I am writing you from Hampton Roads Virginia. I am a born and raised local of the area which is rare due to our high military population. Out of high school I cut my teeth in the Transportation industry both global and domestic, following the footsteps of my Grandfather who was well respected in the business. I had always had an interest in Real Estate as my Aunt had been a real estate agent ever since I can remember. So, after seven years of working behind the desk I decided to start my career in real estate by learning it from the agent side of things.
I jumped into being an agent headlong and its been a great learning experience so far. My long term goal was always to transition into REI side of the business but I didn't want to jump into it too quickly. Being an agent helped me in learning market trends, neighborhood profiles, how to pull CMA's among many other things. I recently got a taste of this side of the business by purchasing a distressed REO for my family and I to fix and live in. The value was there and after only $15k in repairs we sit on $65k in equity. Now I am ready to get intentional with starting along the REI path. I have started listening to more BP podcasts, reading the UBG, and looking to get into the different books suggested on the site. I know I have much to learn and have reached out to someone who is a part of the local REI club here to see if mentoring would be a good step. I would love any suggestions on my journey to getting started. If there are any locals around my area I would love to hear from you also. As with my agent career I know this wont be a quick thing, but with preparation and hard work I believe this will start my journey to meet my ultimate goals for myself and my family.
Well done on your first deal. Congratulations.
You're so right in your thinking, Randall, real estate investing is far more lucrative than being an agent. Welcome to the wonderful world of real estate investing!
@Randall Gonse Hey from Chesapeake and congrats on your first deal!
I have another owner occupied opportunity that may fit your needs in Chesapeake. I have a military seller who locked in at a flat 3.0% interest rate on a new construction home several years ago. The house is currently listed at $385,000 and the sellers are willing to let a new buyer assume the balance of their loan (approximately $290,000 with PNC mortgage) with that interest rate. The mortgage would would mature March 2043 (approx 25 years) and would be $1454.50 per month (not including taxes $3794 per year and insurance - no PMI). You do not need to be a veteran to assume this mortgage as they no longer need this VA benefit.
The difference between the loan balance and sale price (approx $95,000) would need to be paid for via check at closing as I have yet to find a mortgage company willing to act as junior lein holder. A couple of work arounds to this may be to do a 401K loan or even private loan. An owner occupied buyer could then get a home equity loan to refinance that price difference after they own the property. There is a 0.5% loan assumption fee on the $290,000 also. However, this is an AMAZING opportunity to literally save nearly $100,000 in interest due to the low 3.0% interest rate!
It is an excellent FIVE BEDROOM/ 2.5 Bath home also located in the Grassfield High School district, which was voted as one of the TOP 500 High Schools in the United States! The sellers invested $40,000 into an inground SOLOAR heated pool. It would easily rent between $2100 - $ 2295 per month due to the high military population in the area.
MLS # 10206328
2115 Brennhaven Trail Chespeake, VA 23323
5 Bedrooms / 2.5 Bathrooms
Built in 2013 in Grassfield School District
SOLAR HEATED INGROUND POOL
Large 1/3 acre lot with private backyard and over-sized shed
Feel free to contact me with questions as I am a Realtor and a Licensed Appraiser actively working and living in this HOT military market. Thanks.
Jo Anne Gallant