All Forum Posts by: William Mccurdy

Great read!

@Rick Wang so you actually hinted to the solution of my problem but I would like to clear a few things from your post. 

A veteran by definition is someone who has, or is currently serving in the military. So yes I am a veteran 

Yes I was pre-approved by multiple lenders. None of which caught the "12 months from ETS" speed bump. 

Yes those are out of pocket expenses no matter what. However I wouldn't have had those expenses had I known I would get denied from the start of the process. 

No I could not get a regular loan. Its all about "continued employment" and with an ETS date coming up, I still would have gotten denied for any mortgage. They know about the ETS date because it is on my LES (pay stub) so it can't be hidden.

In the end though the solution to the problem was an "Intent" to reenlist. So like you said I would "have a change of heart" and want to stay in. All I had to do today was get a letter from my retention NCO stating I was eligible to reenlist if I chose too, and then sign another letter saying I intended to reenlist. Closing is still set for next Thursday. 

Now the legal discussion of "Is a letter of intent legally binding" is open for interpretation. I will just say that as of right now I have multiple options available, ranging from extending for deployment to joining the police department. 

I am 9 months away from getting out of the army. I am in the middle of the application process to join the police department. I plan to go to the academy as soon as possible. I am 2 weeks away from closing. Already payed for the appraisal, inspections, and out of due diligence. I am 1 week away from closing and I get a call saying that I am denied because I am 9 months away from getting out of the army. I can't get va or fha financing due to "continued employment" Any advice?

(80,000x.06)/12=400 a month. That's the way it should be right?

You forgot COMPOUND INTEREST. It would turn that 6k into almost 10k in 16 years. Either pay up now or pay more later. That's why it's best to get seller credit for closing.

Dan Green I know it's gonna sound like promotions and so many people talk about the book but seriously go the the marketplace and buy the book on estimating rehab costs. Then compare those prices to your market. It's seriously the best thing I have ever read on the topic.

Hey there is an investor in your area doing a 3 step flip walk through. I'm sure you can search charlotte and you can find the post. Might want to jump on that man. You could learn a lot!

A few simple notes. No college is not required to be successful. You will probably not use what you learn in college in your actual career choice. With this in mind though, to the general public the idea of a competent person means you have a degree. Go to college for the simple fact that it gives you a boost in perception to other investors. Just my 2 cents

So I'm almost done closing on my first property. It's a 1,200sft 3/2 with a brand new roof this year in a B neighborhood

Purchase price 77,500 seller pays 2,500 closing and fixes everything found in the inspection. 

I used my va loan to get 3.1% 30 year rate

It should collect 800 a month at a minimum

Property tax. 111.

Insurance. 55. 

Pm 80. 

Mortgage 339

Vacancies 10%. 80 

Repairs 5%. 40. 

Total 705

I should profit 95$ at a minimum a month on this house. Although I think I am going to self manage for my first few years to increase profit to about 175$

Although looking back I think it wasn't a great deal because my rates will go up if I choose to refinance, and I don't have a ton of equity but I am happy just to get the first one out of the way. 

The town is predominantly military. Everyone rents. Only locals buy. With that being said rent is controlled by military BAH. Rent typically stays around 900$. With taxes and other expenses you have to buy/rehab/refinance for under 80k to actually profit anything. Now finding homes in good areas that get higher rents but sell for under 80k. It's not that easy. Most homes were built in the late 80's so expect repairs. Also bah lets anyone get a real home so multi families are not that popular. Also expect high turn arounds. Soldiers move/deploy/get out and with military orders they can break a lease with no penalty. Good luck here in Fayetteville. My advice is to go with outer Fayetteville. Try to capture the locals at military pricing.