All Forum Posts by: Charlie Cameron

@Kenneth Grant Definitely link up with a folks from the Ft Bragg area. See what networking events are happening there and try to make it to one. The investor community is full of incredibly helpful people. I can hook you up with a realtor/agent as well or you can source one on your own if you prefer.

House hacking is a great way to start for military since you can do it for no money down, live for free, learn how managing works, and then turn it in to a cash flowing rental after you move.

I also suggest reading a book or two (the bigger pockets rental property investing book is where I point people first) and crushing podcasts related to house hacking (search for the term).

As far as Florida goes, there are lots of cash flowing short term rental markets. I’m in the Destin area, but there are plenty of other markets. Is there an area you prefer? Close to home? Did you want to use the property for personal use a few days a year? Message me, I’d love to chat more and see how I or someone I know could help.

Welcome @Kenneth Grant!

I'm active duty as well. If I could go back and start investing earlier in my journey I would have used my VA to purchase a duplex or fourplex and lived in one unit and rented the rest. If you are without kids, this is a fantastic way to get a jump start in real estate. I have two friends who just did this and are living for free.

My wife and I buy apartments in the midwest. If that’s something you’re interested in, I’d be happy to point you to resources and networks.

Another thing to consider, especially if you are short on cash, could be getting your real estate license for sales. There are benefits for military and spouses in most states and transferability. I just got mine in Florida, and paid no application fee. I’m joining a web-based brokerage so that I can casually do a sale a month or so to raise funds for the next apartment purchase. If that’s something you’re interested in, let’s chat!

Best of luck!

I'd love to find some 10-12 caps in ANY market!  You might have some luck in the rougher areas of Dayton or Cincinnati.  Though sometimes the cap rate isn't justified by the hastle and cost of turnover.  I'm still able to find 8 caps, but even the midwest is getting squeezed as more investors jump in.  

Thank you all for the helpful responses!  

@Greg Dickerson @Mike Dymski

Thank you both for the helpful responses! That makes much more sense.

Follow up question: verification of net worth. Would a real estate attorney perform that?

I’ve been researching Fannie Mae smaller apartment loans. I haven’t been able to figure this out: if the debt is non-recourse, why then does the total net worth of the borrowers have to exceed the loan amount? Is there ANY collateral for the lender besides the property itself?

Can anyone point me to related references? I’ve read about a dozen apartment investing books and listened to hundreds of podcasts. I’m using a local portfolio lender for my apartments currently as the loan amounts aren’t large enough for agency debt.

Thank you for your help! Love this community.

@Diana Muresan, thank you for the input. I hadn't considered the 203k FHA. I love the idea of using that and then refinancing with VA. The only setback with using lending vs. hard money is that I can't be a cash buyer for a wholesaler, which reduces buying options. But that might still be okay for the Eglin area.

Thanks again!  I'll PM as well. 

Good morning!

My wife and I are active duty Air Force and we are being reassigned to Eglin AFB in May 2019.  We are considering buying a foreclosure/ROE/wholesale property to live in.  We'd like to get the big items knocked out before we move in and then once everything is done, do a conventional refi.  Does anyone know any hard money lenders in the Niceville, Fort Walton Beach, Destin area that will support a hard money loan like this?

We haven't done a single family flip or BRRRR, but we have done full rehabs on multiple apartments in Ohio.

Thank you!

Charlie

Chris,

The problem with Beavercreek for SFR's is the taxes. I own a home in Beavercreek and I'll be selling it when I have to move in a half a year because the rents would barely cover the mortgage/taxes/insurance. And that's for a newer, 2100 sq ft 3 bd 2/2.5 ba home near shopping/dining. The taxes really cut in to cash flow. I'm not left with much room for repairs/capex/turnover costs.

If you did want to do SFR's in Beavercreek, I'd recommend looking for the single story ranch style brick homes that need a decent amount of rehab. Then you'd have lots of options to go with: cash flowing rental, BRRRR, sell.

Best of luck to you!

Hi @Robert Ellis! Good questions. Looking for 8-32ish units, 20-40K per unit. Plan to add value to a C or B.