All Forum Posts by: Steve Gunasingh

Hello,

I am interested in purchasing a multi-family/SFH property in the San Antonio Area. I am in the military and will be there for 4-5 years. I would like to start building my portfolio by house hacking. I have done a lot of research about real estate and I am ready to pull the trigger. I would like an investor friendly real estate agent to work with. Please leave your name or recommendations below!

P.S looking to make the purchase withing the next 1-3 months.

I have $10 k saved but I have no idea where to start. I am in the military so I am constantly moving. I wish I could passively invest with someone as a partner.

@Brandon L. I am interested in buying and holding to get residual income. I am in the military right now and San Diego isn't the best place to invest with the capital that I have. I would like build a team eventually but I gotta start somewhere and sooner the better!

I have around 50k to work with at the moment. I am looking for a realtor who has experience with investors. I would like to work together. The primary areas that I was looking to invest in were Ohio, Illinois(Chicago), Dallas, Jacksonville(FL). Please give me some recommendations so that I can get in touch with them and see if they are compatible. I am ready to move forward with REI.

Hello,

Just to give some information on me I am serving in the Navy since 2014 and I have saved up about $12,000. I really wanted to get started in the real estate investment but I have been finding any good deals or I am not looking hard enough. I am also finding my self not having the required 20% on a lot of properties.

- How did you find investors? and convince them that they will get a return on their investment?

-I am hoping to find someone to invest with me on a deal. Where should I be looking?

- Just any feed back that you have for me would be greatly appreciated.

Thank you, Reuben G.

P.S I hope I am posting in the right place.

Hello BP, I have been working on finding a property to invest in. I have about $30k for a down payment however I am not able to qualify for a conventional loan because my debt to income ratio is too high when the mortgage payment is added into my expenses.(E-3 in the military) Wells Fargo has a loan for future income based mortgages however I need * Receipt of a security deposit from the tenant and verification of the deposit into your  account * 2 months of bank statements verifying receipt of rental income. So I can only purchase a home with someone living there already. My problem now is how do I go about finding such a property? I want to find one in Washington or Oregon. I have considered this turnkey management "www.homeunion.com" but they only operate in the East coast.

Hello BP, I have been working on finding a property to invest in. I have about $30k for a down payment however I am not able to qualify for a conventional loan because my debt to income ratio is too high when the mortgage payment is added into my expenses.(E-3 in the military) Wells Fargo has a loan for future income based mortgages however I need * Receipt of a security deposit from the tenant and verification of the deposit into your  account * 2 months of bank statements verifying receipt of rental income. So I can only purchase a home with someone living there already. My problem now is how do I go about finding such a property? I want to find one in Washington or Oregon. I have considered this turnkey management "www.homeunion.com" but they only operate in the East coast.

I am a newbie in REI. I have always wanted to invest in it. I was hoping to start out by using my VA loan benefits to obtain a multi family property however I was informed that I would have to live physically in the house for 6 months(not just use it as my mailing address) if I wanted to. Due to my military lifestyle I will not be able to do that for atleast another year! I do not have the money to make the initial 20% downpayment. So is my only option waiting till I save up the money(will take forever since I am a low ranking military member)? I just want to get the ball rolling.

Also I was considering purchasing multi family homes in either Ohio,Oregon or Washington State. I see the best return on my investment in Ohio.

Originally posted by @Jonathan Blum:

@Steve Gunasingh  You should check out the market in Gresham and Troutdale, OR.  Both of these seem to have multi family inventory and house commuters for Portland.

Another thing to consider is that WA state doesn't have a personal income tax, so depending on your income, this might make it go 10% further than in Oregon if you'll be living there.

Welcome to BP!  There is so much to learn here.

 I didn't know about the WA income tax benefit. Thanks for the tips. So to find these properties do I just start calling realtors or are there specialized realtors that deal with multi family properties?

Originally posted by @Derrick Aragon:

@Steve Gunasingh Buddy, I think you could get into a up to a 4 plex with no money down... I recommend  you to know the ins and outs of that loan. Walk through it with a broker or your bank, closing cost what is your loan limit etc. and then you can start identifying properties that match your buying power. Traditional loans they only allow you to us 70-75% of the existing rents understand how they look at that on the loan. Good luck huge asset and improve the property and refi traditional and do it again. 

The catch with the VA loan is that I have to live in one. I am reading up on all the expenses that I will excounter. Is there a guide that you could direct me to that you think I should read?