All Forum Posts by: Account Closed

I have a turn key fourplex that I am wholesaling. I’m planning on trying to execute a back to back close. The buyer is a VA buyer. Is this possible? Or is there a weird VA restriction. I was going to assign the contract, but the bank won’t lend on it. So I’m wondering if I buy the property and sell it on the same day if the VA will care.

Hey, I found a deal for myself, but it turns out the seller has two fourplexes and unfortunately I can’t buy both. I was thinking about wholesaling the other one. Does wholesaling a turnkey multi family require anything unusual? Does the buyer have to be cash? Should I base my sale price on the 1% rule, NOI, or a CAP rate?

Haha I’d be a little scared. Can you discriminate based on usernames or email addresses? But no, as long as it was illegal I wouldn’t even think about it! #cashheroutside

Jay Hinrichs I never thought about that! That would certainly make the deal more appealing

Michael Lee thanks! Can you still do that if they’re using a listing agent?

Hey, I’ve been putting offers on small multi families in the Kansas City area. Last time I went with the sales price and still lost out. I’ve read the book on rental property investing and Brandon gave some good tips. Should I start offering more than list if the numbers still work? Should I try to close as fast as possible? I’ve gotten a preapproval letter and my wife and I made a personal “about us” to send with our offers because I want to owner occupy. Obviously it’s a numbers game but we thought it might help make us stand out, it didn’t. I want to stay smart but it seems like people don’t really care if they make any money off these things. I don’t know how to compete with that. Thank you!

The other option is if you want to stick to real estate you find a partner with a good job and work with them. House hacking is a great way to start investing. I’m trying to do that myself with a fourplex. Look up FHA loans and you can find a home with only 3.5% down and you can have the owner cover your closing costs! I bought my first house using a VA Loan for $0. I’m now renting it out and making about $277 a month! You can probably make even more with renting it out to a couple roommates. You’re on the right track! I’d definitely read (or listen to) the book on real estate investing with no or low money down. That’ll be a fantastic start.

I’m just going to keep looking for something cheaper. Maybe one will work out. Hopefully prices won’t keep climbing so much.

All very great points. I’m active duty AF. I signed a 10 year commitment so I’m probably not going to be fired if the market crashes. But I’m trying to navigate the numbers and trying to scale responsibly. I’m nervous about the debt but i feel like I’ll be nervous regardless. So many of the books and podcasts say to get outside your comfort zone. I’m making about 5.5k a month. So the DTI is still kinda high, but I realize it’s also an investment. I’m trying to balance the risk and the reward but it seems like everyone has a different scale.

The rents would be about 1% once I moved out. That’s what most of the fourplexes in the area are selling for (1% PTR). The mortgage is about 3k PITI, the interest rate is about 4.5% and I’m not sure about a ballon on the seller financing side, but the va would be a 30 year loan. Conservatively it should make about $1600 above the mortgage fully occupied and $800 cash flow after property management, Capx, vacancy and maintenance.