All Forum Posts by: Manasseh Arnold

I will do my best to get there! great idea. @Allison Keib

I want to start off by saying thank you BP community for helping me land my first property in NY, while deployed in the middle east, welcome to 2021 I guess...

Once I came home in December of 2020, I closed on my house a few days later, and wow, it is amazing how much I learned from that first purchase. I purchased this home with a VA home loan and 0% down. I purchased this property due to the area and great rental potential and targeted this 3 bed 2 bath of 1,300 sqft mainly because it was only 3k in annual taxes. overall, the numbers work great.

Now that I've been here for 5 months I've been making slow renovation's and just started a new job as A leasing consultant in hopes to learn property management and over the last few months I've done just that, and have been getting paid to be a landlord Monday-Saturday, 9-5PM.

Now it is time for me to develop a step-by-step strategy of how how I am going to purchase another small, low tax, SFR, that I can owner occupy, while renting out my original home and self managing it. I plan to make this happen by either the very end of 2022 or the very end of 2023.

1. first off, it would be very ignorant of me to not come back to the BP community to ask for assistance, after all the help I received in landing my first property. 

2. Secondly, within the waiting time period, I plan to get my property rent ready, stack my cash, build my equity, build my credit, create a step-by-step strategy to purchase my second home and boost my income/education within my new career in property management. 

3. I understand there are many variables involved in creating a "step-by-step, how to", (that is unique to me) and I understand there is many routes I can take. But which route is the best route for purchasing my second property, for someone like me, who purchased his first SFR, with a 0% down VA loan, with the original intention of renting it out?

Thank you in advance for any information or advice! as always, thanks BP...

@Michael Gessner thank you so much for the Information I just reached out to 5 local investment knowing attorneys, (all referalls here on BP). Appreciate it!

@Steve Morris Thank you for the advice!

@Michael Gessner not in contract yet I'm waiting for the contract back from the seller then I will be signing. Before signing I'll get an attorney to look at it. On the contract it state a $1,000 EMD. Will I provide this after signing? thanks!

@Steve Morris I actually have only limited knowledge as to what I'm doing lol. my RE Agent provided me with the the contract and added these in without me telling him to. He is also my Lender. I know it sounds odd. Most saw this as not right. I saw it as a benefit. For example when he was previewing the property, he had financing in mind while he was crawling around in the addict lol

@Steve Morris I landed this deal so far with no money down.

@Steve Morris

my contingencies are:

Inspection contingencies: after the appraisal if anything is wrong with General inspection guidelines we can walk. I would renegotiate at that point.

Financing contingencies: if I can't secure the financing... For example, if the appraisal comes in lower than what I offered they would have to lower price or I could walk... By the time we get to that stage another 3 weeks would have passed.

@Lorenzo Wright

P. S. The seller is aware that the listing price might have been too high!