All Forum Posts by: Kenneth Gore

@Bruce Woodruff it's virtually a turnkey property.

@Anthony Thompson I would not be getting my deposit back and I'm okay with that.

My main dilemma is future financing on my next deal in a year or so from now,,

I believe I'm going to be stuck paying a minimum of 20% down on the next property when I could have just used the first-time-home buyer loan FIRST and then use the VA loan on the next purchase and have two properties wile keeping my capital in my pocket.

I need to find an unbiased person knowledgeable in financing and buy and hold house hack

I'm pending with my first property, a duplex in a really good location, a mediocre deal in East Providence Rhode island. My problem is I'm using the VA loan and I believe I'm making a big mistake by not using the first time home buyer loan FIRST. Of course it won't be available after The VA 0 down loan will.. Im told by loan officers , they believe it's going to be very difficult for me to purchase a 3 or 4 family a year or so later without paying at least 20%...

should I back out of the deal for this reason?

The ability to buy two houses in a row with almost no money seems too powerful to pass up.

7815106597 call now , Time is of the essence, I'll PayPal you. Thanks.

@Jordan Williamson I asked because I'm currently using a VA on a current deal, I believe I may be making a mistake by not using the FHA first.

I'm trying to find a way that I can buy the second house with low down after using the VA. I was told I couldn't use FHA for the next even if I house hack. The will consider it an investment property even if I house hack and then it's 20%.

I'm Hoping enough people answer I'll be able to find my answer.

How did you finance your first two deals? What loan types, FHA, VA cash? What's your story?

@Aaron Murphy

Yes My goal is cash flow as well and this place has the ok numbers . knowing that you paid at or close to equity for most of your properties makes me feel a lot better.

314k

1300 rents

2.5%

Great location.

Zero down.

I'll be paying for 440 out-of-pocket a month with one tenant and pocketing 370 after accounting for 5% vacancies and 8% management with both rented. ( I don't plan on using management but I've run the numbers for it anyway) cap is 5.98%

I've been debating all day if I want to make them pay me another two grand at sign to fix the bathroom. A terrible DYI job. Hot and cold water is backwards, big hole in the wall under the sink , sink not mounted, counter not mounted ect 😐 other than that the house is nearly turnkey

@Anthony Thompson

what was the route that you took. You're beginnings

@Aaron Murphy

That's impressive .

I'm really struggling to pull the trigger on this duplex cuz there's no equity ( purchase price and appraisal is the same) and no solid plan for future financing. Maybe I should just go for it.

@Aaron Murphy

That's impressive .

I'm really struggling to pull the trigger on this duplex cuz there's no equity ( purchase price and appraisal is the same) and no solid plan for future financing. Maybe I should just go for it.

@Anthony Thompson

Thanks again. Iv been doing a lot of research and I'm having trouble finding any methods of financing the next deal without putting down 20%. Would you happen to have a lender contact that may have ideas?