All Forum Posts by: Sean Payne

@Eric Janson

Thanks for your response and advice! I actually have a friend that used a love letter and was able to secure their dream home, so I will most definitely work on putting one together. Thanks again!

@Lara White

Thank you so much for your response and advice. I really appreciate your insight and tips. I'm working with a program, Military Housing Assistance Fund (MHAF.org) to help in buying process. They try to help military buyers pay little to no closing costs, and have a network of agents and lenders that they connect you with, so I feel like they know the VA Loan procedures, but just now learning that asking for closing costs to be paid by buyer in this market is not best move. I will definitely bring your suggested strategies to my agent and lender. Thanks again!

@Dustin Allen

Thanks for your response and advice! Much appreciated and will definitely implement those things moving forward!

Active Duty military using VA Loan to purchase first single family home. What are some creative/strong ways to be competitive with offers in current seller's market? We've offered $2-6k over listing price not to exceed $2k over appraised value. (Our real estate agent informed us that our last offer didn't get considered because it was VA, sellers not necessarily interested in potentially having more work to do for VA approval when others are offering listing prices and above, cash, etc.) Any and all suggestions/insight welcomed. Thanks in advance!

@Billy Daniel. Thanks for advice! I like your thinking, will definitely do that. The reason I’m planning on bumping the rent up to $1500 is because that seems to be the average for area, I’m just currently paying below average. I also plan on adding some value as well, kitchen and maybe flooring upgrades.

I'm an active duty military member that is currently renting a 3bd/2ba for $1350 and have talked to the landlord about purchasing. Is willing to sell, just want to make sure I fully analyze deal without going into analysis paralysis, so any advice, knowledge and insight would be greatly appreciated!!! Details of deal as follows:(copied numbers from BP Rental Property Calculator)

Purchase Price: $175k Purchase closing costs:$3000 (is this estimate accurate?) Repair Costs: ? Total cost of project: $178k Using VA loan, so $0 down. Preapproval: 30yr loan @ 2.75% with monthly P&I:$732

Plan on renting when I move to next duty station for $1500.

My estimated expenses are: (please advise if I'm missing something or my numbers are off!!)

Vacancy:$45/mnth; Cap Ex:$75; Insurance:$100(estimated, no quote yet); Repairs:$75; Prop Management:$150; Property taxes:$72; Mortgage:$732; No utilities/HOA Total:$1249

So am I correct to assume I'd be in the green about $300/mnth? Again, any suggestions or advice is more than welcome because honestly I so badly want to start my real estate investing journey, but this first deal is causing me a little anxiety. I do plan on asking seller to cover all or part of closing cost and rolling VA loan fee into loan so I can try to spend little to no $ out of pocket. Any other suggestions on how to accomplish that? I'd also like to close in 30 days, is that feasible or average? Thanks in advance for your input!

I'm an active duty military member that is currently renting a 3bd/2ba for $1350 and have talked to the landlord about purchasing.  Is willing to sell, just want to make sure I fully analyze deal without going into analysis paralysis, so any advice, knowledge and insight would be greatly appreciated!!! Details of deal as follows:(copied numbers from BP Rental Property Calculator)

Purchase Price: $175k Purchase closing costs:$3000 (is this estimate accurate?) Repair Costs: ? Total cost of project: $178k Using VA loan, so $0 down. Preapproval: 30yr loan @ 2.75% with monthly P&I:$732

Plan on renting when I move to next duty station for $1500. 

My estimated expenses are: (please advise if I'm missing something or my numbers are off!!)

Vacancy:$45/mnth; Cap Ex:$75; Insurance:$100(estimated, no quote yet); Repairs:$75; Prop Management:$150; Property taxes:$72; Mortgage:$732; No utilities/HOA Total:$1249

So am I correct to assume I'd be in the green about $300/mnth? Again, any suggestions or advice is more than welcome because honestly I so badly want to start my real estate investing journey, but this first deal is causing me a little anxiety. I do plan on asking seller to cover all or part of closing cost and rolling VA loan fee into loan so I can try to spend little to no $ out of pocket. Any other suggestions on how to accomplish that? I'd also like to close in 30 days, is that feasible or average? Thanks in advance for your input!