Updated over 5 years ago on . Most recent reply
SFH Rental Using a VA Renovation Loan
Investment Info:
Single-family residence buy & hold investment in Gilbert.
Purchase price: $285,000
Cash invested: $50,000
Lived in this house and made many repairs/upgrades. Finishing up work this July and will rent it out asap.
What made you interested in investing in this type of deal?
BRRRR
How did you find this deal and how did you negotiate it?
MLS using a VA Renovation loan to finance the 1st phase of work.
How did you finance this deal?
VA Renovation Loan
How did you add value to the deal?
Kitchen, Master bath, flooring upgrades. New A/C, updated landscaping, paint, new fixtures, upgraded plumbing, popcorn ceiling removal, new windows, doggy door, pool repairs, pool fencing.
What was the outcome?
Turning into a rental.
Lessons learned? Challenges?
Should have completed all the repairs at the beginning instead of waiting for cash to accumulate. Should have wrapped all costs into the loan at the beginning since I used the VA Renovation Loan.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
My agent was of poor quality, would not recommend.
Most Popular Reply
@Paul Giblin No update yet from VA on the VA Renovation loan being reinstated