All Forum Posts by: Padric Lynch

Good Evening!

I'm a first time home buyer and I am planning on moving to Jacksonville, NC within a couple months. With that said, I'd like to get my financing set up beforehand. This house will be house hacked (of course), as I plan to turn it into a rental and move to another house hack. I've been calling different banks and lenders for information, but have not applied just yet. Does it make sense to apply with multiple lenders and receive multiple credits checks in order to nitpick the best offer? My credit is good, but I'd hate to see it take an unnecessary hit. Maybe I'm over thinking this?

Also, I've been looking into first time home buyer assistance programs. I'd like to know if anyone has had experience with these in NC. Would I be able to utilize program benefits or start applying without being a resident of the state?

Thanks!

Paddy

@Bill F. I've only been able to look insofar as the mls- linked websites and craigslist. The inventory looks pretty slim from those sources. Once I move into the area, I'll be looking for the off market opportunities. Do you primarily buy and hold multi-families?

Thank you, everyone, for the warm welcome! @Alex V. I'll definitely be utilizing that VA loan! If anyone is interested in my game plan/ train of thought for investing, check out the post I wrote yesterday!

@Jorge Ubalde Semper Fi! And thank you for the input. I am definitely going to explore my options with the VA loan as it pertains to multifamily houses. I know that they are limited in their ability to purchase fixer-uppers because the property needs to meet certain standards. With regards to discounting rents in exchange for longer leases, how would that work if the tenants were military and received orders to PCS? They could potentially bail on the lease and receive a discount. It's a good idea, but maybe only effective for non-military tenants, right?

In my introductory post, I mentioned briefly that my career in the Marine Corps will most likely bring me to the Jacksonville, NC real estate market (Camp Lejeune) within the next couple months. I have been trying to familiarize myself with the market as best as I can without physically being there. My excitement and eagerness to get started has got me thinking about what to expect and what a good deal looks like in this area. I've drawn a couple assumption in my analysis. Average home costs look to be around 125k, but multifamily units seem to linger around 35-40k per unit. Conservatively, rents on a 1 bed, 1 bath are about $425 and 2 bed, 1 bath about $525. Bordering zip codes seem to have the same stats. Home ownership is around 60% so that leaves me to believe that there is a strong rental market. However, the inventory of multi-family houses appears to be low on the MLS. The military population also may come with more tenant turnover. I'd be curious to see if there are any off-market deals from current landlords or military personnel who have invested in the area.

My philosophy and approach:

I am set on rapidly acquiring buy and hold real estate. Multi-families will be my primary focus. This will be my first deal to get my feet wet, make a bunch of mistakes, and become more informed through action. The strategy I am thinking of using to get the ball rolling is housing hacking a multifamily, purchased with a conventional loan. I have 30k saved up for this purpose. I'd like to lock in a more favorable interest rate through living in the property as an owner occupant. I would be looking for another deal shortly after purchasing this initial property. This is when I would probably use my VA loan to purchase a second property, with the intention to house hack. This is a rough game plan of how I'd like the experience to go in the first couple months of living in Jacksonville. My long-term goal is to scale-up, use private money, and churn out more rental properties systematically. However, I know that there are many lessons to be learned and credibility to be won before getting to that point.

Any comments, questions, and critiques are highly appreciated. Thanks!

-Paddy

Good Afternoon All,

My name is Padric Lynch and I am a newbie from New Jersey. I recently became an officer in the Marine Corps. Currently, I am stationed in Quantico VA at Camp Barrett. Before joining the military I had my real estate license for a year and now have my referral agent license. In about four months I should be in the Jacksonville NC area, so I have become increasingly interested in that market. I will be primarily looking to buy and hold multifamily units with conventional and VA loans. Eventually, I will be utilizing the BRRRR method when financing permits. I have crowdfunding experience, but I am extremely eager and excited to get started on my first (house hack) investment property! Thank you in advance for the warm welcomes!