Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 2 years ago,
Help starting investments using VA loan
So I have access to a VA loan. I am preapproved for up to $350k. My plan was to purchase a single family home or duplex, live in it for a year and while living in it paying 20% equity, after a year refi to a conventional loan and use my VA to move into the next house. Rinse wash repeat.
I can afford to purchase a 150k house, and have 20% equity ($30k) paid in it within a year and refi. The problem is right now in our market I search zillow for 150k houses and my mortgage after refi would be around $850 and I can't find houses that would rent for more than $1200 based on zillows rental estimator.
Learning about the 1% rule I can't find a house that fits it.
I have asked 2 real estate agents to help me find a duplex within 100 miles of where I live that has 1 side as vacant and costs less than $350k both have said there isn't much. If I happen to find a duplex, I don't know how to estimate how much rent one side would generate. I would need it to generate atleast $1500 to be able to use my disposable income to pay down the mortgage's 20% $60k in 2 years, to refi and purchase my next investment.
If anyone has a better strategy, my current information is that I have $3300 disposable income a month. I have access to a va loan which allows for $0 down. I must live in the property for a year. My family is ok with moving yearly for 7 or 8 years to build up a portfolio.