All Forum Posts by: Tyler Roger Goble

Hey Ken!  I'm local to Monterey and currently investing here, shoot me a PM and lets talk!  

Investment Info:

Single-family residence buy & hold investment in Sneads Ferry.

Purchase price: $117,500
Cash invested: $20,000
Sale price: $189,900

Bought a VA Foreclosure in the Sneads Ferry area and doing a live in renovation prior to myself and soon to be wife moving in. Actually closed on this house while on a deployment (Active Duty USMC) and had to go through all the hoops of purchasing the home digitally and via a Power of Attorney. Utilized Vendee Financing and was able to close on the property with no money down.

What was the outcome?

Ended up getting $184,900 for the property and after all costs walked away with $46,000. Very happy with this outcome, initially planned on having this property as a buy and hold, but my wife and I decided to go ahead and sell for that price as it was too good to pass up with the timing in our lives (Moving across the country to California and in first year of marriage this allowed us to have a little more margin in our lives).

Investment Info:

Single-family residence buy & hold investment in Sneads Ferry.

Purchase price: $117,500
Cash invested: $20,000
Sale price: $189,900

Bought a VA Foreclosure in the Sneads Ferry area and doing a live in renovation prior to myself and soon to be wife moving in. Actually closed on this house while on a deployment (Active Duty USMC) and had to go through all the hoops of purchasing the home digitally and via a Power of Attorney. Utilized Vendee Financing and was able to close on the property with no money down. Would have used a VA Loan however I already own one property with a VA Loan and this property did not meet the min price requirement to open another VA loan. More than willing to discuss the challenges of closing on a home long distance or through a power of attorney. Looking to do more deals in the greater Camp Lejeune area, fix and flips or long term rentals. My comfort zone is SFR however I would be interested in small multifamily properties as well!

UPDATE:

Currently on the market as of 11 April 2020! Trying to sell in the midst of COVID-19 has been interesting but my wife and I are hopeful to get our asking price of $189,900, will update when it's sold!

Ended up getting $184,900 for the property and after all costs walked away with $46,000. Very happy with this outcome, initially planned on having this property as a buy and hold, but my wife and I decided to go ahead and sell for that price as it was too good to pass up with the timing in our lives (Moving across the country to California and in first year of marriage this allowed us to have a little more margin in our lives).

Tyler

Investment Info:

Single-family residence buy & hold investment in Sneads Ferry.

Purchase price: $117,500
Cash invested: $20,000
Sale price: $189,900

Bought a VA Foreclosure in the Sneads Ferry area and doing a live in renovation prior to myself and soon to be wife moving in. Actually closed on this house while on a deployment (Active Duty USMC) and had to go through all the hoops of purchasing the home digitally and via a Power of Attorney. Utilized Vendee Financing and was able to close on the property with no money down. Would have used a VA Loan however I already own one property with a VA Loan and this property did not meet the min price requirement to open another VA loan. More than willing to discuss the challenges of closing on a home long distance or through a power of attorney. Looking to do more deals in the greater Camp Lejeune area, fix and flips or long term rentals. My comfort zone is SFR however I would be interested in small multifamily properties as well!

UPDATE:

Currently on the market as of 11 April 2020! Trying to sell in the midst of COVID-19 has been interesting but my wife and I are hopeful to get our asking price of $189,900, will update when it's sold!

Tyler

@Adam Frank

What kind of terms are you getting on your cash out refi? I am looking to find properties in the area that I could BRRRR (private money for the cash offer then refinance into a traditional mortgage.) Work is going to be busy until I get orders I believe so I am only really looking to do one more deal prior to PCS in summer 2020. So far I have done two of these house hacks and the next deal I am looking for would follow the BRRRR method.

What kind of numbers are you getting on your properties in this area? Rents should be rising pretty rapidly in the next year due to the surge of people moving off base due to damages from Florence.

Also what was your experience with the reno that made it a headache? I had previously used two different contractors on the Chadwick Shores house (added two full baths and a laundry room) and had a less than stellar experience with both.  Since there is so much work there seems to be a lot of contractors that can just name their price.

@Taylor L. I have not decided yet, it will depend on whether or not I sell when I leave the area in a year or so.  If I do leave the area I will either sell it as a flip or if I hold on to it I will look to find a good property manager in the area.  I currently only own this house and another (5 bedroom 5.5 bath home that I rent individual rooms out of).  I most likely will have to sell the larger property but I am open to holding on to the 3 bedroom 2 bath as I feel like that could be easier to manage from a distance, with or without a PM.

@Ehsan Rishat Thank you!  I appreciate it!

Hey @Adam Frank,

Where do you own?  I am in Chadwick Shores and Escoba Bay.  The market has been changing pretty quickly at least on the rental side.  Volume is very low and it is competitive to get into a house right now in the greater Lejeune area for those looking to rent.

I would be interested to know what lender you used especially if you have more than 2 mortgages out.  I had some issues getting a loan (originally was approved for financing including the rental income from the Chadwick Shores home, literally a week before I was set to close the underwriters decided to not include the rental income which destroyed the D to I Ratio and had to scramble to get financing, all while overseas hah). 

Thank you in advance and if there is anything I can do on the ground with your properties let me know!  Did you have any damage from Florence?

Investment Info:

Single-family residence buy & hold investment in Sneads Ferry.

Purchase price: $117,500
Cash invested: $20,000

Bought a VA Foreclosure in the Sneads Ferry area and doing a live in renovation prior to myself and soon to be wife moving in!

What made you interested in investing in this type of deal?

Looking to house hack by using a residential loan (Vendee) to buy a house and make equity up front. Upon leaving the area willing to rent out or if the number is right sell!

How did you find this deal and how did you negotiate it?

Automatic email update from Realtor.com, immediately called the listing agent offered that day. A competing offer had been accepted right as I was being shown the property. I had the realtor have my offer on standby in case they backed out. Turns out they did, I had first dibs on the property and after one counter offer settled on $117,500 purchase price.

How did you finance this deal?

Seller financing through the Vendee program.

How did you add value to the deal?

Bought low, remodeling the kitchen, master bath, and new flooring throughout.

What was the outcome?

Unknown, still own the property!

Lessons learned? Challenges?

Learned how to negotiate a deal from a distance (some complications with first mortgage company not counting rental income in the debt to income ratio led to a last minute denial from an FHA Loan. Forced me to switch funding in the middle of a deployment with the USMC).

Investment Info:

Single-family residence buy & hold investment in Sneads Ferry.

Purchase price: $117,500
Cash invested: $20,000

Bought a VA Foreclosure in the Sneads Ferry area and doing a live in renovation prior to myself and soon to be wife moving in. Actually closed on this house while on a deployment (Active Duty USMC) and had to go through all the hoops of purchasing the home digitally and via a Power of Attorney. Utilized Vendee Financing and was able to close on the property with no money down. Would have used a VA Loan however I already own one property with a VA Loan and this property did not meet the min price requirement to open another VA loan. More than willing to discuss the challenges of closing on a home long distance or through a power of attorney. Looking to do more deals in the greater Camp Lejeune area, fix and flips or long term rentals. My comfort zone is SFR however I would be interested in small multifamily properties as well!

Tyler

What made you interested in investing in this type of deal?

Looking to house hack by using a residential loan (Vendee) to buy a house and make equity up front. Upon leaving the area willing to rent out or if the number is right sell!

How did you find this deal and how did you negotiate it?

Automatic email update from Realtor.com, immediately called the listing agent offered that day. A competing offer had been accepted right as I was being shown the property. I had the realtor have my offer on standby in case they backed out. Turns out they did, I had first dibs on the property and after one counter offer settled on $117,500 purchase price.

How did you finance this deal?

Seller financing through the Vendee program.

How did you add value to the deal?

Bought low, remodeling the kitchen, master bath, and new flooring throughout.

What was the outcome?

Unknown, still own the property!

Lessons learned? Challenges?

Learned how to negotiate a deal from a distance (some complications with first mortgage company not counting rental income in the debt to income ratio led to a last minute denial from an FHA Loan. Forced me to switch funding in the middle of a deployment with the USMC).

Investment Info:

Single-family residence buy & hold investment in Sneads Ferry.

Purchase price: $267,000
Cash invested: $20,000

5 bedroom 3.5 bath that I renovated into a 5 bedroom 5.5 bath. Originally started out living in one of the rooms and leasing out bedrooms (1 year leases). Now I am in the process of purchasing my second house and have already rented out all 5 bedrooms.