All Forum Posts by: Peter Grange

@Alexander Wardell wow, thanks for tip on using the USAA Real Estate Rewards Network. I will definitely look into it. Thanks for the info about the deed restriction.

@Alexander Wardell thank you! Thats what I thought but just wanted to check.

Does anyone have any experience utilizing a VA loan for a MF investment? What I am wondering is if I can use it for triplex to rent all 3 or does it need to be owner occupied. U know I can and will ask the lender but curious if any other veterans have done this.

Thanks

Pete

@John Leavelle

Thank you John. Those are all good points. I did not think about the commercial loan based on the number of units. Lots of farm land in this area with a migrant workforce so I really did not consider it being a mobile home park, either. I will dig deeper.

Thank you.

My wife and I are trying to figure out our next move. Below are a few scenarios we are exploring based on owning our current residence free and clear. We have about 105k in equity available and about 135k in w2 income. Long term goal is to leave our current jobs to be free to focus on investing and have financial freedom.

A) Use equity (HELOC) to purchase a run down property and apply the BRRRR concept for a buy and hold. The refinance and repeat.

B) Use HELOC to pay off all our debt (car loans, credit cards, etc) about 43k. Then find a SFH or MFH to purchase with a 203k loan and rent our current home to pay off HELOC and part of the 203k.Then refinance new home after a year to transition 203k loan into 30 yr. fixed. Then possibly find another 203k property, rent the 2nd home to pay for mortgage.

C) Find a SFH or MFH to purchase with a 203k, rent current home to pay 203k loan, and then shortly, there after, use HELOC from our free and clear home to purchase a fix and flip or BRRRR. Complete this and repeat.

I really want to believe that we had an ahha moment thinking about these scenarios but I want to ask for the anyone to poke holes through these thoughts. Are we missing something? Obviously the goal with the 203k is to find a great deal so that the ARV really gains us some equity to keep the train moving. Any other obvious scenarios that we are missing? Thank you in advance for your thoughts and/or suggestions.

Pete and Dee

My wife and I are looking for any meet-ups in Pasco. We are aware of the meetings in Tampa but were trying to connect with folks working in our specific area. There are a lot of folks who invest here so were hoping there was a meet-up in the area.

Thanks in advance.

Also, have you calculated the ARV?

Jorge, do you have some more pictues of the interior? I saw this was listed just a few weeks ago at 99k. Are trying to whokkesale this home?

@Dan Barli my plan to for the 1st 5 years is to buy and hold, while saving the cash flow. This area is in central Florida and the development over the past 5 years has been tremendous, both with home and job growth. We will see how development continues as we head to that 5th year. I may repurpose the 5 acreas or build a nicer multi-family.  As far as vacancy, these are long term tenants who want to stay. I walked the property and and there are some minor cosmetic needs but nothing major needed now or forecasted into the immediate future. Yes, I plan on managing these as I am more than capable of the M&R items and my wife will take care of the administrative items.

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