All Forum Posts by: Keegan Mattick

Just because someone has a gun out doesn't make them trouble.  The rest of the story though, seems like a handful.  

Thank you very much for the reply.  I'll be running now if I get one more telling me it's a terrible idea.

I responded to a craigslist ad about an owner financed property.  It turns out the original house I contacted them about was sold, but they offered me a different house.  I asked what terms were being considered and without answering my question they automatically went to pre qualifying questions.  They are as follows:

Pre-Screening Questions:

1. Are you currently employed? Or do you receive any type of other income (disability, etc.) and how much?

2. Do you make/recieve (income) at least $1,800 to $2,500 a month?

3. Do you have a Down Payment? If so, how much are you able to put down? If you have some cash, but have collateral (vehicle, boat, etc), what collaterals do you own to put towards the Down Payment?

4. What percentage of your monthly income go towards other responsibililties, (bills, child support, etc)?

5. After all responsibilities are paid, what do you have left of your income monthly?

6. Do you have a criminal record? If so, what are they? If it is just misdemeanors, what are they?

7. Are you able to supply the following:

A. Current pay stubs
B. Bank statements (for the last 6 months, and shows all deposits)
C. Last 2 years of tax documents?

8. What monthly price range are looking for in this Owner Finance purchase? Please answer these Pre-Screening questions, and send back to me. Once I review the answers, I will notify you to move on to the next step for Qualification.

------------------------------
After this message I realized I wasn't dealing with a homeowner just trying to sell their house, It's more of a company with systems in place.  

Anyway, are those questions normal and should I proceed?

Thanks everyone for the input and help, I am also Field Artillery and yes it is a PCS move to Lawton, OK in July. I am aware of the VA loan and how it can be used for certain multi family properties. I'll definitely be utilizing that, but since I also have cash I'm looking for an additional property. I have ten years left in the military, and want at least 5 rentals by the time I retire from service.

 I don't know how to link people in the message sorry.

Thank you very much I wasn't aware the credit checks would all be lumped into one if done in a short time frame.  Very helpful info.

So I'm almost ready when it comes to credit to start making things happen.  I have a good amount of savings, $15k, always adding to it.  I'm looking to get a multifamily duplex or fourplex.  Is someone more likely to get approved for a loan through their own bank, or would random banks be just as likely to work with them?   

I'm currently looking in two areas, Killeen, TX(where I reside now), and Lawton, OK(where I move to in July for work).  I'm sure location makes no difference, but there it is.  Thanks in advance for any info.

You can use the VA loan as many times as you want. You must live in the property. You can't have more than one VA loan at a time. There are ways around that, for example if you get orders to move to a different location it isn't held against you. On youtube there are Q&A sessions with the VA loan people, might want to check that out.

Thanks for directing me to the books and free resources here.  I have found a lot of different spreadsheets, inspection checklists, tenant applications etc from around the web.  I also have Brandons beginners guide for investing in real estate, it was very helpful.  

As for getting in touch with investors here in Korea, I'll wait on it.  I should probably figure it all out in an area I can actually go to on a regular basis.  I'm only here until mid February. 
I'm looking at property in southwest Oklahoma, which is where I'll be working.

Thank you both very much for taking the time to reply, the information was helpful and I'll take it all into consideration throughout my process.

In about 60 days I'll be making my first purchase.  I've been overseas for work(military in Korea) and will get back to the states in Feb, and plan to get my first property in March.  I feel like 30 days of being back is long enough to wait and look, because I've done nothing but look at properties here on the internet for months.  

Anyway, I'm ready to go and make things happen, but there are a couple of things I haven't figured out yet.

Taxes.  I've never owned property.  How do I know how much to pay?  Is it a monthly thing? Is it mailed to me or is it something I should track?  

Lease.  Do all states have different laws?  Do counties within states have even more?  Can a lease in one location work in another?  I'm assuming I can't just type up whatever I want and then it becomes legal, so, where does a lease come from?

Any assistance would be appreciated