All Forum Posts by: Matt Ashton

Thanks Jamie. I wasnt aware that there was a listing agent for these.  I will definitely try to search that out.  It would be helpful to know if the eviction process was already in motion as well.  Glad to hear you had a positive experience.  In my case the property I was specifically watching had a retail value of $190k but a starting bid of $60k.  I watched the bidding steadily rise and go to $155k and the reserve was still not met. I was under the impression that it would go for far less or that the reserve would at least be lower.   Thanks again for your input. 

I recently joined and subscribed to Auction.com.  I see a few interesting items pop up.  Some with buyers premiums, some without.  Some online auction with seller reserves and some just an advertisement for the courthouse steps.  My question to those knowledgeable folks out there is:  If you have bid on and purchased a property, can you describe your experience?   Was your property occupied?  If so, how did you address that after closing.  Thank you!  

Nicolas, I am interested in hearing about your project in the Springs.  I'll shoot you a message.  

@William Mccauley is the $2600 rent total for all the units or just the three  you are not living in?   If that is the total rent for all 4 units then I would agree with @Kyle Myers that the negative cash flow would make me want to steer clear.   Great thought process on getting out of being a renter and on to being an investor.   Good luck!  

@Brendan M., one of the recent BP Podcasts had a Navy LT who does real estate in Pensacola. He said something that I hadn't heard before reading the VA loan. He said you could use your VA loan twice if your first property did not use up all the entitlement (I believe $417K in 2016). In fact on the website (http://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp) it says:

Remaining Entitlement

Veterans who had a VA loan before may still have "remaining entitlement" to use for another VA loan. Most lenders require that a combination of the guaranty entitlement and any cash down payment must equal at least 25 percent of the reasonable value or sales price of the property, whichever is less. Thus, for example, $23,500 remaining entitlement would probably meet a lender's minimum guaranty requirement for a no-down payment loan to buy a property valued at and selling for $94,000. You could also combine a down payment with the remaining entitlement for a larger loan amount.

Not sure if that helps at all but it might be something to keep in your back pocket.  

Hey Guys.  Thank you for the warm welcome.  The BP community seems to be endlessly large and active.  I am excited to begin the process but I am a little cautious to start with and want to approach the deals from the standpoint of analyzing a bunch of deals and then as I gain experience and build a knowledge base, then begin acting on the best ones.  My seed money is also a bit low at the moment so I don't have much firepower to start acting on the deals yet.  Thanks again!

I am a military member and arrived here in Colorado Springs in Summer 2015.  I grew up in Arvada, CO and am happy to get back to CO after years away.   We intend to retire here so we will be here long term. 

Experience

I have one other single family rental in Texas that was previously my residence so that was an easy transition.  I attempted to invest in a multifamily in Pueblo a few years back but a bad inspection made the financials too risky and I walked away.  I was geographically separated at that point and it made the prospect of renovation too much to take on at that point.  

Real Estate Goals

I am most comfortable with single family residences but I am interested in multifamily and condo/townhome rentals as buy and hold as well.  Managing the properties is definitely not a passion of mine so I am interested in finding a good property manager to manage any future properties if possible.  

Currently Seeking

Investment opportunities in buy and hold real estate.  I have limited capital at the moment for seed money but I am actively working towards that goal.