All Forum Posts by: Peter Wellman

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $240,000
Cash invested: $24,000

A single-family ranch style home. 3bed, 1 1/2 bath. I added a second bathroom since the other bathroom only had a stand up shower. I repainted the inside owl gray, and the exterior white with black highlight. I also made a accent wall in the living room that's black with stained wood slats. I painted the fireplace in the dining room black to match the accents.

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

My goal is to create another stream of income through rental properties

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

I found it through a real estate agent. I was also able to put in a offer that was 5k less than the asking price.

How did you finance this deal?

VA Loan

Lessons learned? Challenges?

The challenges was fixing the place up and dealing with contractors. Most of the fixes were cosmetic but was still alot of work to do.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Claudia Moore has been absolutely amazing as my real estate agent. she goes above and beyond her job as a real estate agent

Hi Everyone,

I have a buddy that has been a Plummer for over 10 years and has a lot of connections within the contracting world. He wants to partner up on some investment properties. I was wondering if anyone knew of any good books or resources to learn more about how to structure a good partnership so both of us win in the end? Thank you for any help you guys can give!

@David Bain

Thank you for the input. I'm leaning a little more toward waiting till July to use my VA loan, however I did find an investor that I could go into a house with between know and then. I'm investing in the Greenville, sc area.

Thank you guys. I appreciate all the insight! I agree with finding a good deal is key and in the long term goal 4-5 months won’t be a determine to my financial freedom in 10 year. Once again thank you!

Hi @Seth Ciminillo

I want to buy at least 1 property a year for the next 10 years. I'm looking to get mainly single-family homes with a couple multi family's and then eventually buy an apartment building. I do plan to live in the first house which i would look to house hack by renting out one of the rooms. 

I think the problem with using a conventional loan first is that I wouldn't be able to use my VA loan until the year is up, which isn't a deal breaker for me but grabbing two houses in the next year would be ideal.

The problem I'm running into that I see is that I have liquid capital to invest but my work history and monthly income is holding me back a bit from diving in. I'm trying to maximize the initial investment to get the most out of it and create good momentum in my real estate portfolio

Hi Everyone,

I have two options for my first house and am struggling on which one would be the better way to begin my investing.

Option 1

Use the VA loan, but I have to wait till July cause the underwriters want to see 6 months of consistent work history. This is because i took 5 months off after the military. My roommate moved out so i am currently paying 1800 a month on an apartment.

Option 2

Use a conventional loan with a co-signer and put 20% down. This would allow me to start building equity right away and not waste money on rent for the next 5 months. 

I don't know if it is worth waiting 5 months and wasting all that money not building equity on an apartment. I also am a little fearful that the prices of houses are going to creep up in the next 5 months.

I apricate any insight everyone can give me. 

@Denzel Faulken

Hi Denzel,

If you do decide to buy a truck you could look at government auctions online. It’s a great way to find a deal on a car and not have to finance it. I haven’t done this myself so do your own research into it but I have heard of people doing it.

@Austin Grant McDowell

Thanks Austin. That sounds perfect

@John Underwood
Thanks John. I’ll go check it out.

Hi Bigger Pockets People,

I moved to Greenville, SC two months ago from Boston, MA. I'm getting ready to buy my first home around this area. Im looking to connect with like minded investors or other service providers in the area to help with the begining of my real estate retirement plan. If you're in the area reach out and say hi. If anyone knows of investor meet ups id be interested in that as well. Thanks you guys