All Forum Posts by: Lee Burns

@Michael K Gallagher thank you for the post, your report was very helpful in comparison.  This was a buy & hold report, right?  How many properties had you analyzed before you made this report?  If you don't mind me asking.

@Joe Aiola thank you!  I can't sit on the sidelines for my whole life.  I need to take [smart] action!

@Daniel Judge what a funny coincidence that you're in the same area as Mike, haha.  And great idea - I should have shared one of my reports with the original post!  Thanks for sharing yours, but I notice you don't get into some of the "nitty gritty" things that I'm probably wasting my time on.  I attached one of my reports for review:

Recent report

Well howdy do, everyone. I'm a recent Pro member, playing around with the BRRRR calculator more and more on various properties. Can anyone share a report and walk me through an actual good deal? I'm not finding many in the Bronx and Westchester county markets in New York. I understand properties are expensive, but I don't feel confident in my analysis process.

Love the post, Jane.  Awesome work!  Are you still investing in the area?  I'm close to picking up a 4 unit mixed use in that area.

Good morning, Sean.  Are you still wholesaling?

You  know BiggerPockets has leases and landlord tools, right?

As the title implies, I'm a veteran with the option to use the VA Home Loan, but I don't yet have any capital to invest in a deal. I just recently moved into a new apartment with roommates to save money on rent and utilities. I've also landed a new job that will help me save up and pretty quickly. My credit's recovering from around the 580 mark (down from the mid 700's after I separated). My desired initial farm area is The Bronx (average prices range from $400k~$850k).

I've contacted two mortgage officers; one of which is working my paper work now, another wants me to wait a few months. Would it make sense to ask someone to JV with me by investing $10k~$15k, as an incentive for the loan officer? The idea makes sense in my head; I just want to brain storm with others then figure how to put the plan into action.

@Zack Karp thank you for that awesome post. I'm assuming those numbers are federally, not for Oregon state only? Do you know any mortgage brokers or lenders in NY? I'd like to use the VA Home Loan, but my FICO's around 615. I'm thinking if I can sweeten a loan request with a few grand to put as a down payment, my chances of approval would be higher. Or do you think I should just put out requests until I'm accepted?

I've found some properties in my [pricey] Bronx farm area and want to acquire my first investment. I have the option to use a VA home loan, but my credit took a dip and is still recovering. If I offer a down payment with the loan request I imagine my chances for approval will be much better. Does it make sense to ask the seller for down payment assistance and offer some sort of incentive?

Where are you looking to purchase?  How are your reserve funds and credit looking?

Thanks for that insight, Tom and John.  I'll get back to the search from a different direction; was just curious.