All Forum Posts by: Collette Douglas

Needing help purchasing our FIRST investment rental property. It's a duplex, needing extensive renovation, including new kitchen/bathroom/flooring/windows, etc on both sides. We are active duty military, make great money, have ZERO savings, no investment or retirement accounts, etc. We are only recently in a position to consider a property strictly for income potential, and not as our primary residence. As such, we are looking at multi-family properties in our home town, where we are comfortable, know the market, are very familiar with the area and potential tenants and rents, etc,. We are not going to be living there, in the foreseeable future, until retirement and separation from service. We currently have a VA mortgage on our primary residence, which we are selling in less than 2 months, with great equity. Once this sells, we will effectively eliminate ALL debt, and we will live in a paid-off property. Problem is, I am impatient, I want the deal NOW--I want the portfolio to start growing NOW. I need a mortgage product that requires no or low money upfront, for a house with a purchase price of less than $50k, but with rehab costs of approximately $60k, to a total borrowed amount of around (hopefully) $90k. Is this possible??? I don't think the VA Loan is an option, since it requires owner occupancy, same as an FHA 203K loan. What type of mortgage products are there that roll a rehab into the total cost? I recently learned about the Navy Federal Credit Union as an option, but that's all I know. I'll be calling them in the morning, Saturday, hopefully someone will answer with some good advice. I'd appreciate your insights! THANKS!

Hey there! I'd love to chat. We're moving to RI soon and looking for our first multi-family investment property, specifically in the Warwick, Narragansett, and Middletown areas close to the Naval War College in Middletown. Also interested in becoming a licensed agent there, but I see there are not any options to take online courses for pre-licensing. Any advice? Thanks for posting here!

Hey you guys! I think I just "colleague requested" both of you! We have been actively searching the MLS, HUD homes, foreclosures, etc in Oak Ridge (originally from there, but active duty military has us living all over the place) and are getting SUPER CLOSE to making our first investment purchase!!! My question for you both is, how is the rental market for multi-family homes, like 4-plexes? Does the market seem like a buyer's or seller's market right now? I can't wait to chat more with you both! :)

Hey there girlfriend! We're an active duty military family stationed all over the US, but we are originally from Oak Ridge! We are looking for a second home there, with the potential to rent it out when we want to upgrade, or invest in others there locally. Lots of great options on the market currently!!! How are your latest prospects?

My grandparents are selling their 70 acre ranch in Vacaville CA. It is uninsurable as the state requires a new bridge and public access road to be constructed to their property. My thought is to make it a vineyard, bed and breakfast, winery with tasting room, possible on site restaurant, etc. Access to existing public roads would require purchase of easements from surrounding property owners as the state will Not allow them to rebuild the existing bridge in its current location. Where would I begin? Who would I consult first to determine the scope of this project? Then how would I determine whether the whole object is worth pursuing or If it's better simply sell the whole thing as is?

Any ideas for financing we might qualify for without taking an expensive hard money loan? Can a person obtain FHA financing while they currently hold a VA home mortgage?

Thanks Kenneth! I'm sure I could complete any number of inspections I'd like prior to offering....supposing someone else doesn't just nab this deal without doing similar due dilgence...from photos the rehab looks to be almost entirely cosmetic type updates. We have every intention of selling our current home once pending renovations are complete and I have this baby due in two weeks. It's just a timing issue :) it would free up our finances to sell. I should mention I am studying for my re license and hope to sell it myself once licensed, so again it comes down to timing. Yes, as an owner occupant we would manage the other tenant on location for the time being. And probably still do so even after we move on. I will update once I have the repair bid!

Hi all! I just noticed a new MLS listing for a duplex, each unit is a 2/1. One is vacant (rents 575) the other is occupied at 475. I am getting the estimated repair value for what the agent has dubbed "structural issues." Currently listed for $79,900. This seems like a great price for our area. I would want this property to occupy the larger of the two units (the unrented) while we repaired it and eventually the other, I'm guessing. I would hope to make stylish upgrades and increase the rental value. The current rental rates for these units are low compared to what I have seen in this area. It is in a prime location close to downtown and the military base, making it a great rental opportunity. We are military and would move within the next 2 years and likely continue pursuing buy and hold rental properties if our financing options allow. My questions are: what kind of offer would be considered smart, especially considering the mortgage would likely be paid for just by the other unit while we occupied one? How scared should I be by "structural issues," especially since it is still occupied? Tenants currently pay gas and electric and taxes were $670. I would need to look into some financing other than the VA loan as we are using it for the mortgage on our current home. Suggestions? Thanks all!

Hello BP community! I'm thrilled to be joining your ranks and excited to receive your comments and suggestions via this delightful forum. I am a stay at home mom of four (soon five) kiddos and wife of an active duty airman currently stationed in the Cheyenne WY area. Opportunities seem to exist here for rental properties as well as fix and flips, and there doesn't seem to be much competition (yet?). We finance our current home through a nice VA loan, but I feel house poor and want to downsize. It is our hope that the sale of this house will net some kind of positive return and we will be able to seek out our next home as a fix and flip or buy and hold multi family using another VA loan. I am fairly handy and have tackled many renovations and improvements in this and our last home, and we have made a profit on the first home we ever bought and sold (it was the only other home we owned prior to our current home). We are aiming to sell this home after living here just over a year.

Are there any local folks with investing experience in the Cheyenne community? Being that we are military transplants, we don't know the area all too well and want to make good investment decisions based on the more desirable neighborhoods. I wouldn't know the first thing about being a landlord (and frankly the idea turns my husband off), so if we pursue that route I would need guidance on where and how to proceed here. I can offer my passionate enthusiasm, dedication, research, and creative problem solving design solutions in a real estate venture. I hope to potentially partner with someone seeking a safe and profitable market opportunity utilizing my local presence and renovation skills. Please feel free to contact me via email directly. As this is my first public post I am reluctant to give out my personal cell phone number, but would be happy to provide it via email or personal message.

Thanks for taking the time to read through this post! I appreciate your replies in advance. I wouldn't know much without this community of like-minded folks!

Hi all! I'm new to BP and from Cheyenne as well. I share a similar interest in getting started investing here. We really need a REIA here!