Trying to get my first property - Lexington, KY

[Jody Sims]

Hello.

This would be my first purchase for the sake of investing, so for those who would not lend to me based on my experience in REI, that's a non-starter. That's going to rule out a big chunk of investors, obviously, not only private money lenders, but also HMLs. I'm beginning to consider a buy/fix/hold and live in the property, which would, at least in the beginning, satisfy VA's requirements, which I have the option to utilize, being a Nam Era vet. I hate having to go that path, but it might be the only one available to me. I don't have money to contribute toward a downpayment. All I really have is a burning desire to find a way to get into REI and get out of the rat race. I'll keep my monthly payment low enough that my current rent payments would be equivalent to the mortgage total payment (or less).

My question is, if I go that route, how long would I have to actually live in the house to avoid issues with the VA? I'd like to get it fixed and then rent it out in as short a time frame as possible. I think I can find a place that will give me a positive cash flow after I am out of it. At least at the end of that, I can say I have a little experience and open up more financing possibilities.