Assuming VA Loans

[William V.]

Hey BiggerPockets,

I've got a question which -- after hours of research -- has left me just as confused as where I started. I was hoping someone here might have some guidance as to where I could further delve into the topic of assuming VA loans.

As a quick background, I'm a 22-year old helicopter pilot with the U.S. Army and am currently stationed in Alabama. I've always been allured by real estate investment because of the strategy and challenge in it; it's by far one of the best wealth-building investments if it's done right. I just recently bought my first investment property, and needless to say -- I think I caught the real estate bug.

I realize one of my biggest benefits as a veteran is the VA loan -- 0% down, low funding fee, no PMI, and the entitlement is good up to $417,000. I've been doing a lot of research into VA loans, and something I stumbled upon was the fact that VA loans are assumable. Once I discovered this, I've been doing a lot more research into the topic. I definitely see potential for a niche investment strategy given what I do and in the proximity to where I do it -- I just have no direction in how to go about this type of investing.

Many of the homes surrounding the places I could be stationed at are bought with VA or FHA loans -- both assumable -- and could be a great way to acquire a handful of properties with little to no cash out of pocket.

How could someone like myself source a seller with a VA loan?
I realize I could advertise, but I'm such a novice, I'm wondering if there's an easier way to go about it. Ideally I'd like to find the seller versus the seller finding me at this point.

How does one structure a deal involving a loan assumption?
I'm sure it could vary from just taking the mortgage off their hands (highly unlikely, I'd imagine) to offering a cash "downpayment"/incentive, but again -- I have no idea as to how the process works. I discovered that until the property cashes out, assuming a VA loan keeps the veteran from utilizing their full benefit again. I realize this is probably the biggest setback in acquiring their property, but I'm sure there's some people willing to walk away despite this.

How does a real estate agent fit into the equation, if at all?
Would working with a real estate agent be beneficial in sourcing and/or brokering a deal? Considering the deal isn't your typical "sale," does the agent still stand to acquire a commission? If not, I guess I could count them out.

If anyone has knowledge -- or can point me to a source that explains this thoroughly, I'd really appreciate. I'm pretty tech savvy, and I've yet to stumble upon the answers thus far.

-W