All Forum Posts by: Marc Steinert

Thanks for the breakdown @Brian Burke and I totally agree with you. The immediate cash flow is enticing but my gut is telling me to wait for a better deal.

@Aaron Montague According to my calculations, I should cash flow ~$250/m with a cash on cash of 16%. This is if I paid asking, and I will be managing the property myself.

@Account Closed Properties on the higher end have been appreciating quite well, but on the lower end(where I'm looking mostly) have been pretty stagnant. I'm not banking on appreciation in the near term, but if I could get it I could potentially use the equity to purchase more properties down the road.

Obviously for flipping poperties buying below market value is a must, but is it as important for a buy and hold investor? I have found a property that is at market value but cash flows well. List price is $79,000, no major repairs in the foreseeable future and a new rent lease has just been signed for $1100/month. With 20% down and 30 yr financing this easily meets the 50% rule, but I'm dragging my feet because of the market value aspect. Any thoughts or suggestions?

@Zachary Gowin Yes, I currently have 2 current VA loans. As long as you have the required amount of entitlement remaining(25% of 407,000 in most areas, significantly higher in others) than you can obtain another VA. I have never heard of any requirements as regards to being in a different state. It's a pretty good deal though. Cash on cash return is pretty good when you don't have to put any money down!

@Chris Adams Do you have some sort of portfolio loan with your lender that allows you to cash out refi @80%LTV shortly after getting a lease ? I love your strategy!

@Mark Ferguson Congrats on getting another step closer towards your ambitious goal! At what point did you approach your bank about obtaining a portfolio loan? Also, with paying down your loans so quickly how are you also obtaining the 20% down for your new purchases?

Welcome Tammy and best of luck!

@John Moore I'd also be interested in attending a meeting in Summit. If you had anymore info it would be greatly appreciated.

Sorry, I saw that you intend on flipping. I think the biggest hurdle would be all of the inspection requirements of the VA. You cannot buy an "as is" property in need of major repairs with a VA. I missed out on a few properties because of this, but if you can maneuver it it's a great way to get started with little cash. Best of luck!

You can purchase multiple properties with your VA entitlement especially in NJ which has a higher entitlement ceiling. I own a property in Norfolk, VA and my primary residence in NJ both with a VA loan. The second property does incur a higher 3.3% funding fee which can get pricey. Do you plan on buy and hold or flipping the property?

I have an add on question which I think would also be pertinent to @Paul D. . Would this financing be considered "refinancing" and subject to 70% LTV or would it be delayed financing which could be had @ 80% LTV? Being that the original purchase was all cash.