All Forum Posts by: Val Dufour

Awesome.
Thank you all so much for the prompt and educational replies.

Jason Minnich I'm already on that path. Looking to try to close on a 4 plex in Denver before I get back. Timeline is getting tight, but my agent has a couple of properties that hopefully will work out.
Tevis Verrett
Thanks, I plan on getting to know lenders in my area as soon as I return. I just wanted to see what is possible from other BP'ers. Ben Leybovich
I'll definitely check out your podcast and your article. I'm definitely using my income currently. I bought a SF condo before I left which is now rented and trying to close on a 4 plex before I get back. Fingers crossed.
Matt Devincenzo

I definitely need to build my track record, but I know what you mean.

Thanks for the info guys.

So,
I'm a new investor and reading a lot but haven't seen a direct answer to this question. Currently I have a good paycheck, excellent credit and low 6 figure net worth(approx 75% liquid). Getting mortgages shouldn't be a problem for me.
But alas, I'm growing tired of the military and am considering getting out. If I do, I'd prefer not to get a regular full time job and would like to devote all of my time to real estate investing.
My question concerns my financing options. What options are available with zero income? What criteria would help you secure loans of that type?
Obviously seller financing is the go-to in this situation, but I'm wondering what other options there are out there? If any...
Thanks!

Austin is a FUN town and I'll be back from deployment then. I'm in and will likely bring some friends.

It's funny that Mississippi, a state that might have one of the highest numbers of mobile homes, isn't on the list ha ha.

Hey Perry,
My main focus is 4 plex's in Denver right now and it seems pretty feasible to cashflow $500 a month even with management fees. I'm looking for something higher, so I'm still searching, but there are definitely options out there. Shoot me an email address and I'll forward you a financials spreadsheet i have that does a full breakdown with just a few simple numbers.

Thanks for the encouragement Joel. I can easily get positive cash flow(which is my only non negotiable criteria) I was just shopping for 10% cap rate which seems pretty unlikely for this particular venture. I've got a personal timeline and will adhere to it strictly. Won't be an analysis paralysis situation.

The VA loan requires no down payment and no PMI and would likely only be approved for a property that is up to par so that is why I'm choosing the path I'm choosing for this investment. I.e. any positive cash flow is basically free money. It's my first investment and while I have a cap rate in mind, the only goal set criteria is cash flow. I'll look into more options for follow on properties when I'm back in the good ole U.S.
Donald Hendricks. Thank you for the kind words. I'm not considering the Springs for this initial investment because I'm going to have to live there for a period. I've definitely looked at the springs for potential investments down the road and property is much cheaper there(the returns are relative though). Still a learning process for me, but I have a good idea of what I want out of my current objective. Just looking for insight on sources for potential properties.

The timeline is based on my personal situation. Why do you feel it will take over a month to get an offer accepted? And I'm working through a real estate agent for this purchase due to me not being there and my level of experience.

I think most of the places I've seen are in lower end neighborhoods and are relatively turn key so they likely wouldn't support updating and increasing rents(but I don't really know). Since I'm new to investing and also currently deployed, I haven't analyzed properties much further than than what's apparent on paper. Have been a little slow on the few that have shown interest and they went under contract before we contacted the seller. Got about a month to go before I have to settle for something a little less than my original criteria.

Ok, thanks.
Yeah, it's definitely a sellers market in Denver for multi families. A few of the semi promising properties I've seen come up went under contract almost immediately. I fully agree that SFRs have better cap rates, but for the situation I have available, a multi unit is the best use of my financing.