) on a VA loan where we lived for 3 years with the plan to fix it up over those years and rent it out. It rents for $3000 every month, and with an appraised value of $375,000 we refinanced using a 1st Lien Position HELOC strategy to pay down the balance MUCH faster while have equity accessible to take advantage of opportunities.

What made you interested in investing in this type of deal?

Military moving / House Hack Strategy

How did you find this deal and how did you negotiate it?

MLS through a buyer's agent

How did you finance this deal?

VA Loan and refinanced into 1st Lien HELOC

How did you add value to the deal?

Added new bathroom in rough-in area which added an additional 70 square feet, added new bedroom to ample existing space as a mother-in-law suite, and refurbed the en suite. Converted 4 bed / 3 bath to 5 bed / 4 bath

What was the outcome?

$3000 per mont gross rent with $400 in cash flow.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Highly recommend agent: Karen Jennings
Property manager with Action Management: Craig Jungjohann
Insurance with Farm Bureau: Matt Guzinski
And our HELOC refinance with First Savings Bank: Anthony Rushing

I don't recommend going directly to Anthony Rushing, but I highly recommend signing up with Michael Lush's Replace Your Mortgage program to get all the ins-and-outs of the strategy. I have an affiliate link if you want to request it from me to let 'em know I sent you. DM me

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $290,000
Cash invested: $25,000

Like many military investors, we typically buy properties in each duty location (if possible). We paid $290,000 (10k under asking) on a VA loan where we lived for 3 years with the plan to fix it up over those years and rent it out. It rents for $3000 every month, and with an appraised value of $375,000 we refinanced using a 1st Lien Position HELOC strategy to pay down the balance MUCH faster while have equity accessible to take advantage of opportunities.

What made you interested in investing in this type of deal?

Military moving / House Hack Strategy

How did you find this deal and how did you negotiate it?

MLS through a buyer's agent

How did you finance this deal?

VA Loan and refinanced into 1st Lien HELOC

How did you add value to the deal?

Added new bathroom in rough-in area which added an additional 70 square feet, added new bedroom to ample existing space as a mother-in-law suite, and refurbed the en suite. Converted 4 bed / 3 bath to 5 bed / 4 bath

What was the outcome?

$3000 per mont gross rent with $400 in cash flow.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I highly recommend our agent (Karen Jennings), our property manager with Action Management (Craig Jungjohann), our insurance with Farm Bureau (Matt Guzinski) and our HELOC refinance with First Savings Bank (Anthony Rushing).

I don't recommend going directly to Anthony Rushing, but I highly recommend signing up with Michael Lush's Replace Your Mortgage program to get all the ins-and-outs of the strategy. I have an affiliate link if you want to request it from me to let 'em know I sent you. DM me

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $290,000
Cash invested: $25,000

Like many military investors, we typically buy properties in each duty location (if possible). We paid $290,000 (10k under asking) on a VA loan where we lived for 3 years with the plan to fix it up over those years and rent it out. It rents for $3000 every month, and with an appraised value of $375,000 we refinanced using a 1st Lien Position HELOC strategy to pay down the balance MUCH faster while have equity accessible to take advantage of opportunities.

The $25k we added includes a DIY en suite upgrade, and a contracted addition of a bathroom and additional bedroom to convert it from 4be/3ba to 5be/4ba.

What made you interested in investing in this type of deal?

Military moving / House Hack Strategy

How did you find this deal and how did you negotiate it?

MLS through a buyer's agent

How did you finance this deal?

VA Loan and refinanced into 1st Lien HELOC

How did you add value to the deal?

Added new bathroom in rough-in area which added an additional 70 square feet, added new bedroom to ample existing space as a mother-in-law suite, and refurbed the en suite.

What was the outcome?

$3000 per mont gross rent with $400 in cash flow.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I highly recommend our agent (Karen Jennings), our property manager with Action Management (Craig Jungjohann), our insurance with Farm Bureau (Matt Guzinski) and our HELOC refinance with First Savings Bank (Anthony Rushing).

I don't recommend going directly to Anthony Rushing, but I highly recommend signing up with Michael Lush's Replace Your Mortgage program to get all the ins-and-outs of the strategy. I have an affiliate link if you want to request it from me to let 'em know I sent you. DM me

Just looking for a house flipper or rehabber with experience in Blytheville, AR. I’m looking more and more into this market and looking for insights. Thanks!

Joel Owens thanks for the feedback. It’s surrounded by fully developed residential area (SFH/Condos) and only down the street from main entry/exit to a major freeway. Undeveloped land seems to go for $250k but it goes up in price/acre as it gets closer to the highway. $600k seems high, but I’ll be reaching out to commercial brokers tomorrow.

I have a lead for a property in Garland TX. 

It is a 1 acre property with a 3be-2ba, 1800sf, a shop, and a barn. It is zoned Neighborhood Services (Mixed Use), which means it has other commercial uses. 

As a residential property, it would go for less than $200k, but since it's zoned for commercial uses, the seller is asking $600k.

I'm looking up comparable properties on Loopnet and Craigslist to compare what similar land is going for in Garland. For vacant land, I'm coming up with $220k per acre asking price. Retail use or office buildings are $1M+, but I'm not a developer at all.

In my mind, considering a property is already present (and might involve demo to upgrade the overall property), what's the best way to analyze this property. Any developers (but especially the Dallas, TX or Garland area), what's the best way to analyze this property?

Thanks! I look forward to the discussion

If I'm conducting a FSBO transaction (I'm not an agent), and I post a craigslist or Facebook ad to pay $500 to anyone (who is not an agent) who can refer a qualified candidate to purchase (rent, lease option, etc) the property while being contingent on the deal closing paid in/out of escrow...am I, the referral person, or the buyer in violation of the law?

I ran across a bank owned property recently in my market, and I have somewhat of a random question about it.

For a title transfer using a Grant Deed of $0 (yes, zero dollars) from a state housing finance agency to a banking institution, where did the money go in the title transfer to the bank?

Quick History:

I'm looking at the title records, and I can surmise the owner went into bankruptcy and lost the house in 2015. The title transferred to the bankruptcy attorney's office for the NOD/NOT Sale for the amount of $220k in Fall 2015. In early Spring 2016, the property title transfered from the attorney's office to the California housing finance agency. Three months later, the housing finance agency executed a Grant Deed (non-market) to the banking institution for $0.

The foreclosure amount is $220k and was transferred the attorney's office and the then to the CA agency. When the agency executed the deed, $0 were a part of the transfer.

I've tried to look up the differences between these deeds, but nothing explains why no money would be transferred between the agency and the bank.