All Forum Posts by: Rich Harris

Will do @Greg H. Thanks for the response. 

@Mark F.,

I just read the document, thanks. I will have to call the FHA and find out. I read the section of the document you pasted, but says the "real estate agent", it doesn't say if the buyer is the real estate agent. I will call to find out and post what I find out, after I wait on hold for 3 days!!! Thanks for the input my man.

Cool! Thanks Robert, I appreciate it. 

Hello All,

The title says it all. Could someone please tell me if you can use your real estate commission (I am a licensed agent) as my 3.5% down payment on an owner occ FHA purchase loan? I will still have to add some funds to get to the 3.5%, but I am hoping this won't be a problem. Thanks!

Thank you for the response and info @Denise Stanford, I appreciate it. I am curious as to what makes you say that there are good properties in my area? Besides the obvious lower taxes in central jersey compared to Northern. Thanks!

Rich 

Hey Wally,

                 Thanks for the response...I appreciate  it. Yes, I will use my and my friends skills to save me cash while rehabbing. Also, I've read somewhere that a home must all systems in working order to get financing. 

Hopefully someone else who knowledgable on VA loans could please chime in.

David,

Thank you for the response and the info, I appreciate it. I live in Sayreville and honestly don't go to as many REIA meetings as I should. I work crazy hours. When I do go, I go to the MREIA in the Woodbridge Hilton.

Your example does make sense to me about how it might not be a deal form someone using HM vs. me using my VA loan benefits.

Brian,

         Thanks so much for the info, and quick response. You know it's funny, I spent 6 years in the Navy, and all my best friends were Marines! I will re-read that entire thread you sent me regarding terms deals. I am sure I have will to contact you for the questions that will come up. Thanks again my man!

Hello BP,

     First off, thanks for taking the time to read this. I will be buying my first primary residence in Central New Jersey here in the next few months. I obviously will only buy if it’s a deal that needs some work, nothing too extensive though. I ultimately want to re-hab while I live in it, then within a year or two, sell to get my feet wet in rehabbing or hold onto it for a long term rental.

I am pretty handy, and do HVAC for a living. I have three great friends who do plumbing and electrical for a living so that will be a big help.

My main question is this. What’s the best way to buy my first home with very little cash, while still getting a great deal? Before anyone say’s it, yes, I know I should just save until I have required rehab & acquisition costs, but please humor me, thanks!

• 1-I am ex- Navy so I will be using my VA benefits for 100% financing. To my knowledge, and please correct me if I'm wrong, all of the systems in the home must be operational and the home can't be in horrible condition to get any financing, especially a VA backed loan. So it can't be a dirt cheap home that needs a full gut rehab.
• 2-I could buy a home off the MLS, but most if not all great deals are off the MLS within hours because they are pocket listings and are paid for in cash. I am sure I can get a decent deal that needs some work if I go that route.
• 3-I look at Homepath and Homesteps all the time, and in doing comps they don’t seem to be good deals, even the “First Look” properties that are only for homebuyers.
• 4-I am a struggling wholesaler and in sending out letters to absentee owned properties I’ve received many phone calls. Most are typical unrealistic home owners, but even the one’s who have some equity and motivation just flat out rejected my offers. If I was more knowledgeable I am confident I could do go the sub 2, lease option routes but I am just getting my feet wet.

I think my best way to do this is to find an off market absentee owned property using my letter campaign in an area with low crime, above average to good schools, that needs some work for around 70% of FMV. I will use my VA loan to get 100% financing.

Please let me know your thoughts on how I can do this. I really appreciate it!

Rich 

Brian,

         Great post my man! I've read it a few times in order to understand exactly what you are teaching and it's very interesting. PLEASE keep it up!

Thanks,

Rich