All Forum Posts by: Hamp Lee III

I'm excited to enter the acquisition phase for our first fix and flip!

In my market, I search for homes $200K that have been on the market for over 90 days. Most in my market are priced a little under however, but I start here because there are some higher priced properties that need updating. And maybe I can offer a little less than asking based on estimated maintenance, etc. I typically want to offer at or below 70% of the ARV…or at least start there.

You can also run a search for “investors,” “investor special.”

I hope this helps.

I wish you all the best.

Congrats to you!

Building generational wealth and maxing out your VA loan benefit is a great way to grow your portfolio.

I’m active duty Air Force and have done the same.

I wish you all the best.

Check out Rent Readi in the Tools section of the menu bar. It was recently added as a resource.

If you're house hacking, you can research a FHA 204K loan for certain construction projects after the purchase of your home.

If you're purchasing a rental property, look into a DSCR loan.

I hope this helps.

I wish you all the best.

Not sure you’ll be able to use the benefits of owner-occupied property (and mortgage) as you will not live in the property for 1-2 years.

I recommend speaking with a lender, but your loan may be designated as an investment property initially. Investment properties often have higher interest rates and required amount for a down payment.

I wish you all the best.

Welcome to BiggerPockets!

Check out these books and resources:

1️⃣ Download this ultimate beginner’s guide: https://assets2.biggerpockets.com/uploads/user_file/file_object/1694/UBG_2018.pdf

2️⃣ Read BP beginner books on investing: https://store.biggerpockets.co...

Also, read Think and Grow Rich by Napoleon Hill

3️⃣ Consider joining a BP bootcamp: https://www.biggerpockets.com/blog/real-estate-investing-bootcamps

I wish you all the best.

Thanks for sharing! Great story!

Welcome to BiggerPockets!

Buying a home may not be entirely out of reach. Many programs might help.

1. Florida Homeownership Assistance: https://www.hud.gov/states/flo...

2. Neighborhood Assistance Corporation of America (NACA)

NACA was formed in 1988 and provides an affordable option for potential first-time buyers:

✅ No down payment

✅ No closing costs or fees

✅ No mortgage insurance

✅ No consideration of credit score

✅ Below market fixed interest rate

There are several requirements to be eligible, starting with attending one of their workshops.

https://www.naca.com

I hope this helps. 

I wish you all the best.

If you're a first-time homebuyer, check out the Neighborhood Assistance Corporation of America (NACA) program.

NACA was formed in 1988 and provides an affordable option for potential first-time buyers:

✅ No down payment

✅ No closing costs or fees

✅ No mortgage insurance

✅ No consideration of credit score

✅ Below market fixed interest rate

There are several requirements to be eligible, starting with attending one of their workshops.

https://www.naca.com

I wish you all the best.