Using my VA benifits to purchase my first property

[Bob Smith]

I'm new to the REI arena and have limited cash available to get this off the ground. I have a regular job with an annual income of ~60K and a credit score of 740 albeit of limited duration.

My plan is to use the VA to finance, perhaps a duplex that will allow me to get my foot in the door to generate capital that will allow me to do it again, twice or thrice in a year or 2, until I have the capability to pay cash for distressed property.

I have d/l'ed all the BP podcasts , purchased the " Book of estimating rehab costs & Book on flipping houses & Inspecting a house by Rex Cauadwell " per suggestions here.

By this time next year I would like to be living the above plan and be well on my way to my 2nd property purchase.

All comments or criticisms are welcome. I appreciate you giving me your time.

Bob

[Donald Hendricks]

The VA only guarantees the loan if you default. A bank of your choosing actually provides the loan. The VA has no clue, nor the resources to know what is going on with the property unless you default.

Use a P.O. Box as your address in all dealings, and no one is the wiser as to where you are actually living.

VA loans are assumable, but only by other qualified VA benefit eligibles... However, i have seen VA homes assumed on wraparounds with no issue and the VA loan police never showed up demanding identity documents.

Just sayin.