All Forum Posts by: Matthew Chalfant

I also live in the FHTX area.I'll be coming back from deployment soon. I would love to talk to you and bounce ideas off each other. 

@Luke Millet

I have the details listed on my profile. 

Beyond the details listed there, it was simple. I used the VA loan to finance it. I looked for a property manager in the area because at the time I was getting ready to head to South Korea for work for about 9 months. The firm I found also had a sales division. So I called the number listed on Google and asked if they had any agents that had experience working with the VA loan. Being right outside Ft Hood, everyone had experience because it's one of the largest military bases. I was put in touch with Rebecca. I called her and she was doing an open house or a showing so she couldn't answer. Not to be discouraged I emailed her "I want to buy a house ASAP please call me." Surprise surprise, it worked. We talked about my goals and what numbers I was looking for and we got to work. She came across a builder that was selling newly built duplexes. She showed me a complete one and it was perfect. There was no negotiating because the company building the duplex was experienced and was very good at building properties that appraised for exactly what they were asking.

The interesting thing about this deal for me was that I closed while I was asleep in Korea. I signed Power of Attorney over to my father and he was not even physically there to sign. He just mailed the paperwork back after he signed. Then he went out and moved my stuff from the storage unit into my side of the duplex, installed blinds for me on both sides (he didn't trust a tenant to do it, probably smart), then walked both sides and found a few issues and put a work order in for me (small cosmetic stuff), and then he mailed me the keys and closing documents in a box with a bunch of my mom's homemade cookies. After all of this, it was too easy for my agent to just walk the documents across the hall to Bradd, the PM and put it under his control and get it listed. 

A huge disclaimer to all of this. It all sounds super easy and it was compared to some of the insane stories that you read about or hear on the podcast and it was easy. I did not invent some new strategy or do anything that anyone else could not do. My unfair advantage was being active duty Army and having access to BAH, VA home loan, and a rockstar dad. Beyond that, all I did was take action. Every step I took was easy and proven before by people more experienced than I. I had only gotten the real estate bug less than a year before after a phone call with my girlfriend about how I want to retire one day in my home state of South Carolina. My biggest win was not being too scared (or just being too young and dumb) of any risks and just pulling the trigger.

If they do not want to work with you then let time work against them. I am sure that whatever damage happened is not being helped by sitting on the market potentially costing them more money as it sits. I am curious if you have any more updates or detail to give from the past two months. 

Stop and think about this. You are asking a website that allows people to post whatever they want to about the property to be accurate. Computers and algorithms have come a long way however, there are still people who's entire profession is real estate appraisal. There is also the fact any good is only worth what someone is willing to pay for it. If I am a flipper I may only be willing to pay $100,000 for a property while a BRRRR investor may only be willing to pay $120000 and someone who actually wants to purchase the property for their own private residence may be willing to go as high as $200,000. Zillow's estimate is about as good as the treadmill at the gym that tells you that you burned 250 calories on a 30-minute run. It doesn't take into account your age, sex, height, weight, heartbeat, or other important factors. Like any other system; garbage in garbage out.

Luke, I am a newbie as well. I just bought my first duplex and am also looking to house hack. I think for people in our position it is probably best to learn how to optimize our current situations so as to save money and time in order to take advantage of an opportunity when it does come. For example, I am currently saving money and learning as much as I can for my next deal. I consider this strengthing & conditioning like a boxer. A boxer doesn't wait till the next match to work on his form. He gets up every day and hits the gym even if he doesn't know when the next fight is coming. 

Keep the fire up!  

Welcome. 

It sounds like you already have good steam moving forward. Please keep posting about your deals. We'd all like to hear the details and learn. 

I think that Killeen has a lot of potential. I am looking to expand here but I am also open to OOS.

You can't do it alone. However, your partner in business does not have to be your romantic partner. This is no different than any other situation where a couple has two different careers. For example, I am in the military. My girlfriend is not. She supports me in the military but has zero interest in being in the military. At work, I have all the support I need from my fellow soldiers and we get the mission done. To overcome the lack of support I suggest that you go look for a mentor or a business partner. 

WOW! You have an awesome story. I am willing to bet if you keeping crushing it that we will all hear you on the podcast one day. Most people in the newbie section are not anywhere near to what you are doing. I appreciate you being here because its clear that you already have experience, will to go out and execute, and passion. Keep on keepin on. 

I used a VA Loan, so I was not required to put any money down. Down payment does affect what a lender will approve. If you pay more they know you present a lower risk.