Question about buying with the VA Loan
Hey everyone!
I am brand new to REI and I'm looking to buy my first property using my VA loan. I'll be living in it until I get stationed elsewhere and then I will turn it into a rental property.
The problem I'm having is in finding deals where I actually have a cashflow when its set up to rent. Id pop in all the numbers into the rental calculator and since I am putting 0 down, it's pretty difficult to actually find a cashflow deal.
So my question is:
Has anyone that has used the VA loan or bought a house with absolutely no money down, gone about it in a different way? Is there a different strategy for no money down purchases or are is it still possible to find a home that'll bring in at least $100 cashflow? I am in the Jacksonville, NC area.
I hope I expressed my concern and question clearly. Thank you all!
Most Popular Reply
You need to buy something at the right price in order to offset the no money down approach. I actually did the same thing you're planning to do. Bought a house in New Bern while I was stationed at Cherry Point with a no down VA loan. Never really intended to rent it, but wasn't in a position to sell when we moved. It has been rented for almost 3 years now. While it doesn't cash flow, it covers the costs and we plan to hold it and sell in about 15 years. Letting the tenants build the equity for us as we go. It's basically our kid's college fund (part of it at least).
Have you thought about buying a multifamily property and living in one of the units while renting out the other? Or find a single family that needs some rehab? How handy are you? It shouldn't be too hard to find something that can cash flow $100 in that area. If I were you, I would seriously look at a multifamily property, but I don't know of your personal situation.
S/F,
Rivers Plowden