All Forum Posts by: Christopher Aleman

Scott Titus what did you end up doing with the property?!

@Account Closed technically his father can purchase the property with his VA loan for 0% down, and then let his son rent it out for him. He could sign a master lease with his dad and sublet it out. Simple way for both of them to take advantage of his father's entitlement.

Just to clarify, he can take out the loan as long as he has an intent to occupy the property within 60 days of closing. With that being said, there is NOT a one year occupancy requirement like other backed loans such as an FHA loan. Likely reason for that is because active duty service members are eligible for VA loans and they can change duty stations and deploy without much notice. So to clarify, it wouldn't be mortgage fraud if he purchased the home with an intent to occupy it, lived in it for a couple months, and then he could decide to move and let you rent it out for him. Pretty simple way to use the benefits he earned and deserves to get a property with zero money down. Also, if he purchases a multifamily home and occupies one of the units for a little while, you're in the clear.

@Account Closed, the property and barn door look great!

I would encourage you both to check out @Brian Dally's post from the other day.  

https://www.biggerpockets.com/forums/520/topics/32...

@James Syed your numbers look pretty solid to me, your 30 year analysis is conservative by not using rent increases and appreciation in your numbers and even with your 10% allocation for vacancies you should still have a little positive cash flow if an extra unit was unoccupied! Keep us updated, Good Luck!

William Mccurdy I've talked with State Farm before and you're right that they don't care about breed but instead care about the dog's "bite history". There's a lot of cases where liability from a dog attack has fallen back on the landlord, which is why I'm a firm believer in a "no pet" policy (with the obvious exception of service dogs).

I'm with John Patton , there's plenty of other tenants out there that don't have pets, I personally don't think it's worth the potential damage to the property. Security deposits dry up fast!

That's tough, but the timing of the increase could seem insensitive and lose the long-term clients.. You said it needs rehab before you move in new tenants, so the rehab costs on top of the $2,100 vacancy for a month? In my opinion, it doesn't sound worth risking it for $100 a month (between the two townhouses).. I get that you're supposed to keep emotions out of it and run it like a business, so feelings aside, the risk vs reward doesn't seem worth it.

@Randy Estrella, closed mouths don't get fed!  Never be afraid to negotiate aggressively.  I'm not saying to offend them, but every dollar less in the purchase price is a dollar more you have in positive equity.