All Forum Posts by: Richard Ochoa

MN Investor here, I have a family member looking to do a CD (Sub2 Deal) 30 minutes away from Charleston. I am looking for a partner. Don't go creep on my Bigger Pockets profile because I do not share much.

PM me for details. 

Nicholle, 

Congrats on the closing! I have brought a 30 day notice to tenants I inherit, immediately after the closing. This allows me to rehab the vacant unit and raise then raise the rent

I have used an app called "Remodel AI" (15 free tries) to upload pictures of houses or certain rooms. The app will remodel the house/room to whatever description or style you choose. 

Thank you Jeff and Tim! @Josh Hoeft I accepted your request. We should connect soon. 

Anyone from Minnesota going to the conference? 

Richard Ochoa

My tenant just emailed me the following, 

"Hello Richard,Everything is going.....Not sure if we can make the rent this month due to my unemployment being halted this last pass weeks........shall be restarting here will soon. I know I had asked you a few months ago if you knew about any programs for rental assistance. Well I have found this site through MN housing that is helping renters and landlords. I sincerely apologize about not having the rent at this time and I am diligently working on getting it covered with some assistance from these programs. I have enclosed an Eviction Protection Declarations along in this email. When I get any updates on this program I'll keep you posted. Thank you in advance for understanding during these difficult times."

Does anyone have any advice? I self-manage. I am okay on reserves, but want to take the proper steps taking into consideration my tenant and business at the same time.

This is a Duplex and one side covers most off the expenses.

Thanks

Richard Ochoa 

Just sent him a Venmo!

Hey Giuliano, 

I would watch the video below, or use the calculator under "tools".  I have watched the video more than 5 times. 

Hello Ricardo, 

I thought I could do the same, but Mindy is correct. You have to live in the property acquired using the VA Loan for at least one year. You do not need to do a refinance, but will have to put down 25% of the amount you go over with the portion of the entitlement (depends on state) not used with the first property. If you want the full entitlement after the first property, then you will have to do a refinance. This is at least how I understood it.

Ex, If you have an entitlement of $100,000, and use $40,000 to buy the first property, you have $60,000 left for another property, but have to live in the first for 1 year before using the other portion. After 1 year, if you want to purchase a property for more than the $60,000, then you have to put down 25% of the amount over the $60,000.  

I hope this helps. 

Thanks, 

Richard Ochoa -Rookie Investor 

@John Lanser I use Venmo and make sure to explain it when I go over the lease.