All Forum Posts by: Jason L.

My wife and I will close on our first live-in duplex, using my VA loan. This is an off market deal, I found after a months of mailing and calling multifamily owners in my area. I sold my single family home over a year ago in order to buy or build a duplex in Amarillo. After months of searching for available multifamily zoned lots, located in a decent area to build, I found nothing. Earlier this month I was driving for dollars and found a few for rent signs and gave each a call. No one was interested in selling but a few said they would think about it. About 2 week later I followed up with these owners through direct mail and one owner called back and stated "make me an offer". So, I did at ($245K) this will be a great opportunity for us to save and build capital for future opportunities. We will inherit one tenant, who's on a government disability program, which pays half of the $1200 rent. We will self manage this property for the time being but after taking into account for vacancies, repairs, CapEX, and property management will cash flow around $266 at the current market rents. The $266, is if both units are rented.

This process has taken well over a year to happen and I think if it wasn't for BP and its members I would have gave up. So shout out to BP and its members for their testimonies and encouragement, to hang in their, as well as Grant Cardone and for the 10x mindset. 

I will be there!

Hey guys I'm also open to starting a local meet up group.  Let me know if there's anything.  

Yes, it was but I my offer was not asking price, so the seller took theirs.  

@Tony Link I do have a realtor, but there are no owners who've identified themselves as wanting to sell based on inquires from my realtor.  So, I thought I would give BP a shot. 

Hey @Tony Link, I'm looking for something that's 1974 or newer and rent ready or only needing a few repairs/touch-ups from being rent ready.   

@Robert Butler Thanks, much appreciated!

Hello Amarillo BP members,

I'm looking for a duplex (3 bed 2 bath 2 car garage each side) to purchase as a owner occupant, somewhere in the southwest area of Amarillo.  If anyone knows of a current owner who's thinking about selling I would love to speak with them about this in more detail.

Thanks in advance!     

Congrats @Jeneane Noble. First, I would request a copy of the contract you will sign, prior to the meeting to give your attorney time to look over it. Once you understand the contract and how it affects you short term and long term, you will then need to find a bank that's willing to do a loan on a silent 2 lien. This has been my greatest challenge because I'm building a 4-plex and I will occupy one unit, while trying to use my VA loan. If you have 25% down and your willing to accept a commercial loan on these units, then you should have fewer problems. For me the returns are not that good, due to the set rents and commercial loan terms. As of now this all I can think of, but if something else comes up I will notify you.

I'm using a HUD program which reimburse up to 50% of new construction cost but carries a silent 2nd lien for 20 years. This requires me to rent too low to moderate income families and maintain the property to HUD standards for 20 years. My local bank has notified me that they are trying to find a bank that will purchase this type of loan on the secondary market. This project will consist of 4 units but I will only rent 3 to HUD qualified families and live in the other. I will use my VA loan if the reimbursement from HUD does not count as my down payment.

Now that I know this is a unique loan set up, does anyone know any secondary lenders who may entertain this type of loan on a 30 year fixed?

Thanks in advance!