New to Real Estate · San Antonio, TX · Member since 2017 · 16 posts · 1 vote
I am moving to San Antonio 31st of Jan 19. I am looking to do a couple live in flips to get me started. I am coming out of a career field in the Air Force that does general contractor things ie. roofing, framing, masonry, locksmithing, renovations, etc. I am looking at trying to get something about 30 min max drive time from Lackland AFB. I am moving my wife and two kids with me as well, so ill have to move into something at least livable. I do have a couple questions though. I was leaning towards using a VA loan. Does anyone have any referrals for loaning offices? Also, Are there any areas I want to stay OUT of?
THANKS ALL! Look forward to meeting some fellow investor in the area!
Lender · San Antonio, TX · Member since 2016 · 1k+ posts · 1k+ votes
7y
@Ryan Rossi for all the great points @Rick Pozos mentioned, I would consider trying to get a duplex with your VA loan, and live on one side of it and rent the other. Great way to get experience and get started, while taking advantage of preferential financing terms.
San Antonio, TX · Member since 2017 · 19 posts · 4 votes
7y
Look into the veteran land board loan....home mortgage. I got 30 year mortgage at 3.04%. Rates are higher now but it still beats anything around. You want to get your disability rolling though so you can get the best rate available.
Thank you for your service.....from a prior USAF PJ.
Wholesaler, Rehabber and Landlord · San Antonio, TX · Member since 2014 · 2k+ posts · 2k+ votes
7y
If you use a VA loan, the house has to be in great condition. No room to do repairs.
It is going to be hard to get financing because hard money will not lend if its your homestead. FHA wants the hosue to be in pretty good condition.
Maybe you could find something with a realtor that has been on the market quite a while that just needs some cosmetic repairs or paint and flooring.
I would say rent for 3 months or 6 months to get a feel for the area. It is money better spent because you have to live somewhere anyway. You are going to be paying less with rent than a mortgage. And also, you can figure out where exactly you want to live during the short term rental.
Lender · San Antonio, TX · Member since 2016 · 1k+ posts · 1k+ votes
7y
@Ryan Rossi for all the great points @Rick Pozos mentioned, I would consider trying to get a duplex with your VA loan, and live on one side of it and rent the other. Great way to get experience and get started, while taking advantage of preferential financing terms.
Rental Property Investor · San Antonio, TX · Member since 2017 · 88 posts · 167 votes
7y
Hey Ryan, you have the right mindset! Live in flips are a great way to make a good tax free profit. Also, 30 min within Lackland gives you a pretty good radius to start looking. However, I would stay away from the south side of San Antonio if I were you. I know you were thinking of the VA loan but have you thought about using a 5% down conventional loan and buying a small multifamily property? That way you can live in one unit and rent the others out so that you can eliminate your housing expense. You could even purchase a dilapidated small multifamily property that you can fix up, live in and rent out,and then afterwards you can even sell it. Would be the same principal as a live in flip on a single family house but you would be living for free.
Good luck! Let me know if you have any questions. I also have a great recommendation for a realtor if you need one.
San Antonio, TX · Member since 2017 · 5 posts · 3 votes
7y
Hey Ryan!
You're at a great advantage with all those skills coming out of the AF! I'm sure you're going to make great use of them.
I don't have any real experience with live-n-flips. However, there are a few good neighborhoods near lackland that I've bought in that just needed cosmetic rehab. I'm doing short and long term rental within 3 miles of lackland/medina annex. I bought close to lackland because I didn't want to battle the traffic every day.
If you have any questions hit me up!
And thank you for your service...also from a USAF PJ. Hi Matt!
New to Real Estate · San Antonio, TX · Member since 2017 · 16 posts · 1 vote
7y
Good morning! Well I have been in SA about a month now. We got into a live-in-flip by 1604 and Potranco. Love SA so far! Hopefully I will be done with this house in the next couple months. (doing renovations myself takes forever) Hopefully this flip will provide me with enough cash to be able to work with a Non-VA loan next time. We got really lucky with this fixer upper! Does anyone know of any RI meetings in SA?
Flipper/Rehabber · San Antonio · Member since 2019 · 36 posts · 22 votes
7y
Hey Ryan,
Alamo REIA has meetings each month that are great for networking. They are meeting up this Thursday at 5:30pm, you can find their info on their website.