All Forum Posts by: Peter Fennig

Everyone else is right, only 1-4 unit buildings will qualify under a VA loan. I refied a duplex i was living in back in 2014 using a VA loan at 90% through quicken loans. The process was very simple and smooth and although they want u in the property for a t least 1 year post-closing, i was told that the bare minimum was only 6 months

I cant speak for 1 bed apts seeing as the only multi unit i have currently rented is a duplex with 2 bed apts, but if i had the opportunity to purchase a 4plex of 1 bed apts in either of the 3 zips I'm interested in investing in...i would love to jump on that! Three months a year vacancy sounds like it wouldn't be common but better to figure that rate in to play it safe if you're worried about it, and if its still a good ROI with it, its probably not a bad investment. What zip if u dont mind me asking?

Man that living room and kitchen look amazing especially seeing the side by sides

That basement is unrecognizable today after all that was removed... You should post the after pics of at least the basement

I can do that

I actually used a purchase contract that I received from another investor I met at a local reia a few weeks prior .  After going to the Recorders office to do some research I saw the same contract on a number of seller finance  contracts that had previously been recorded

That looks awesome

I wont pretend I'm the Donald Trump of negotiations...far from it. We just got to talking and I could tell right away he didn't want to be two and a half hours from home painting wood on a property that was falling apart because he didn't have the time or money to deal with it. After talking and finding out he'd be interested in selling, I simply asked if he had a number in mind and what sort of terms he'd be interested in. He's the one who offered 0% interest as long as I took care of the violations in a timely manner. We made the contract for 24 months $400 per month ballooning at the end of 24 months with the remainder due

oh ya, I'm buy and hold. Doing the brrrr strategy with this one

Arv is around 50-55k, maybe 60k. The upstairs one bedroom  open floor concept should bring in  between  550-575 per month and the downstairs two bedroom apartment between 650 and 675 a month. As to the rehab, I've been doing every bit of it myself for now... hoping to change that with the next property, but I'm doing what I can with what I've got. So far not including my time, in material alone I've got just under $3,000.