All Forum Posts by: Matthew Chalfant

@Reggie Laxamana here's a video that could help. https://youtu.be/vM0S5OG8bYg

Welcome to the party. I am curious what you mean by reluctant landlord? 

Hey Reggie, 

I can not give you a direct answer I can only speak from what limited experience I have. You can get pre-approved for a loan. If you are able to sit down with the loan officer and be transparent about your situation they may work with you. Worst they can do is say no. Also, I have about a 670 credit score and make only 44K and was approved for a 209.5K VA loan. Hope it helps.

It's great to see that you are working to not rely on your job of your only means of income. Real estate can absolutly let you keep on with occupational thearpy if it is your passion. If you're already saving and naturally frugal it will catalyze your success. 

Welcome to the forum. Are you and your husband active or prior military?

@Nathan Killebrew, it's normal to leave behind some friends. However, some people in your class will go on to be very successful. If you can find others who are pushing themselves they will motivate you. Also it will be nice to have successful people you could bring deals to and get investments.

@David Pere, I remember your appearance on the adpi podcast episode 49. Your story was motivating as hell! I laughed my *** off when I heard about your cattle financing! It was so clever. I appreciate your reaching out and I will more than likely bounce ideas off of you in the future.

@Andy Reichert, I started by talking to a real estate agent who worked for a reputable company locally. She and I started looking for duplexes or fourplexes in the area that I could use my VA loan on. We went to the process of getting pre-approved and started looking at houses. The first property we looked at was more expensive than what I wanted to pay and not enough cash flow to be worth it. However, we kept looking and eventually she came across a builder who is building new duplexes at a better price for me. we continue to work with the loan servicer who pre-approved me for the VA loan and after filling out some pretty simple paperwork the loan is all lined up.I'm also lucky because the realtor I worked for works for an agency who also has a property management division. I've already spoken to the property managers. I plan to put it in management with them as soon as the house is closed on.

This is my first post yet I have been lurking for a little while now. Born and raised in Charleston South Carolina, the most beautiful place on either side of The Mississippi. My two current obsessions are coffee and real estate. I also spend my free time reading and cooking. The Army also keeps me very busy serving as an Artillery Officer. 

I stumbled on to the concept of real estate investing after talking to my girlfriend and realizing that my dreams will take a little more than what Uncle Sam pays me. I started googling passive income for active duty which lead me to The Active Duty Passive Income Podcast. They are a great group for veterans and those currently serving. However, you can't swing a dead cat in real estate without hitting BP! I proceeded to binge both BP and ADPI podcasts as some people do with Netflix. 

I am currently working on a deal that is posted on my profile page and have already placed earnest money down. I am still very new to all of this, but if I can help in any way just reach out and can will make something happen.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Killeen.

Purchase price: $209,900
Cash invested: $4,500

Unbuilt duplex. Will be finished NET the 30th of September 2019.

What made you interested in investing in this type of deal?

I am getting ready to leave the country for 9 months with the US Army. I wanted to get into real estate as fast as possible. I was either going to find a really good deal before leaving or save up and invest when I returned.

How did you find this deal and how did you negotiate it?

A Realtor.

How did you finance this deal?

VA Loan.

What was the outcome?

Still in progress.