All Forum Posts by: Rob Ringlehan

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This has been a 2 year journey to get the stones to get my wholesaling business going but I have taken the leap. My first mailers (only 400) went out today and ordered 100 bandit signs to put up this weekend. I have set up my google voice account and have seller scripts set up to make sure I screen people properly and get as much info about the property before heading out. I'm a little nervous but ready to fail, learn, and grow. Thanks to Biggerpockets for all of the free materials that got me started. Hopefully I can make it on the podcast one day. Any advice/lessons learned would be greatly appreciated. 

Thanks BP Nation, 

Rob

I'm working on doing one now. You just need to find a lender that does them. I'm going through University Lending but I'm in the panhandle.

Great! Looking forward to meeting you Cole.

Please reply if you are planning on coming so I can prep accordingly. Thanks

The goal of this group is to bring experienced and novice real estate investors together to network and discuss experiences and lessons learned. There is no fee and nothing will be pitched or programs sold here. Potential deals can be presented.

@Bryan O. can you take a look at my thread and let me know what you think about a possible deal I'm working on?

https://www.biggerpockets.com/forums/88/topics/358306-va-assumption-substitute-of-eligibilty

@Bryan O. Thanks for the clarification. When I spoke the VA Regional Office they said the time of occupancy can change depending on the lender as well.

I'm in the process of trying to assume another vets va loan. If it is your first property you can buy another home with the remaining balance and rent out the first property, which is what I'm trying to do. Also, after speaking to the VA regional office, there is no specific amount of time you have to live in the property just that you plan on moving in. I'm not a seasoned investor but I have been trying to put a deal together so I'm getting crasb course.

Hello BP Nation, 

I am working on completing my first deal and I am looking for some advice/opinions/knowledge on VA Assumptions. On to the Deal.

My neighbor is a recently retired vet and has taken a job in Missouri while his wife and kids had to stay behind until their house sold. They have had the property listed for three months with many showings but no offers and are getting impatient/motivated to get rid of it regardless of not making any money. The house is a Turn Key 4/2 SFR 1750 sq ft in the nicest HOA in the area which is growing. The property was built and purchased in 2011 for 185k. The mortgage is at 170k @4% APR and comparable properties are selling around 205-215k. Avg rents are between 1700/mn-1850/mn.

My plan was to assume their Loan, rent out my current residence (which would cash flow $380/mn) and move into theirs (due to the VA Loan) and then do a cash-out refinance, reinvest, and eventually turn that property into as rental. There is a 10k CDD for the neighborhood that I would assume as well and .5 VA Processing fee on the loan ($8500). There is not as much room in the deal as I originally thought due to the funding fee but I feel like its a good way to have two future rentals in a great area and possible 20-30k cash out to buy the next BRRR. Any thoughts? Has anyone done a VA Assumption before?

Thanks, 

Rob