All Forum Posts by: Peter Vander Valk

@Cassandra Alessio nice to meet you as well! Yes, my wife and I own a 2-family house hack on E. Passaic Ave, not too far from the Old Canal Inn. We love it here! Tenants were there when we moved in, and all has been well for the most part. Our goal is to buy a flip within the next 2 years and then roll the profit into another owner-occupied multifamily.

@Cassandra Alessio best of luck getting started! I'd be open to connecting and talking real estate and investing. BP is a great place to meet like minded people to bounce ideas off. Feel free to shoot me a message!

@Justin Seaverns in that case, you would probably want to go with a different type of loan. There are restrictions with VA in regards to having multiple VA loans at the same time. Feel free to shoot me a message, I'd be happy to connect and talk strategy and goals!

Hi Justin,

It's great that you are looking to invest! I wish you the best of luck and success in your investment career.

There are a lot of things to consider, and being a veteran, you have access to the VA loan, which can be a powerful tool. You mentioned both flipping and investing in rentals. I would say pick one and start there. If you are looking to invest in rentals, are you looking to owner occupy? This could possibly allow you to utilize the benefits of a VA loan. If you are looking to flip, you can look at using hard money to fund your flip. Either way, you will want to spend time looking around at real estate and crunching numbers to get a feel for property values and what purchase price would make something a good deal. Driving around in neighborhoods you are looking to invest in ("driving for dollars") can help you find deals, as well.

If you want to bounce any ideas off me or anything, feel free to shoot me a message!

Best regards,
Pete

@Gina Russoniello Tiwari Welcome to BP! Lots of great information and networking here!

 Hi Stan,

I'm not sure if there is a specific episode of the podcast devoted to the 203(k) loan, but it is a type of FHA loan and you will need to owner-occupy. 3.5% down payment (acquisition cost + renovation budget), maximum allowable loan size is determined by county. You will need an FHA consultant if over $35k renovation budget to approve the work and authorize release of the construction draws - if under that (and non-structural work) you can do a Limited 203(k) and won't need one. You will need to use a full-time licensed and insured contractor to do the work. You will also be looking at a longer time to close on this loan type, so in today's market, many sellers aren't as receptive to this type of loan and you have to find the right deal.

Pete

Hi Rich,

It's great that you are ready to take the plunge and get into RE investing! As others have said, it does seem like FHA would be a great option for you. There is the option to use an FHA 203(k) loan to also fund your renovation budget as well. Feel free to message me. I would be happy to get more into detail about your goals and what options you might have at your disposal.

Best regards,

Pete

Hi Terry,

It's definitely possible, but it depends on what you are looking to do and where in NJ you want to buy. Are you looking to house hack/owner occupy? If so, then you have more options at your disposal. As Austen mentioned above, FHA would be a great option to consider if you are looking to occupy the property. With an FHA 203(k) loan, you can finance your renovations as well. Feel free to shoot me a message with more details about your goals, and I would be happy to help.

Best regards,

Pete

@Dennis Yosco Man, I haven't been to Egan and Sons in a minute. That sounds good to me! I'll DM you my number.

Hey Dennis!

I'm a fellow Bloomfield citizen who is looking to build myself and my career and meet some like-minded people. I'm not looking to wake up at 4:45, but I'd love to meet up for a coffee or adult beverage one of these days if you're interested, and maybe we could bounce some ideas off each other and get to know each other.

Hope to talk to you soon.

Pete