All Forum Posts by: Kameron Patterson

@Brent Coombs

I definitely like the first statement you made.  

I do have the resources to get a loan on my own.  My concern is contrary to @Scott Trench advice, I have a primary sfh that I purchased in the last 6 months for $200k. This makes me believe that I may be limited on what I can purchase through the VA backed loan next. I would also like 2 MFH in the next 12 months and seeing that she just got an inheritance and wants to invest makes me think she would make sense to partner with.

So, in this theoretical partnership, I would be finding the deal and getting the financing.  She would just be providing the 20% down.  

With that being said, my first plan of action is to see if I qualify for additional entitlement with the VA and try to get a 4 plex under contract. I am hoping to do this in quarter one.

Thanks @Mike Sattem

I was relying on someone from the pacific time zone to reply as it is midnight here. 

I was thinking that would be the case but as my Mother would be my partner I wanted to see how everyone else handled this method.

I have not done my first deal yet, unfortunately. I am however, currently looking to house hack a multi-family in the Indianapolis market via my VA loan (0% down payment) as well as buy a multi-family with a partner willing to provide the 20% down, assuming I can finance the rest.

My question about the BRRRR method as it pertains to a partner is simple. Once the first house is BRRRRed and a second house has been acquired, do you split the cashflow with the investor on the second house? Third house? Every house that derived from the initial house?

Thanks again, love the site and look forward to rebuilding a professional network as I haven't posted since I lost money on a business with my brother 2 years ago.

@Sean Richway. This is not letting me tag people in posy from my phone. 

I don't own any other properties. Working on closing 2 mobile homes. The same landlord is selling a quad for low 90s. Maybe I'll pursue that one instead. 

I'm sorry for the confusion.  The seller talked about carrying the mortgage.  However, the numbers did not make sense on this method.

I am looking for conventional financing, hard money or a partnership to purchase the property for $69,000.

I do have cash to put down on this property.

Good Morning BP,

I am working on getting a triplex under contract subject to for $69,000.

This property is fully leased.  2 units rent for 400 a month then third rents for 350.

It is located in a happening area in Western Kentucky.  

I am looking for financing for this property, either private or conventional.  I will not live in it but my sister is in one of the $400 units and I am familiar with the property and the area.

Cheers,

Kameron

Well thank you for your support @Account Closed

I have respect for all you fathers out there.  Fortunately I do not have any kids yet.

I have been preparing for the 0% down payment loan backed by the VA. But to answer your question I do have some capital but as a small business owner I do not have a lot of capital.

Happy Father's Day to all our BP fathers out there.

I am getting ready to transition from active duty military to self-employed civilian. I have run into a complication I was hoping I could avoid. I am having some trouble using my VA loan as lender's are afraid of the insecurity self employment brings.

I am looking at several multi-family properties in the Clarksville, TN area.  I do not have any under contract but am looking at about $200,000 for a quad. 

Does anyone have any self-employed lenders or any creative buy and hold financing advice, experience or referrals?

While using my GI bill I will get between 3-4k per month not including my self employed income or the income the property will generate. 

Cheers, 

Kameron Patterson

Good morning everyone,

I'm looking to meet up on Monday in either Bowling Green, Kentucky, Paducah, Kentucky or Evansville, Indiana. Would anyone have any interests in this?

Cheers,

Kameron 

I'm still waiting to hear back from the owner as he left on a business trip last week. 

One of the red flags that came up when I spoke to my brother about it was when he tried to sell to my brother he wanted him to continue his $750 lease and pay an additional 500. Making a negative cash flow if I was offered the same financing. 

The market is a strong market for renters however the downtown area where the property is has a lot of abound ones buildings similar to the one for sale. 

The city has a program where it will refund 15k when someone renovates a property. I do not know much on the program so I will be researching it more. 

As far as exit strategy I would rent it. My brothers bar has been in the building for 8 years and with the army base so close the upstairs unit could be rented out easily. 

I am pretty certain this property will still be on the market when I move back stateside next fall. Unless he gives someone a great deal on it. 

@Brian Gibbons