All Forum Posts by: Seneca Pena-Collazo

Also looking for a sub-to attorney. Please let me know if you can throw a name my way!

@Donnie M. Thanks. I’m out of town but appreciate the invite.

@Colin Feild

Looks great so far and appreciate you keeping us posted on your journey! Who are you using for a GC and what was the outcome on the permits?

@Robert Young

I’m in the exact same position and the numbers are very similar.

I bought at $233k and 3 years ago and it appreciated about 27k in that time. I owe about 218k on the property.

I bought initially at 3.375 and I am finishing up the IRRL for 2.375 (paid for points). For me, it makes all the sense in the world because my cash flow went up $156/month and I raise rent ~2% every year. I’m holding on to this property pretty much forever.

For others unfamiliar with the IRRL, there are a couple guidelines:

- if you pay for points, you must be able to recoup in 36 months

- VA funding fee is .5% that you can roll up into the loan.

- You do not have to be owner occupied. If you are active, just live in the property for a year and if you PCS from that location, all that is needed are your orders to qualify for the exemption.

- if NOO, you will need an appraisal. If OO, not required. **may vary with lender.

@Charlie Anne

Probably a good choice to pass, but it potentially could work if you found different financing on it (seller, partner, etc.) and/or other financing options for reno costs (PML + partner). The deal briefs much better when you can put less of your money in and raise the CoC return.

BTW did your cash flow math at $175 include paying taxes on a $160K value vs. current value? In an appreciating market that $175 turns into $145 right off the bat and shrinks every year as home value increases (in Georgia annual millage rate for tax is about .003 of house value).

Will there be a virtual option on this? From Philly, but currently living on the West Coast and researching options to invest back home.

Will there be a virtual connection to participate? I'm active and we're still under travel restriction that likely won't be lifted by then.

Currently active duty and I invest around bases in AL (great prices/low taxes/.2% vacancy rate/awesome tenants). Just curious if anyone has had any opinions on size of base or service specific (Army vs. Air Force vs. Navy).