First Time Investor - Texas Market & VA Home Loan

First Time Investor - Texas Market & VA Home Loan

Member since 2019 · 1 post · 0 votes

Hey im Fairly new to real estate and investing so forgive me if im all over the place just looking for advice on buying my first investment property . A. littler about myself im 30 Have a decent paying job in NYC making 3200 a month with two raises within the next two years i own a one family property that i using the fha first time home buyer program i currently pay a portion of that mortgage and live in the basement and rent out the first floor 400 from me and 1500 from the renter PMI. on that property will be paid off within a year and a half . Im also a veteran who qualifies for the VA home loan which i have obtained im looking to buy possibly a multi family rental property in a military town in san antonio texas or the surrounding areas with this va home loan if things are difficult buying that way seeing as it has to technically be your residence i would like to invest in the houston area or surrounding cities ( tomball , katy , cypress) seeing i have family there who own property there already and can advise me i would have to co sign with a family if i go that route though since i used the program listed above ( fha ) . Any advice would be helpful ! here are some of the questions i need answers to thanks again !

1.Does it make sense going half on simply a one family residence ( profit wise ) 

2.what are the best markets in these areas as far as rental income is concerned 

3.since i am looking to rent to a military family in the event i use the va home loan what are things i should know going that route 

4. if you need any other info regarding my situation feel free to ask thank you 

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  • Rental Property Investor · Springfield, MO · Member since 2016 · 1k+ posts · 890 votes
    7y

    @Luis Munoz Welcome to the club brother! 

    I would be iffy on co-signing with anyone...especially because it is family and if/when stuff goes wrong that can be a sticky situation. It is unfortunate that you don't live close enough to house-hack the VA loan on your own. renting to a military family isn't much different than rentint to any other tenant. Nice thing is that you can find out their BAH in the area and raise the rent to around that much knowing the average family member can/will pay it.

  • Rental Property Investor · San Antonio, TX · Member since 2011 · 513 posts · 290 votes
    7y

    @Luis Munoz I'm a little confused on the way you'd use the VA loan in Texas. Would you move here? And how does renting to a military family relate to the VA loan? I think I'm missing something. My buddy @David Pere knows the military investor stuff inside and out.  I'd recommend following him and the good stuff he puts out.

    On another note, awesome job house hacking and being that close to a payoff! You should have a lot of options once that thing is paid off. Most of the lowest downpayment loans are going to be owner-occupied type of loans. For non-occupied loans, consider BRRRR ing them maybe. Just one idea.

    Best of luck,

    Will

  • Rental Property Investor · Springfield, MO · Member since 2016 · 1k+ posts · 890 votes
    7y
    Thanks for the shoutout Will! Luis, you must intend to live in the home in order to use the VA loan. To my knowledge, co-signing with somebody who plans to live there does not qualify unless they are qualified to use your VA benefit (i.e. spouse) or have their own. I wouldn't risk this if I were you. There are ways to use your VA loan for house-hacking, but saving up a downpayment is better than getting hit with fraud by a bank haha.
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