Heather Headley gave a presentation in downtown Oakland for the first-time home buyers programs…read moreavailable to prospective homeowners. Initially, I thought I would finally put my Veteran's Affairs benefits to some use and settle into a single family home, thinking that my modest single-Dad's income and average credit history was an obstacle to residential investment income. Well, after barraging her with questions in the class I began to see that there possibly was room in my life for investing in multifamily real estate after all without having to be a former millionaire dot-com investor enjoying early retirement. I made sure to get her card at the end of the class as I planned to contact her depending on how flexible my bank was going to be in terms of securing enough funds to pick up a reasonable property.
For the first three months of my house-hunting process I went with a different company than Mason-Mcduffie, paired up with an agent I'd found through REMAX. I found my options seemed very limited with a VA loan, which tend to operate on very conservative parameters that I found too limiting. With the VA loan guarantee I could only shop for single family homes, which is a shame because multifamily is such a better business prospect for G.I.s re-entering civilian life and their families, and rarely came across duplexes that looked worth my time (using an alternate FHA rehab loan). So, I stopped looking.
Another year passed during which time I had taken on a roommate and taken on a second and third job in order to build more of a nest egg and higher level of income history. About 15 months from when I first started looking I recalled how much more feasible multifamily investment property sounded when I took the class taught by Heather Headley, so I contacted her via email and phone and started the process all over again through Mason-Mcduffie.
This was well worth my time. Going FHA / HUD, Heather Headley did some number voodoo and the figures looked far better on paper this go around--the lending terms were less constricting than through the VA, the interest rates were a lot better than the first mortgage company I went with, the real estate supply in Oakland had lived through another 12 months of slow death, and Heather at Mason-Mcduffie helped me secure a far better financing arrangement than I'd found with the previous lender. We were in close contact throughout the whole process, either via phone or email. She took the time to make sure I understood all the terms of financing clearly, explaining everything in simplest terms in a very straightforward manner.
Not only that, but she put me in touch with an excellent real estate agent named David Richman who helped me scour Oakland for the best deal that, also, thankfully, turned out to be for sale by owner rather than in foreclosure or a bank-owned home. The two worked together very hard for the next 30 days to help make my first home purchase a reality. Things came together much more quickly this second time around and now, I'm not only a homeowner I'm also an investor with a starter property to live in and rent to tenants while building my real estate investment portfolio.
I've now held the property for almost a year and from a work-life balance/business standpoint it was the best investment I could have made. If I didn't love my three jobs so much, I could quit my DotCom gig in the city, the freelancing work on the side, keep the part-time night job, take on a roommate. I could just manage my property full time and I'd be a happy urban farmer with a productive veggie garden, some hens, and a goat, occasionally enjoying the sound of frogs croaking in the creek out back while sitting on my porch with my guitar.
Actually, now that doesn't sound like a half bad idea. Hmmm...
Heather Headley at Mason-McDuffie is great and she'll be the first person I contact when I decide to refi. If you are currently undecided about which company to go with, are a single veteran looking to buy a first home and considering having a go at three or four unit multiplex properties (inflexibility of VA terms exclude these types of properties--LAME), get in touch with Heather Headley. She helped me make it happen.