All Forum Posts by: Orkeem Davis

Update - We did not purchase the property.

VA loan requirements say that you must occupy 1 of the 4 units within 60 days for a 1 year commitment. At the same time, you only have to meet a 12 month requirement. Great Deal.

Wow.  That is a cheap 4 family apartment building in Northern NJ, what city?  I ask because Northern NJ is very expensive unless you are in Newark, East Orange, etc.   I live in Englewood and the 4-families are going for over 600k.  That is still low for Northern NJ because you are paying 1.2 million plus in Jersey City and areas close to NYC.  FYI - You need at least 25% equity in you 4 family apartment building to refinance to conventional mtg because the 4 family apartment building will be considered an investment property.  Best success!

Welcome to Bigger Pockets @Roderston Eugene.  Buy and hold has been my main strategy and I also think it is a great way to go.

I used my VA loan twice -- no money down. A VA loan should be able to roll all of the closing costs into the loan.  4% seller's concession can be worked in so the whole deal is zero dollars out of pocket.  

Not advising you, just a suggestion.

Ok, I have feedback. Since you have 4 properties, you are considered a real estate investor! Welcome to the club! As such, we generally pay 25% down to purchase investment properties or we use other low money down strategies (investment partners, HELOC, etc). I like your drive, but the bank will more than likely balk and say "no" due to the properties being the same town and you not coming to the table with 25% down. I suggest getting a home equity line or selling one of your properties as way to get access to more money. Both of those strategies if done properly will help you implement your plan of obtaining 3-4 more properties.

Awesome!  I enjoyed hearing about your progression.  Sounds like fun!  I have no suggestions, but I am intrigued to hear other investors' perspective.  Good luck!

I know that New American Funding offers the rapid rescoring service. What other mortgage companies in NJ offer this service? Credit score is so important.  By having a decent or great credit score, it offers more RE investing opportunities. 

Thanks for the feedback.