VA Home Loan: College Rent Hack

[Shawn Saini]

Investment Info:

Single-family residence other investment in St. Petersburg.

Purchase price: $180,000

I used my VA Home Loan and Veteran United Home Loans. Bigger Pockets gave me the knowledge to see the ROI instantly.

I have 2 years to get my bachelors and a mentor in real estate appraisal. I am focused on tenant screening and marketing to rent hack in college.

What made you interested in investing in this type of deal?

Bigger Pockets

How did you find this deal and how did you negotiate it?

My Realtor is my friend who likes the investing side over sales.

How did you finance this deal?

VA Home Loan

How did you add value to the deal?

I did absolutely nothing. Besides the Army and a year in Texas. I have always resided in Florida. I knew the area was appreciating in value and so did my Realtor.

What was the outcome?

I have not had the property appraised but after 6 months I saw the zestimate 17k over purchase price. My realtor texted me back he can't find anything near 200k in the area anymore and told honestly I was around 230-250k now. At 180k purchase price even after the market settles I will still be at a profit.

Lessons learned? Challenges?

If you're house used to be an Airbnb and you want to rent it. Don't be such a perfectionist. It was assembled at the lowest cost because no renter will complain about your paint edges being imperfect.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

If you are a veteran use Veteran United Home Loans. They might not be your lender, as they have so many loans I was finalized through Caliber Home Loans but the transfer changed nothing. I was still locked in at 2.5% 30 year fixed.