All Forum Posts by: Tyler Kaye

Hey Monica,

I used to live in Oak Harbor, but recently moved to Coupeville. I use the VA loan to purchase properties and work on them while I live there. It has worked well for me so far. I hope it does for you as well.

Tyler

The criteria initially is meet some long term goals. The property has to cash flow at current rent rates and can fall into acceptable terms by the VA. Their appraisal standards are a little different and you have to occupy the premises for a minimum of one year. Also, I have my own version of an investment calculator that calculates information based on my needs and wants. Initial cash flow may be low, but I will only consider those properties if they are in a community that I know is appealing to the local population. It has really helped me to be living in the same area for the last eight years even though I am active duty military. It is easy for me to just look at numbers and once that makes sense, then I move on the external factors: value add options, local market, rental capacity for the community, growth and development, and local availability/stability.

My first deal was to be owner occupied in a condo. This condo is downtown, one block from the main drag, with a peek-a-boo view of the harbor. I bought it off the MLS as a foreclosure and it was terribly ugly inside. Gold fixtures with a dark green carpet that was destroyed. The paint was still from the 80s. The bathroom had components added that made it look like a hospital. The large, metal hand rails were terrible and the bath surround was about to fall off the wall. There was drywall damage in an odd corner of the bathroom above the washer and dryer.

My goal was to purchase and live in it while I work on it. I had one year to fulfill the VA requirements. I began the work needed to update the condo right away. We finally finished with painting and flooring at 11 months of the year requirement. I was already searching for another proper to use my VA entitlements on. The market here doesn't allow for purchase above any median price and still cash flow for rent. I had a decent idea what I could get after renting in the area for six years myself. So after a year of updates including carpet, bathroom, and electrical upgrades, I am ready to move out.

I finally met a realtor that knows what I want to know. She is an active commercial and residential investor in this area. She also has experience across the US and has been in the real estate investment business since she was very young. Together we have written enough offers that I was ready to stop looking in this area. Then we found a property on the MLS that was listed in a community that is very popular in the area. We are currently negotiating repairs for the roof right now, but it seems that the year of work to my condo has really paid off for the rental or resale market. Although, finding this second property has been a very tough challenge.

My criteria is pretty strict.  Sometimes I wonder if I am being to strict.  I am still new so I don't want to break my own rules until I know what will work for me and what won't. 

Ultimately, thank you Bigger Pockets and all of its members for the supportive comments and discussions made available to give me the confidence to continue pursuing my dream. 

That is pretty awesome.  I am searching everywhere in NW Washington for something close to that.

I started learning from a great Mentor and now friend by selling what I do have.  I am looking for investment properties for myself and I told this investor/relator/broker/been-doing-this-forever person what I can do.  I sold my self on organizational skills I learned in the military and my teaching experience from the same.  It definitely started from the bottom, but the working relationship grew quickly.  The company wasn't hiring and she definitely doesn't need another assistant but I wanted to learn from her and for myself, so I sold myself on those tenets.

BP,

I am approaching my 1 year live-in time for the use of a VA loan and have been searching for the entire year for my next property and may have found it. However, I just started finished all of the work on the place I am living in and dumped a bunch of money into this the previous month and am no where near where I would like to be to jump into a new deal. The deal I have found seems very tangible and cashflows under a "worst-case" scenario. I am willing to share the analysis I have completed with someone for some advice. I am really looking for some more info on structuring a deal that is not on the MLS and I have yet to get Brandon's new book.

My biggest questions:

What categories of finance fall into "Creative Financing"?

How are the contracts drawn up?

What are the functions the title company can provide/is it dependent on capabilities?

If I were to present this to a group, or individual, how in-depth should my delivery be?  I feel like it should be as in-depth as possible, but I have yet to teach, present, or sale anyone on anything outside of the military.

Any feedback is greatly appreciated and I hope to contribute as much as possible to BP as others have done for me.

Tyler

I as well.  Any conclusion to this matter?

I am interested in the same thing.  Have you found a lender in Washington yet?

@Keleigh Felder , That is pretty much where I ended up at.  Plus, the contact at the number I received told me, "if you drive by, keep a low profile."  This seemed strange to me, and I didn't make the 45 minute drive.  A friend of mine told me about the area and It doesn't seem like such a good deal with all of the other red flags, and his opinion.  

BP,

I recently came across an 8-plex for sale and in my research I found that the taxes haven't been paid since 2010. The property is a couple hours north of Seattle, Washington. Does anyone have any experience with a property whose owner is far behind in taxes? Any recommendations that could be made, I would greatly appreciate.

Thank you in advance,

Tyler