All Forum Posts by: Vince Gethings

@John R. Harris, I'm trying to get a full picture of your situation...

What is the total amount your in this property for? $385,000 correct? 

What is your current mortgage orgination date? 

What is your current PITI expense?

Do you have 4-6 months of reserves saved up? 

Hi Tony, I have a few rentals in Midland, its a great area. They only thing you need to keep in mind when looking for places in that area is the negative effects of the DOW merger that the market is experiencing right now. Good Luck!

Seller Financing is out, the seller just wants to sell out of his position. 

Good Evening Bigger Pockets!

I am seeking some guidance on ways to finance a 4-unit in central Michigan. I was just turned down for a residential 30 yr. because the way Fannie and Freddie apply the debt/income ratio. Tomorrow I am going to meet with a local commercial lender to see if a 5/1 Arm or other commercial options are logical, after that I was going to pursue seller financing. I don't have any rich uncles either. Any advice and guidance is very appreciated. Below are my financials and the properties.

Me:

credit score: 800+

Debt: $0

Income: 70K yr

expenses: $2,100

Current Mortgage: none, currently rent

money to invest: 100K

Property:

Purchase Price: $170,000.00

Purchase Closing Costs: $1,000.00

Estimated Repair Costs: $20,000.00

Total Cost of Project: $191,000.00

After Repair Value $200,000.00

Monthly Income: $2,950.00

Monthly Expenses: $2,003.96

Monthly Cash Flow: $946.04

Pro Forma Cap Rate: 9.57%

NOI: $19,147.00

Cash on Cash ROI: 20.64%

Purchase Cap Rate: 11.26%

Down Payment: $34,000.00

Loan Amount: $139,400.00

Loan Points: $0.00

Loan Fees: $3,400.00

Amortized Over: 30 years

Loan Interest Rate: 3.800%

Monthly P&I: $649.54

Rich Dad Poor Dad series by Robert Kiyosaki

Millionaire Real Estate Investors Series by Gary Keller and Rick Villani

The Bigger Pockets books by J. Scott and Brandon Turner

these are great books to start with, good luck

Hi, I Pm'ed you about this property. 

Hey Jeff, we have a lot in common. I'm AD AF stationed at Travis. I'm also a real estate investor that focuses on the fairfield/suisun/vacaville markets. I've bought a SFR with a VA loan from USAA and sold it FSBO to someone using a VA loan from USAA, so I have a good grasp on the process here. I haven't had too many problems with USAA, they just take longer than local lenders. As far as I know, you can use the VA loan to buy houses with up to 4 units. Another popular military friendly bank with great rates is Navy Federal Credit Union. Most military people here I know use those 2 banks. Pm me if you want to chat about the area. I can help you scout for places and areas before you get here.