All Forum Posts by: Nick N.

@Christine Sparks

I did not. I am not interested in out of state investing as of right now I just had some inside info from a friend and thought I'd share I'm case anyone else was interested.

@James C Clark Jr @Jay Hinrichs has experience with lumber if I remember correctly.

Hey Tyler, I am also from Sioux City, IA

 ..Weathermen/women?

@Keith W. Fannie Mae now allows transfer to LLC FYI.

If anyone is interested and currently investing or looking to invest in the area, Dunkirk may be a good to buy into right now. Wells Blue Bunny is currently ramping up training and development of their newest facility in Dunkirk, NY and by the time they are running 100% 24 hrs/day they should employ approximately 4,000 employees give or take. It could give a good boost to the local market and if you are able to buy for the right price now, it could prove to be a good investment.

@Matthew Reardon is correct and as he said, Chapter 3 covers the specific guidelines set for by the VA.

https://www.benefits.va.gov/WARMS/docs/admin26/handbook/ChapterLendersHanbookChapter3.pdf

That's not to say the lender might further require that they stay for 1 year, 2 years, etc. but I am not 100% on this aspect of the process, just that it is not a VA requirement. The main concern the VA has considering occupancy is how long it takes to occupy the premises after closing the loan.

You could make multiple offers at the same time with different terms. Maybe one with conventional financing and then you could use your LOC for the rehab. One with seller financing at a good price/rate for her. And one as a cash buy but for less money. Just a thought but the first one would get you the money you still need for the rehab part of it.

How do you go about valuing an apartment building if it's ret tagged since it doesn't currently have a NOI?

I've had one put in on both of my primary residences when I originally purchased. The seller covered the costs both times as it was 3-4x the maximum 4 recommendation. I think they were both about 1-1200. Radon is common in my area so it's not unexpected to find it. I actually have my inspector do the test for me so I know it's unbiased and because it's a pretty simple test, just takes some waiting.