Looking for real estate guidance.
I'm currently in a great cyber career, working on a couple of certs, and an empty nester. I am wanting to seize this as an opportunity to expand. I am about to purchase my first of multiple duplex / triplex / quadplex with my VA home loan. I will live in one space and rent the others out. I would like to repeat the process of buy, relocate, fix up, and then continue on to expand or refine the process.
Is there anyone that has done something similar or found a better way and would like to give insight or guidance?
You are on the right track. However, You can only use the VA eligibility once until you pay it off. You might consider making it a condo later on after your "live in" requirement expires. You could also consider a FHA 203K then as well. It's a rehab loan for a fixer upper which can work well if you can get a permanent loan but can't get a construction loan for the rehab.
Good luck with you 4 family!
Hello John --
I'm a licensed real estate broker and consultant, and have bought and sold income properties on my own account -- some fix-ups involved. While I haven't done the relocation concept you describe, I do have 40+ years of real estate background.
Would be happy to either e-mail further via ACP, or my e-mail address(firstname.lastname@example.org), or 860-928-7660.
I’m no real estate expert but I bought my retirement home with the VA while still owning the home prior to my terminal PCS. I had two VA loans, even rented the old one while trying to sell, at once. Most mortgage brokers will say it’s not possible, but because the price of both homes was under my regional VA price cap, it was possible. Good luck!
What you are doing is a great way to get started. I know several people who have done the same, and now own several rental properties.
As I recall, you can actually have more than one VA loan up the the limit of your guarantee. For many regions, that can be a single property. As you acquire more properties, you will quickly need to use other loan programs for your acquisitions.
I've been a full-time real estate investor since I retired from the AF after 20 years in 2008. If you'd like to chat, feel free to reach out.
Thank you James Mingey. I will have to look in to the FHA 203K. My intentions were to refinance with a traditional loan when I was able to. There is quite a bit of misinformation out there that I decided to move forward and make a few mistakes on my own and learn as I go.
Here are some resources:
Office of Veterans Business Development
Small Business Development Centers - Small Business Administration
Service Corps of Retired Executives
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