All Forum Posts by: Nasir Smith

(warning long story) 

I'm a first time home buyer using VA loan and I am currently under contract with a home and in the middle of the due diligence process and need help.

Me and my agent yesterday were going to meet up with an inspector to look at the home I had under contract and when we go there we noticed the power was turned off so we had to reschedule and call the seller to turn the power back on. So the next morning I get a text from my agent saying that the seller turned the power on and we are good to do the inspection when the time comes around.

So today rolls around and when I was in the gym after work I get a call from my coworker who lives directly across the street from the home I am trying to purchase telling me that there is water flowing like a water hose from the garage into the street. So I have my agent going over to look and sees water flowing from the ceiling (right below the HVAC) onto the wood floor and getting into the carpet of some rooms as well. We believe that either the water heater broke or a pipe bursted due to the cold weather. We don’t know exactly how long the water was on the floor for or how long the pipe was running. 

My question is what are the negotiations options that I have? Also what should I look out for in damages to ensure the seller doesn’t try and cheat me when they repair it? I don’t have the money to put into the home unless is direct cash from the seller. 

The house was already listed below appraisal due to the seller trying to get rid of the home (the home is only 7-8 years old and in a good neighborhood with no inspection done by previous people who had the home under contract and backed out) . There is also a smoker smell in the home. I believe that this is the perfect property for me to make good money off of but I want to be sure I play my cards right.

Any advice or suggestions?

I went out with an agent to look at purchasing my first home and they offered to take me to look at a new construction home that was just built a few weeks ago. The new construction home is offering lower VA rates, to pay my closing costs as well as adding some new appliances when I move in as a "welcome package". Whether or not I decide to get the new construction home I plan to live in whatever home I buy for the next 2-4 years until I PCS then possibly rent it out or sell. Would it make sense to purchase this home over an older home? What investment opportunities are there when purchasing new construction? Valdosta GA

I am in the beginning stages of getting ready to purchase my first home with the VA loan. I am trying to calculate how much the property would rent for before I buy it so that in 3-4 years when I PCS I can rent it out and know I would have cash flow on it. In the area I am in there are not a lot of houses comparable for rent so I am having trouble figuring out what a fair market value for the house would be. What can I do?

I am about to purchase a home using my VA loan and I plan to live in the home for the next 3-4 years and eventually rent it out or sell it. How should I analyze the deal so that can be set to possibly rent out or sell it.(I'm in south GA, Valdosta)

Are there any specific rules for saving/Accounting for Capital expenditures? I want to get a better understanding of how much should be put aside each month for Cap Ex. Also if it is possible is there an example that can be shown of a real CapEx saving sheet and how it would be formated?

I am still new to all of this but I want to know. As a landlord when you have a rental property and a tenant moves out and the property is vacant, are you required as the landlord required to pay the mortgage, or is there something that can put a pause on it? is there something like a vacancy expense?