All Forum Posts by: Dino Garcia II

Hey @Dave Skow, understood! I was meaning to be under the same loan(?), not necessarily being primary on the loan if that makes sense. Maybe there's a better term/word that I am missing at the moment.

Unfortunately, it looks like that deal is closing soon, and I am mainly looking now for more information on assumable mortgages. Thanks!

Hey @Aaron T. thanks for the insight. I have been on the island before and I realize there is a difference in culture. I know it is a great area, however, and it would be great to find a way to get it to work out. I know this probably doesn't equate since I have not lived there for the time you recommended.

What do you recommend with learning more about real estate/investing in the area? Would a real estate agent or lawyer be a good start to conversations about the area?

Also, do you find it difficult to work with property owners that are remote? What are the challenges you have found?

I just found a great deal in my area involving an VA loan assumable mortgage.

Before I even get to that, I was wondering if anyone had any experience or know of any similar scenarios where I would be able to partner with my father on a VA loan. We'd been expressing wanting to partner on a deal, but need a little more education on our options.

As background, he used a VA loan mid-last year and intends to stay there for a while. Because of that, my first question is.. is it even possible to be able to partner with him since, from all the posts I have seen, it seems like he would need to be there for owner occupancy. Does it not matter if I am also on the mortgage—I live there, and he does not? My hunch is that it would require both of us there, and might be the case based on my initial research. Let me know if I am wrong.

In the off-chance that the above is possible, I saw a post regarding VA loan entitlement, and I think I understand: https://www.biggerpockets.com/forums/311/topics/1150518-va-l...

Dad's house purchased @ $815k x 25% = $203k
County limit (my area): $1,149k x 25% = $287k
$287k - $203k = $84k
$84k x 4 = $336k is available for 100% VA entitlement.

The house I am looking at is around $690k.

$690k - $336k = $354k
Down payment = $354k x 25% = $88.5k

The house looks like it was bought at $450k, so I am assuming that I will need to come up with around:

$690k - $450k = $240k cash in addition to the down payment,

Bringing the total to: $328.5k for cash to seller and as 25% down-payment based on the above.

I hope I got all of the calculations correct, and honestly, the more I dive into it, the more I don't understand. Hopefully most of what I said above makes sense. :) I honestly would appreciate all insight and answers, and taking this as a learning opportunity. Thanks all.

Does anyone have experience they can share in investing in Puerto Rico? I have read materials and watched videos, but it seems like I need to take the next step and see if anyone can help guide me through all the processes. I truly enjoy the island and I am actually trying to learn Spanish so that maybe that would help out in the future. If not now, I would love to connect with others that have either invested there or live and work in the island. Any resource is appreciated. Thanks all!

Quote from @Daniel Amsalem:

Hey Dino, welcome to the forum. Sounds like you're digging through lots of great BP knowledge.

My wife and I are also house hacking. Our primary residence is our first investment and it had more cap-ex than we expected so now 2 years later, we're actively pursuing our second house hack.

We also are cohosts of the NOVA REI crew, you're welcome to attend and meet others. I've been to a handful of other meetups and I think our favorite (other than ours) is Omni Casey's Cashflow Breakfast Club. Lots of knowledge dropped there.

Hopefully, I'll see you at our monthly meetup.

 Thanks Daniel, appreciate your response. That's awesome! I'll for sure check it out (feel free to drop a DM on more info). I enjoy meeting other like-minded folks. :)

Love househacking! I wish I knew about it sooner, but I think I have a great opportunity at the moment.

Quote from @Brandon Wagner:

It is certainly difficult right now in the NOVA region outside of the appreciation play.  Creative deals are the best option right now if looking for cash flow, but they are challenging to find.  

I am beginning to see more stressed sellers in the area though.  Of course it is not something you wish on people, but where there are problems the right investor can find solutions.  

 For sure. I love the area and the possibilities for creative opportunites. I would love to help solve those pain points. Taking it one step at a time, and always appreciate any advice.

Quote from @Helen Lowery:

Hello Dino,

Welcome! I'm an investor and REALTOR® in Williamsburg, VA. In the last year I've completed one fix and flip and brrrr(d) a student rental near the College of William and Mary. I assist investor clients source deals, sell their flips, and maintain a network of tradespeople. I work with investors and homeowners from Williamsburg, Yorktown, Newport News and Hampton. We are coming up on my favorite time of year to buy.... the holidays!

 Hi Helen, thanks for your warm welcome—also looking forward to the holidays. It'll be my first time being in the market for the season! What makes it a good time to buy?

Quote from @Xavier Nguyen:

Hey Dino, I'm in Hampton Roads. A few hours from DC, I visit Richmond a lot and plan to go to the VA mountains soon. I wholesale and will let you know if I find any deals that you may be interested in.

Nice to meet you Xavier! Much appreciated! Been eyeing around the Shenandoah valley myself; love the area.

I used to live around the Virginia Beach/Norfolk area. Great location and hope to come back around the area at some point.

Quote from @Ned Carey:

@Dino Garcia II  thre is no better agent in the area than @Russell Brazil. He invests himself and understands what investors are looking for and need. I suggest you follow him. 

As He said ther are a lot of investors here from the greater DC area. Yoi might want to set up "Keyword alerts" for Nova, DC etc. 

 Hi Ned, thanks for the intro and the quick tip! I'll have to look for that feature, always a fan of anything that makes things more efficient. :)

Hi everyone, my name is Dino! I live in the Northern Virginia (NoVA) area and I am looking to expand my opportunities and knowledge not only here, but the rest of the country. I had been lurking in the forums and decided I wanted to try and be more active in REI. Honestly, I have not posted in forums in years, so this is a big step back for me to get back in an online social space.

I am in my early 30's and wish I have been in RE way earlier. Nonetheless, I have been binging RE Rookie, the BiggerPockets podcast, and some other BiggerPockets-published books (reading Wealth Without Cash right now). Right now, I am hoping to get connected with anyone working with Creative Financing and would love to do deals with other folks here.

Currently, I am househacking in Northern Virginia with my first home. I am renting out multiple rooms and manage them all myself. I am looking for more deals in the area and hope to find another property before the end of the year. My initial goal is to get 1 property a year, and I hope to exceed that! For now, I am starting small and getting experience in the real estate space, and although my schedule is quite busy, I have been trying to join meetups when I can.

I'm looking forward to meeting anyone else in my area and beyond. Thanks for reading my post, hope to hear from other members soon!