All Forum Posts by: Manuel Tueros

Good evening,

I was able to close on my first rental property in March. It took a while but it was worth the wait as I was able to find a 3 family  in a much better area. However the tenants in place were paying below market rates and were not willing to come to an agreement. Fast forward 8 months later, I am looking forward to putting new tenants in place and receiving the proper rates. 

I am currently occupying the 3rd floor and will rent out the the lower 2 units.  

 Yes, the 2k is including property taxes and insurance.

Closing costs will be paid by seller.

Utilities are paid separately by tenants , home is turnkey condition. The current tenants are paying $1100 a month , which is below rent rates in the area. The average is $1200 but I believe I can achieve a rate of $1300 because of the amenities such as central air ,in unit washer & dryer. Provides the feel of a single family home. 

I plan on keeping most of the funds received to manage the property if any issues were to arise along with what I have in savings if needed. 

I am looking to take advantage of the VA Loan to purchase my first rental property.

@Isaac Pepper

The cashflow would be once I move out and both units are rented out. Due to this being VA , I would have to owner occupy for at least a year I believe.

Good morning Team,

I will be utilizing a VA Loan to purchase my first property and potentially have a deal to purchase a duplex at $330,000. I am wondering due to the insane market and shortage of multi families if it would make sense to jump on this. Using the VA loan would give me the option for zero down as well.

The current tenant in place is paying $1100 a month a bit below current rent rates. While I I live there for the first year to 18 months I will be paying the rest of the mortgage which would be around $2,000. The goal would be to move out and have tenants in place with rent in the range of 1250 to 1300 a month which would total $2600. Would this make sense to have my first property up and running with a potential of only making $400 to $500 per month of cash flow ?

Thank you