All Forum Posts by: Gabrielle E.

@Heather Skowronsky @Alan Caceres PM sent

18% ROI and rent at 2% of the purchase price

Inquire today before the holiday weekend ends! Don’t miss out on this hassle free investment property, there is a tenant in place who pays rent on time each month. Instant cashflow from the moment of purchase on this turnkey rental property.

Call, text, or email for more information.

Contact: Gabby Evans

Email: [email protected]

Phone: 804-398-8650

@Jesse Whitney-Blane email sent.

This property is perfect for those looking for cashflow through a low maintenance rental property that needs no rehab.

Home has two bedrooms with a possible third. Two full baths. New roof and foundation. Like new walls, carpet, and laminate floors. Central air and heat. Large fenced yard with a deck and shed. No rehab needed.

The owner is willing to have someone to take over his mortgage payments or pay cash for the property. His mortgage payments are $523/mo and the property could easily rent for $800/mo or more. Perfect for a Lease to Own or Buy & Hold deal.

Buyer will need to provide a $5,000 non-refundable deposit at time of contract. Seller will convey using an as-is contract, clear and marketable title with a warranty deed. All closings are with a licensed title company with Insurable Title.

Buyer will be responsible for all closing costs unless otherwise indicated.

Call 804-893-0398 to view or purchase today!

Hi @Brendan M. thanks for sharing! I'm in the same boat as you are. I'm a recent grad who has saved up enough money to begin investing. Now I'm searching for the right property to invest in. I put in my first offer on a HUD property a couple of weeks ago but I was outbid. Now my search continues. I look forward to seeing where your journey takes you. Good luck!

@Scott Hollister I like your strategy of paying down 2nd while using the profits to pay it off quickly, then principle. Then taking another 2nd and rolling it into another property. Thanks!

@Christian Bors using the FHA Plus loan will use even less capital than an FHA loan and it covers CC. Hopefully these loans are more stable than FHAs

Thanks @Scott Hollister for the feedback. My main motivation for getting the FHA Plus loan would be to pay little out of pocket up front and use my personal funds for rehab. I don't have the funds to pay a down payment, closing costs, and rehab costs. Thoughts?

I'm considering using an VHDA FHA Plus loan and obtaining a VHDA Mortgage Credit Certificate to purchase my first owner occupied investment property. What are you thoughts on this strategy for purchasing a property between 100-135k? Would it be advantageous to save my cash and use other people's money or should I pay 3.5-5% out of pocket?

FHA Plus info:

This VHDA-financed FHA-insured home loan includes a second mortgage designed to help qualified borrowers who need down payment and closing costs assistance.

Mortgage Credit Certificate Info:

If you're buying your first home, a Mortgage Credit Certificate (MCC) from VHDA could save you thousands of dollars by reducing the amount of federal income tax you owe.

Unlike an income tax deduction, an MCC is a dollar-for-dollar credit against your federal income tax liability:

• The credit is equal to 20 percent of the annual mortgage interest you pay.
• The remaining 80 percent may still be taken as a tax deduction.
• The MCC is effective for the life of your mortgage, as long as you live in the home.

Welcome to Bigger Pockets @Krista Dodson!! This site is a great resource for gaining new information on the Richmond market and investing in general. I suggest setting up a keyword alert for Richmond, VA so that you're always up to date on anything BP users are talking about regarding the area :)

I agree with what @Stephanie Medellin said. FHA is a great option for low down payments. You could also research these other low down payment options for your multifamily:

• 203k loan: 3.5% down and rehab costs are wrapped into the loan
• The HomeReady Mortgage: 3% down, backed by Fannie Mae, and available from nearly every U.S. lender. It can be used by anyone in a qualifying area or those who meets household income requirements
• VA loan: 0% down if you're current or former military
• USDA 0% down if you buy in one of the specified rural locations