All Forum Posts by: Cory Jacobi

@Rick Pozos Thank you for the info.

@Brian Gibbons Why would I not want to wrap the subject to?  By master lease do you mean a lease option?  

Working on a deal in San Antonio where I currently wholesale properties full time. This one doesn't meet the wholesale requirements so my next thought goes to Lease Option or assume loan then owner finance. Seller bought the house 2 years ago but is now 3 months behind on payments. Seller is good with a lease option but then I was told by a colleague last night that VA loans are assumable by non-veterans, he just can't buy another property with a VA loan until this one is paid off. The house is in great shape and needs no updates. These are the rough numbers on it.

Worth $195,000 in as is condition

Seller owes $167K plus $4K in arrears

PITI is $1352/month

Taxes are 3783 a year with no current exemptions on them 

28 years left on the note

Seller wants about $5K to walk.  Has 4 children and is moving his family out of state to live with other family members.

Market rents in the neighborhood are about $1600/month.  

Looking for anyone with experience with assuming a VA loan or advice on what direction to go. My worry on each side of the coin is that a lease option may take too long to get a qualified buyer and he gets foreclosed on or with the owner finance it takes too long to assume the note.

You cannot get a HM loan for a personal residence. In fact we have our investors sign a document stating this a strictly a commercial business loan and will not be occupied by the borrower. What you are looking for is a Fannie Mae HomeStyle Renovation Mortgage. Its just like the FHA 203K loan but with fewer restrictions. Its a single closing for the purchase price and rehab amount up to 95% loan on the "as completed" value.

Colin, Welcome to BP!  I'm very active in the San Antonio market and always looking to help other investors wherever I can.  More than enough deals for everything out there.  Feel free to reach out to me if you need any advice on the local market.