All Forum Posts by: Kristopher Kelly

Hello All,

I am in the military and have started my investing career up in the northeast. I am getting orders to northwestern Florida in about nine months. I want to continue investing in properties once down there. I was wondering if anyone is around the Pennsicola through the Destin area. I will be stationed near Hurlburt field. What are the nice areas around here and what does it look like down there? What do the properties consist of? A lot of multis? I have been seeing a lot of trailers in this area but I have only started looking.

@Thomas Geary

Thank you so much for the help, sir! I was on a deployment, so I was unable to respond as soon as I would have liked to. I would love to talk about investing strategies with a VA loan. I have not really thought of the best route to obtain multiple properties using the VA loan. I will send you a PM thank you again, sir!

What made you go with the 15 year over the 30 year?

Hello all,

My broker said that Fannie and Freddie are going to be stricter here in the coming months? I tried to ask her about the 4 loans then up to 10 allowed for personal loans or something like that. She was saying you will not be able to rent out a "personal" residence starting soon?

I am sorry if I am wording this incorrectly but, I hope you get the gist.

Do I need to just reach out to a new broker that maybe deals with investing more? She has been a broker for 30 years.

Any suggestions would be awesome!

Thank you

@Vincent Garman

Thank you for the heads up about homes here in Delaware. With the 5-25k that you are talking about is that a complete seal and no need for a sump pump? Or is that price range enough to put a drain and sump pump? Sorry for all the questions.

@Nathan Gesner  

Wow! Thank you for the insight. That is way cheaper than I thought for sure. When in the process would you hire someone to look at that? Would you request a second showing and have them come with me?

@Austen Mueller Thank you for the insight. The home is near the beach but I don't believe in a true "flood zone". I wonder how much those are I will contact a local guy to see what something like that would cost. I just keep coming across these "deals" but they all have something wrong with the basement having a lot of water in them. 

I have a VA loan on my condo right now and I have lived here for six months. I got pre-qualified for $240,000 for my next purchase. What would be the things I should consider before moving out prior to that 1–2-year mark? Do you not get the same tax benefits on the first purchase? Do my future rates change now because I am moving more than usual? My broker said I would need to just write a letter to the bank stating why I am moving so quickly after purchasing. I am also keeping the condo as a rental and she said that I would just need to provide documents showing there is someone signed to a lease prior to closing on the second property.

That was a lot, but I hope it paints a picture someone can hopefully help me finish. What would be the disadvantages of moving so fast and is it a good idea? Also, does anyone know of a better strategy?

Thank you for any help anyone can provide thank you for the help and I love this community.

-Kristopher Kelly

Hello BP Fam,

I am tired of looking at houses here in Delaware and not doing any research on fixing/replacing (if possible) a foundational issue with a home. I have seen multiple houses now that have water in the basement. The water is not from a water heater or other appliance. Does anyone have an idea at what cost range or ideas of where this water could be coming from? Sorry for such an open question like this I am sure there are a million answers. The homes are incredibly old. 1870-1900. They are priced about 80-60k under what they are worth. Is this enough of a range for the repairs needed? Do you usually stay away from foundational issues? 

Any help is greatly appreciated!

-Kristopher Kelly 

@Doug Spence

Thank you so much for the insight and pro tip!

I will be sure to do that I appreciate it very much and I will let you know how it goes.