All Forum Posts by: Tyler Hodgson

What is the sales price of the property? I typically see about 0.60 - 0.65% of sales price as an average premium (depending on coverages, deductibles, and age/style of property). Of course there are a lot of factors. 

One reason TX insurance is so high is because of wind/hail and roof replacements. Lots of hail storms every fall and spring in the DFW area means more expensive insurance. 

Thanks for the recommendation @Dakota Ferguson!

You are on the right track! Just make sure you partner up with a good 1031 Qualified Intermediary and a good CPA

@Kenneth McKeown is right. We've done quite a few MFHs together. Another option is a 5% down Conventional (HomePossible) that not a lot of people know about. If the FHA appraiser comes back requiring repairs, they typically have to be completed prior to closing.

If you are looking to utilize a 203k loan to roll in repair costs into the loan you are in for a much more difficult loan process (and higher interest rates than a standard FHA 203B). With a 203k loan you will need contractor bids, FHA approvals on those bids/repairs, and funds will be held in escrow and released to the contractors upon completion of the work. The approval and closing process on a 203K typically takes longer than a 203B as well, so you lose some competitiveness in your purchase offer by requested a longer closing period.

Thanks @Kenneth McKeown!

@Jay McCreary as veterans we have an awesome opportunity to use the benefits of the VA Loan to begin our real estate investing journeys much more quickly and effectively than those who do not have access to VA Loans.

I'm happy to help answer any questions you may have about VA Loans and real estate investing in general.

I know quite a few people who would be interested in the package. 

Also, @Kenneth McKeown is an investor and real estate agent who could help you list and find a buyer for the whole package. He works with a lot of investors 

@Kenneth McKeown should be your go to! 

Btw, I was station in Hawaii when I was in the military (Kenneth is a Marine veteran too). Are you moving back to the DFW area to start real estate investing? 

@Don Van Nguyen it sounds like you are on the right track and ready to start. 

I also have the same target type of properties as you. I like 1990 and newer 3/2s in good school districts. These homes typically draw a higher class of tenant and my few rentals have appreciated well in this market and had no vacancy! 

I self-manage my properties and your first property or two you may be able to manage this yourself too. Just a thought. 

If you need a good investor friendly realtor I’d definitely recommend @Kenneth McKeown

Thanks for the recommendation @Megan King.

@Ryan Harris all VA Loans will require title insurance, in fact, I don't know a single lender (besides hard money) who will lend without purchasing a lenders title insurance policy. The owners title insurance policy is optional, so maybe that is what you are referring too. Megan is right about me helping with VA Loan, I'm a Marine Corps veteran myself...and no lender fees (or other BS fees) packed in my loans.

@Bruce Lynn I don't think anyone can do better than a VA loan at any level. What fees do a VA loan have that another loan does not? (VA Funding Fee is exempt if VA disability compensation is receive)

@Bart H. hit the nail on the head!