All Forum Posts by: Account Closed

Hi Chris, really appreciate your insight. Very helpful. I don’t believe the current mortgage servicer will allow it to be assumable. Comps when we listed were between $680k-$710k. Market in the area has seemed to slow down, not sure if timing of the year or what. At that price point, it’s a niche market for a buyer. High price point for the median income. We have done a price drop around the 30 day mark, no bites. Now at $684,900, started at $699,900. We tried listing it for sale last fall before renters and multiple price drops. Have explored offering to buy down buyers rate, offer other incentives but nothing. Unfortunately I think will have to rent it back out. Last tenants wrecked the place and had to spend a lot to get it back up to level before they rented. Any recommendations for finding investor or wholesaler for subject to? 

I’m active duty and purchased a home(4 bed 4 bath) in Lynchburg, Va that I have rented out after I PCSd. Here are the details:

Mortgage is $2500 with principal and interest

Rate is 2.99(conventional)

Rented at $3200 for a year, rent comps range up to $3800.

Equity about $180k

Has sat on market for 60 days.

Was approached by a wholesaler to explore trying to get an investor for a subject to sale. 

Not sure if I should hold out on market, go with whole sale, or just rent it back out. 

-13 acres in Amherst, Va for $130k with purchase agreement signed and closing date of 15 March. 
-$70k down. Looking to finance $60k or if it makes sense for lender, we put $70k towards loan of $130k. 
-Credit around 665-674

-Active Duty

-DTI around 64%

Goal of land:

Land is adjacent to primary residence. Want to build a small cabin in 1-2 years to use as a retreat for Wounded Warriors and Airbnb. 

Hi all,

New to bigger pockets. I’m active duty and have a rental in Washington state. It listed last week and if we get anywhere near asking price, we would net $100k. We bought in 2019 and lived in it a year and a half before military force relocated us. 

We bought a cabin in Virginia and has 3 acres. Wanting to buy and adjacent 13 acres as the owner wants to list and we would lose our privacy. Is there any strategy to do such a transaction, proceeds of rental sale, to buy undeveloped land with intent on building an Airbnb small cabin, that would safeguard our net?