All Forum Posts by: Kenny Rains

@Charles Huang thanks for the feedback.

@Tony Nguyen I don't think anyone can tell what the best course of action is as everyone has a different investment strategy.  I think you have to analyze each deal and decide which makes the most sense to you based on where you are in life.  What areas of Hampton Roads are you looking to invest in? Do you have anyone that may consider partnering with you?

Hello everyone. A group of three investors, myself included, are currently looking to purchase buy-and-hold properties. Each of us has an LLC and are sharing all of the incurred costs to purchases the properties. I am looking for advice on how we should outline each investors responsibilities. We have sought the guidance of a real estate lawyer but I wanted to get some feedback from investors who have or are currently investing with a group. Thanks in advance.

Hello everyone. I am under contract for my first property this year and I have heard from several individuals that investors should try to use local banks when they are able to do so. I agree with this theory for many reason to include that relationships can develop better when individuals can meet face-to-face and local banks help the local communities. In saying that can anyone recommend a local bank in the Hampton Roads area that they are using to finance their REI? Thanks in advance.

Can anyone provide a website for turnkey properties in Hampton Roads?  I tried Google and I couldn't find anything. Thanks in advance. 

Another Army vet here. I was at Bragg for almost 7 years and it's one of the markets on my radar as I start my REI career. If there were a weekend meeting I'd definitely be interested in joining.

@Jonathan Beemer I didn't have any issue finding a property however the properties that I purchased with the VA load weren't investment properties. The VA will not let you purchase a fixer-upper because the loan is designed to protect the Service-members. If there are major repairs needed on the property the VA will not approve the purchase. Also the cap is based on the market in which you are purchasing. If you are interested message me and I can tell you what lender I used on my last two purchases.

Jonathan Beemer with the VA loan the only money you will be required to bring to the table is any associated closing-costs you will be responsible for and possibly an origination fee for the loan. If you have a good realtor you should be able to minimize the closing costs. I've used the VA loan three times and haven't had any issue with getting approved. However, remember that the VA loan is capped so if you do buy a properly and don't sell it when you PCS or ETS you may not be able to use it for your another purchase until you sell or refinance the property you used the VA loan for.

Originally posted by @Alexander Carrasco:

Fayetteville, NC is a growing military town with son much potential. Are you an investor looking to branch out? I want to build a larger network with investors who want to invest in NC.

I'd be interested in SFR properties in Fayetteville. I spent almost 7 years down there when I in the Army.

Hello from Virginia Beach BP community. I am new to REI but I find it to be interesting and definitely one of the better ways to create passive and sustainable income. I look forward to interacting with everyone and to reading all of the experiences everyone has to share.