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All Forum Posts by: Pearl Cook

Pearl Cook has started 3 posts and replied 30 times.

Post: Buying second househack/primary residence

Pearl CookPosted
  • San Antonio, TX
  • Posts 34
  • Votes 30

You’ll either need a Form 1099 or a signed lease. I believe if you have a lease they’ll only take a percentage of the rental into consideration 70-80%. Definitely make sure you have reserves. 

Post: Why are VA loans rejected by sellers?

Pearl CookPosted
  • San Antonio, TX
  • Posts 34
  • Votes 30

@Freddie Bogard, I agree with others that there may be some misunderstanding when it comes to VA loans and you should definitely get a realtor who understands it and can be your voice to help you get the deal.

This being said, there are some reasons, (not related to the type of loan) that may sway a seller to going with another buyer. For example, places where the market is hot, sellers are getting multiple offers on a house on day 1...usually all over asking. Veterans, typically (not always) use a VA loan knowing they will have zero to very little down payment. People using other loans already expect to put down some money so it's likely they'll be able to put down more or have more reserves. This helps when it comes to appraisal.

Years back, when a seller sold to someone with a VA loan and the appraisal came in low, they would likely reduce the price to the appraisal amount rather than try to find another buyer. Today, in hot markets, a VA buyer may need to offer over asking or willing make an offer over asking if it's a house they really want. Keeping in mind that if it appraises lower, you'll have to pay the difference out of pocket.
We just sold our house in Phoenix and received 5 offers on the first day. As a vet, my heart said to go with the offer from a veteran but it was difficult to ignore an all cash offer  who was willing to offer 20k over asking price. In the end, we actually ended up going with a family who had a conventional loan. Why, because although an appraisal would come into play, the buyers were planning on putting $100k down, so the appraisal wasn’t too important since they were not financing the full amount. And they offered 25k over asking price. 

My advice to you. If it’s a home you absolute love write a letter. Tug at the sellers heart strings!!!  Aside from that you could figure out how much you’d be willing and able to offer over asking. If the asking price is 100k, offer the 100k, then stipulate you’d go $1k over their highest offer up to X amount (ie; $115k) Make sure you make the seller have to provide proof of their higher offer.  After getting rejected time and time again this is what we ended up doing and finally got an offer approved. 

Best of luck to you! 



Post: Ultra Newb! Military Relocating to SA.

Pearl CookPosted
  • San Antonio, TX
  • Posts 34
  • Votes 30

Hi Stephen, welcome. We were in your shoes a few months ago as well and also pursuing the same strategy. As others have said, the competition is stiff and it was difficult for us to find a multiplex that met our needs because we had to consider children in elementary and middle school. Long story short, because of time constraints and family needs we decided to purchase a SFH that needed minor updates but would cash flow as a rental.

If you’re able to take do house hunting in advance, do so. We had ro ROM (quarantine) for 14 days upon arrival so we were glad we had secured a place in advance. Not sure if that will be the case when you arrive but plan for the worse.

We finally closed on the house this week and we are doing cosmetic updates before TMO drops out stuff off next week. 

Let me know if there’s anything I can help you with. I found a very responsive mortgage broker if you’d like me to send you his info I’d be glad to. Best of luck to you. 


Post: How many here do new construction spec homes?

Pearl CookPosted
  • San Antonio, TX
  • Posts 34
  • Votes 30

@Lina Bibikov I love it, sounds like you and your husband make a great team!! I could only wish to have drafting skills. :)  Best wishes in your business!

Post: How many here do new construction spec homes?

Pearl CookPosted
  • San Antonio, TX
  • Posts 34
  • Votes 30

@Lina Bibikov, please tell me more, you’ve piqued my interest. :) 

What do you like about spec homes? How does finding differ? What role do you play in the process? How did you get into this type of REI?

Post: In search of Crestview FL PM

Pearl CookPosted
  • San Antonio, TX
  • Posts 34
  • Votes 30

@Zach Westerfield Appreciate the referral. I'll certainly set up a call to discuss my needs. 

Post: In search of Crestview FL PM

Pearl CookPosted
  • San Antonio, TX
  • Posts 34
  • Votes 30

@Matt "Roar" Gardner Thank you very much. I appreciate the info!  

Post: In search of Crestview FL PM

Pearl CookPosted
  • San Antonio, TX
  • Posts 34
  • Votes 30

Hello, if anyone has had good success with a property manager in Crestview FL please pm me.

Thank you.

Post: San Antonio Investments?

Pearl CookPosted
  • San Antonio, TX
  • Posts 34
  • Votes 30

@Terri Lou

Hello Terri, we purchased an 1180 sq ft 3 bed 2 bath home on the west side of town with the intent to live in it for a year then rent it out. Because we moved here for work we were in a bit of a time crunch so we focused on getting something that would keep our mortgage as low as possible to allow us to save money this year while also ensuring there would be cash flow when we move out.

What kind of properties do you invest in and what are you goals; equity or cash flow? 



Post: San Antonio Investments?

Pearl CookPosted
  • San Antonio, TX
  • Posts 34
  • Votes 30

@Robert Neal thanks so much for the insight. I’ve been trying to get educated with the different ways to finance a rehab property but it’s good to hear actual numbers.  
I’d love to stay connected.  We’re finally making the move to San Antonio next month.