All Forum Posts by: Rolando Santiago Jr

@Nicholas L. Thank you for your reply. I took your advice and spoke to a mortgage processor. She’s helping me get to where I need to be in order to maximize my borrowing. In a few months I’ll be in an ideal position.

Raul, I would love to connect with you and discuss some future investment opportunities. I will send you a private message. 

Greetings everyone, 

I hope this post finds you well. I am working on doing my first deal and was wondering how having multiple homes will affect my credit score. I am currently transitioning out of the Army (Active Duty) and want to purchase a Duplex in the Tarpon Springs Florida area to house hack. However, I want to get rolling on my first deal right away. I'm concerned that if I use an investment property loan to acquire my first BRRR that it may hinder my approval for a VA home loan in the future. My spouse is concerned that if we become real estate investors, it will prevent us from getting approved on a VA home loan when I get out of the Army next year. Is my concern warranted? Am I perhaps thinking about this whole situation too narrowly? Any input or advice would be greatly appreciated.

Very respectfully, 

Rolando Santiago Jr. 

It definitely was an adventure! I would love to invest in Clarksville again. Being a military town, there are plenty of service members rotating in and out of town. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $133,000

A 3 bedroom, 2 bath, single family home with a two car garage.

What made you interested in investing in this type of deal?

I actually was not interested in investing at all. When the Army moved me to Clarksville, Tennessee I found out it was cheaper to pay a mortgage than rent every month.

How did you find this deal and how did you negotiate it?

I found this deal through Zillow and I offered the asking price.

How did you finance this deal?

I used a VA loan with no money out of pocket!

How did you add value to the deal?

Before I moved, I completely redid all of the floors and painted all rooms in the house. I also added chair rail to one of the rooms.

What was the outcome?

I ended up having it rented through Keystone Realty, which has a very small vacancy rate. I have nothing but good things to say about Keystone Realty in Clarksville.

Lessons learned? Challenges?

I didn't realize that repairs could be so expensive. HVAC and appliances are very costly. I should have invested in a home warranty.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

The transaction was so long ago that I don't remember my agent's name. However, I would work with Veteran's Home Loans United again to process a VA loan.