All Forum Posts by: Tyler Youtzy

Have been in a less than ideal situation, and hoping for some advice that maybe I haven't considered regarding a strategy to use for getting a loan or maybe where to look for different lenders. 

Happy to provide more details if theyre relevant. I sold my house in order to pay off my ex in a divorce, and I'm currently staying with my sister until I can get into a new place. I'm in the national guard, and typically work in a full time status, but because I'm working through the commissioning(~promotion) process, I'm unable to work for the short term future until I get a reservation for a training slot and complete the training. Without having the current employment, lenders havent been able to really help me out.

My credit scores are above 800 and I'm sitting on about 140k liquid, looking to buy an apt/condo in my market that will probably end up being low-mid 200s. 

At this time, the only debt to my name is approximately 10k left on a vehicle loan, and bills are essentially just phone, gas and groceries. 

Any advice is appreciated, BUT I'm not looking to spend all my cash at once right now on something like a BRRRR or fix and flip, I really need to get situated into a primary first since most of my belongings are in a storage unit.

Potentially have some family who could cosign, but not sure how effective that process is and whether a 200k loan is feasible going that route. 

Quote from @Kevin Sobilo:

@Tyler Youtzy, a couple possible issues.

First is zoning. Does your local zoning ordinance allow for a 3 unit where this property is? If not, you may need to ask for a variance for it to be allowed.

Second issue, are you sure the bedroom in the basement is legal? Does it have proper egress in case of a fire? Often basement bedrooms will require full size egress windows to be installed to be legal bedrooms. You wouldn't want to rent this to someone knowing it isn't a legal bedroom in case they died in a fire because you could be held liable. Also, if your municipality has rental inspections it likely would not pass anyways. 

I have to double check zoning, but I know that in most of the surrounding areas duplexes are permitted. The basement would be the second unit, not the third. The downstairs bedroom does have a window that's large enough to be an egress, as well as a full closet so it would be considered a bedroom. My biggest concern is a tenant finding the space suitable with a kitchenette vs a full kitchen.

Hey everyone. Im looking at a property to purchase that I would ideally set up as an up/down duplex. The basement is finished and separate with its own bedroom, full bathroom and a living room/area. I would need to add a kitchen to the space, but in order for it to remain a somewhat useable living room space, it would need to be a smaller kitchenette. Mini fridge, smaller sink, counter top stove, maybe a microwave and some cabinets. Does anyone think this would deter enough people from a studio space to keep this from being a viable option? 

Fall back idea would be to just keep everything the way it is and rent the downstairs as the 3rd room, and the whole house is shared amongst the tenants. 

Any thoughts/tips are appreciated!

Ive been living in RVA for awhile and looking to start investing. Currently deployed, but would love to try and attend when I get home in a few months! look forward to getting to meet some of you

Hello all,

Im just getting into real estate investing. Im currently looking to transition my SF home into my first rental property, then proceed by purchasing 2 properties a year, one to move into with a low money down options using my VA, and then perhaps a BRRRR on the side. So basically small to start until I get the hang of it enough to work out the kinks and get a better team in place to support my goals. All that to say, I intend on scaling much larger in the future. The purpose of this post is to ask advise on which direction may be more beneficial to me on transitioning my career to be real estate oriented and have a beneficial effect on my ability to be an investor/scale my passive income.

I recently got accepted into an MBA program. I wanted to hear some opinions on how I could best use the skillset following this education to contribute to developing a more significant portfolio? Get into being a property manage and potentially set up a business to manage portfolios other than mine? Go the agent route and use the skills to more effectively organize myself to be a more effective investor? Other suggestions?

I will add that in the state of virginia, if I want to property manage for other's, I am required to have a real estate license anyway.

I dont have any hard pull towards either direction. All I know is I really enjoy everything ive experienced getting into investing, and would love to pursue it wholly. I enjoy working with people, have no problem working over a standard 40 hours a week when its something I view as a hobby, and am very goal oriented. 

Quote from @Dave Skow:

@Tyler Youtzy- thanks  1)  you will need to occupy the new home within 30 days of purchasing it ...if your ability to occupy  will be   several months  into the future  - many lenders  will have an issue   2) In order to offset the present home you own with  rental income -  you will need to provde the lender with the new signed lease  froma  new tenant  ...otherwise - the  full payment will be used in  qualifying ratios 3)  if there has been any formal documents  recording regarding the  pending  divorce  - this will likely  cause lenders to  require the  divorce is   finailized before any new closing can occur

Thank you for your answer. For your first point, will any lenience be had with lenders considering that I'm deployed on active orders? If I were to have some friends begin to move things in for me, would this be sufficient? Or do you see the process as being more of a hassle than its worth, and think waiting until Im back home would ultimately be the best decision? For your third point, I'm not sure what the laws are like in Washington, but in Virginia, very detailed separation agreements are signed that outline the exact nature of the separation to include property and realestate. Does having this paperwork already signed make any difference? Or do lenders lenders want and expect the complete finalized divorce?

Hello all, first post.

Im looking to buy a new primary home while I still have another property on the books and not sure how it will be treated in a mortage.

I will explain the best I can and start with some background.

I'm currently deployed, and going through a divorce that should be finalized by the time I'm back home. I'm getting the house in the divorce, but I will have to split the equity. Ultimately I would like to utilize this home to get my foot in the door to real estate investing. Because of the drastic rise in home prices and interest rates, and not knowing exactly what the home will appraise for just yet, I dont know whether or not I will be able to pay the difference in equity out of pocket to my ex, or be forced to sell the property as refinancing out the difference in this market is not fiscally reasonable option for me.

One way or another, I will not be treating that house as a primary residence within the next ~6 months as I'd like to be completely moved out and it will either be utilized as a 1031 or a rental. That being said, as I'm looking for loans for a new home purchase that I intend on moving into. Am I able to get the cheaper rates that go along with primary home loans, as this is my ultimate goal/intention, or will the underwriters push that it needs to be written as an investment property that needs 20% down?

I can afford to pay the 20% on the house, but would much rather utilized the 0/low down payment of a VA loan.

Any advice is appreciated, thank you.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $305,000
Cash invested: $30,000

First home purchased with VA loan. Has 3 master bedrooms, plan to rent the rooms out individually once I purchase my next property to house hack.

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

Newly renovated property that had been sitting on the market 6+ months

How did you finance this deal?

VA Loan

How did you add value to the deal?

Bought in 19/20 before the housing market appreciated so heavily

What was the outcome?

House value increased over 30%