All Forum Posts by: Debra Martin

Our credit isn't great, but it's enough for FHA. Our stipend for our boys isn't counted since they've only been with us for a year, so our income is cut in half, with me focusing on getting my real estate license. Our current home is FHA, and we don't want to sell, we just need a signed lease...the interested tenant gets Section 8 and we would only be breaking even on our mortgage with what they would allow. We're leasing the Heat Pump so we would actually be "losing" $ on it if we accepted. A lot of moving parts.

@Jaysen Medhurst I’m actually trying to get financing for this property as we speak!! We want to be in Luray because my husband teaches there and our kids go to school there. It seems like a great opportunity, I just hope the financing comes through!

@Frank Geiger @Jaysen Medhurst thanks for the feedback. I thought the property management company would take care of the lawn care/snow removal? I must have forgot to input insurance numbers in. I would need to get a partner/hard money lender for a down payment for my first deal...which is why I just populated 0 down. Any advice on using these methods for a newb?

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Investment Info:

Single-family residence buy & hold investment.

Purchase price: $129,500
Cash invested: $20,000

3 bd/1.5 bath on double lot. 1 car detached garage, summer kitchen with root cellar, workshop and long storage-building on property. Partially fenced in yard. Heat pump installed 9/2019.

What made you interested in investing in this type of deal?

We moved to VA and needed a place to live!

How did you find this deal and how did you negotiate it?

We found this property through our real estate agent. Asking was 132k, seller accepted our offer.

How did you finance this deal?

Mortgage broker set up FHA loan for our primary residence.

How did you add value to the deal?

Tore out all of the carpet to reveal BEAUTIFUL hardwood floors,
Complete gut to studs remodel in full bath,
Heat pump install,
Levelled home (sinking due to age),
Fenced in part of yard,
New flooring in kitchen and laundry room,
Updated 1/2 bath,
Remodeled kitchen

What was the outcome?

Currently looking for our next investment in Luray, VA to get tenant in this property.

Lessons learned? Challenges?

TBD!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

We worked with Wanda Himes at Weichert Realtors and she's been fantastic. She got us into our home in record time when we moved from out of state and is helping us find our next deal.

Investment Info:

Mobile home buy & hold investment.

Purchase price: $29,000
Cash invested: $5,000

2 bd/2 bath on .75 acre lot. Not in mobile home park. Natural spring-fed pond and tool shed on property.

What made you interested in investing in this type of deal?

We purchased as our primary home as our first step to get out of renting.

How did you find this deal and how did you negotiate it?

For Sale by Owner sign out by the road.

How did you finance this deal?

My credit union did their first mobile home loan including real estate, due to the assessed value being over 40k.

How did you add value to the deal?

Removed overhang cabinets in kitchen to give it flow,
New flooring in livingroom, hallway and master bath,
Repaired furnace,
Replaced hot water tank,
Repaired garden tub in master bath and water damage underneath home,
Repaired tub surround and replaced fixtures in hallway bath.

What was the outcome?

We lived in property for 2 years and it has been rented by the same tenant for the past 2 years. They're interested in an option to purchase.

Lessons learned? Challenges?

Always get an inspector and find a lawyer to create a relationship with.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

We love SUNY Fredonia Federal Credit Union. They are a very small, hometown lender. We did not work with an agent for this deal.

Any tips for newbies with hard money lenders? We only have one investment property so far and we have it just by coincidence because we moved out of state. 

Low credit score due to past mistakes.