All Forum Posts by: Joshua Buchanan

Matt,

Thanks, I really appreciate it! You are right, finding deals is definitely a difficult task, I am thankful that I was able to secure this property before it went to market.

I might take you up on that offer. I am in the process of trying to secure a multi-family unit prior to my return so I can house hack when I return next year. I have found a few interesting properties, but the units I have seen to this point seem to be going for quite a hefty price per door. Some of them can definitely still have good numbers, but I want to want to see what all is out there.

Thanks for your interest in the post!

- Josh

Dmitriy,

Thanks, I appreciate it! I was really scared to take that leap for the longest time. But, the Bigger Pockets community has inspired me so much that I decided to take the leap and it was the best decision. While some of the numbers aren't lining up just yet, that is a user error which I am working to correct. Now, I am super excited and ready to move forward with locating another deal using the knowledge I have learned from my experiences and the combine knowledge of this wonderful community!

Thanks for your interest!

- Josh

 Justin,

Absolutely! I was not expecting such an appreciation curve. It will be nice to use for future investment in other properties once i can sort out my property management and renovations.

Thanks for your interest!

- Josh

Joseph,

Thanks, I appreciate it. So, the numbers on this property are not the best since I went the route of renting to people I know. However, I can provide the numbers on this. I can put something together and post it as a reply. All-in-all though, it was a great opportunity. Even if I am paying out of pocket for the moment, the property has lots of potential. I am excited to see my work on this place pay off in the long run.

I have to do some research for property managers. I am have heard there are some good ones in the area. My family had tried one with this property in the past, but it was not a good situation. They ended up having a hands-off approach to the property and let the tenants do whatever they wanted. In the end, we had to chop down a forest in the back yard, clean for nicotine stains, carpet replacement, broken or missing doors, etc. So, I have a lot of research I need to do before I can trust another company. I would like to have a property manager for sure though, especially being out of the area until next year. I will be sure to keep you posted on my selection for property management companies in the future.

Thanks for your interest!

- Josh

I have been contacted by a couple of folks that are willing to walk me through the process. I will absolutely be willing to share what I learn once I have more information!

Investment Info:

Single-family residence buy & hold investment in Colorado Springs.

Purchase price: $190,000
Cash invested: $20,000

This home is a 3 bedroom, 1Bath, and one car garage single family home. This is a 985 SF home on a large lot. This currently has a shed in the back yard, which is currently used for storage. This home is currently equipped with solar panels installed on a stand in the yard that were left as part of the purchase of the home.

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

This made me interested for the proximity to 4 bases and ease of access to the local economy.

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

This was a deal that came about when I learned that a family member was looking to sale our family home and move to another state.

How did you finance this deal?

I financed this deal with a conventional loan.

How did you add value to the deal?

I have been working to landscape and I plan to replace the old carpet with some LVP.

What was the outcome?

The rate on the home ended up working in my favor, but I would like to see about reducing the rate further below 3.0% while the rates are still low.

Lessons learned? Challenges?

I am learning that I need to use a rental property manager. I am finding that renting to people I know is stunting my rental growth.

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

Yes, I ended up working with Community Banks of Colorado to secure my loan. I have had a good experience with them in the past when I purchased my first deal with a VA loan.

Hello everyone!

I am in the process of preparing for a PCS from Okinawa, Japan back to Colorado Springs, Colorado. Because of this, I figured that I could start the process of purchasing a multi-family home so I can live in one and rent the remaining units. However, I am uncertain what the guidance for purchasing a home with a VA loan knowing that I may not be able to meet the live-in clause immediately. I have looked around and the answer seems to vary. One article I read said a timeline of about 60-90 days to move into the premises. Another stated that I could potentially purchase a home 120 days out so long as I have the intention of moving into the home. Does this vary on the lender that you work with and what their their level of willingness to accommodate the home buyer or is there something in writing somewhere that outlines this information. Any assistance you all could help me with would be phenomenal!

- Josh