All Forum Posts by: Account Closed

BP, any info on conventional lending limits?  Spoke with a few banks and they were at min $50K, some properties I look at are $60-100K but at the lowest end with 20% down I fall below $50K and banks say to low to finance.  On some webinars/podcasts it talks about financing lower but banks are banks

Anyway anyone know any lenders,other than hard or private money that finance lower than 50k

Just gauging 

Holy crap the amount of nay sayers in the responses are killing me. The man made a good purchase and is MAKING MONEY! 

Who cares

He did not use actual cash but leveraged from another property, like many others do

Seller did not negotiate and Thomas made a fair offer HE thought was good for HIM and he already has another property in the SAME street- I think he knows that area

Good job Thomas and hope it all works out. Seems like you have a good grip on YOUR investments. The nit pickers will always do it.

Thought BP was a supportive forum not a beat down forum!

Place looks great

also check out this site and article at bottom. If you have patience every 13mo you can leave primary residence, rent and reuse va loan again. Or request an upgrade of home and use the rest of the capped loan. VA [mort lender] only requires 12 mo residency.

www.activedutypassiveincome.com

Veterans make millions from the VA home loan BLOG

Justin,

Thanks for fighting the continued fight; as a veteran myself I can appreciate your commitment.  Airborne!!! 

So, I Like your house hacking ideas especially with the continued moves. I think you can do better than one a year though, just have To be creative. 

What is the renting atmosphere around these bases? Since military heavy and usually it is Columbus' lifeline or Bragg/Fayetteville and others for that matter; the rental market is dependent on them. So if those markets are good I don't see why you can't get two or three a year and leverage. Get some buddies to partner up. What type of housing do active soldiers like if staying off base? Plexus, apt, SFH? Then you got a business. Your finance plan sounds good to me.

I believe it is great, I stayed off post at Bragg but I grew up in Fayetteville so I stayed at home, haha, and my guys hated staying in the barracks. That was in the 90s, don't know how you do it now though....

Anyway good luck and keep us updated

excellent advise from everyone and I appreciate it because I think I get too ahead of myself. 

I can go both ways with TK or DIY. I learn more when I DIY and cost seem to be better, but not afraid to be passive as well.  I will do a mix.  

Thanks for all the replies 

Thanks for all replies in advance

I have been looking at different avenues for buy and hold.  Thinking about Out of State Turnkey and have some phone appts coming up soon.  Also, I have been looking in my area and found a few that I can rehab myself and doing whole 9 nine yds myself or even choosing an already flipped house to use.  And I should stick with one.  So basically I am getting muddy with choices and decisions and I haven't even bought one yet and feel I am getting too far ahead myself.  

That's where this question comes up....

So, I am looking at a property opportunity for 2-quad plexes. All are 1BR/1BA and 6 are reno'd and occupied at $475, the other two are still being reno'd. PM in place- asking $240K. Depending on what we settle for after offers ($200-215K) fingers crossed> is my comfort zone; conservative 25% down with $150-170K mort./total rent $3800.  still looking at close to $1700-2000 net mo. individually metered.  All includes PM, and tenant pays elec/water. claims of 14% Pro Forma at 100% occupancy, (and I don't even understand Pro Forma, but do know what it is) these calculations are not verified but for the sake of this thread say numbers work!

SO, my 1st question here is how do you guys feel about 1BR/1BA at 620sq ft? you always hear 3/1 or 3/2 family style as the bread and butta but these are "studio" apt and I should market that way.  Any thoughts?

2nd question is what about purchasing THIS as being a first purchase?

Is it - as long as the NUMBERS work and all other factors are good----a GO?

thanks

Rob

hey guys, great commo here, 

I am also new to investing and i have not yet purchased my first yet but always looking and...

So, I am looking at  similar situation and will post my own chat later, but there is an opportunity for 2-quad plexes.  All are 1BR/1BA and 6 are reno and occupied at $475, the other two are still being reno'd. asking $240K. So tot rent $3800. Depending on what I loan for after offers ($200-215K) fingers crossed>  still looking at close to $1700-2000 net mo. All includes PM, and tenant pays elec/water. claims of 14% Pro Forma at 100% occupancy, conservative 25% down with $150-162K mort.

BUT, my question here is how do you guys feel about 1BR/1BA? you always hear 3/1 or 3/2. and also, what about THIS being a first purchase? 

Is it as long as the NUMBERS work and all other factors are good----GO?

thanks

Rob

thanks , they are in the 4s; then depending  on like what you said/+1-3 above prime. One credit union is like 4.25 at 80%ltv, 4.5 at 85% ltv, and then anything above 90%-100% gets >5-7.5%. Also depends on your status with the bank as well 

Just trying to get a feel, I have 70k in equity, but don’t want big interest rates so I may go to like 85% level

Thanks

Hi Everyone, So I am trying to get a HELOC to use for my first property investment. I have called some banks and the fees are never-ending; Interest rates are high but from what I understand it is like a credit card and only accumulates from the daily balance so if I pay more than one payment a month I can get somewhat ahead of some of the interest.

My actual question is: does anyone know of a Bank/Credit union with the best rates and terms