All Forum Posts by: Chris Parker

Hello Everyone!

We are looking to buy our first property within the next 4-6 months. Our plan is to use the VA loan ($80-100k) for our primary residence (looking for a SFH or duplex) and to also use a 30 year conventional loan to buy another property or two to rent. The VA loan gives us the option of putting 0% down on the primary residence and we have $35k to use for the other properties. We would like to buy these properties around the same time frame, but can wait longer on the rental if needed. At the price we're interested in for the rentals, $50-60k, the $35k could go a long way as a down payment.

I know that we would typically have to wait two years (one if the lender agrees) to use the rental income as an income source. It seems to me that using the VA loan first is the right path to take and trying to get the other loan after the VA loan is used. We're paying way too much rent right now and could essentially save at least $500 a month by buying a house in which to live.

We want to leverage all of our resources the best way possible for maximum returns and growth.

Finally, the questions: What would you do if you had the VA loan as a resource as well as $35k to invest in other properties? Is a primary home (VA) AND two rentals a possibility?

Still very new to this so please feel free to poke as many holes in my plans as possible. All opinions and theories are welcome.

Thanks!

Hello Everyone!

I know that a college education isn't exactly necessary to get started in REI, but I am currently on my way to getting my degree and figure I should go for something that would help my endeavors in real estate. I haven't started any core curriculum classes yet and was wondering if anyone had advice on which degree would be best.

Business? Entrepreneurship? Finance? 

Thoughts?

Thanks to everyone for the warm welcomes! @Stephen Anthony I'll set up the negative keyword right away, thanks for the suggestion.

Thanks William, I did set up keywords and I did it exactly how you said. I'll keep it the way it is for now, until it starts to be a headache. Are you involved with the REIA in Omaha? I'll be out of town for the next few months, but I'd love to pick your brain about the area. Thanks again for the advice.

Thanks Joe, I hadn't thought about that. Thanks for the suggestion.

Hello Everyone!

My name is Chris Parker and I've been lurking around BP for about a month now. I've gradually made my way from reading blog posts and searching the forums to listening to the podcast and finally making my profile. I'm just getting started in real estate and I am extremely excited (i.e. reading as many real estate investing books as I can). Thank you so much to everyone for making this such a welcoming community. 

My wife and I are looking to buy our first investment property within the coming months. We have some money coming our way and are eager to use it on the first step to our new lifestyle. We have no illusions of this being a get-rich-quick way of making extra income, but we're excited for the opportunity and looking forward to this new endeavor.

We are primarily looking for single family homes or a duplex to buy and hold to get us started. Right now we're looking at the Bellevue, NE area or back home around Paris, TN to buy our first property (we'll be moving back to Paris eventually).

Enough about me. Any advice is good advice and I think there is something to learn from every point of view. Now that my intro is out of the way I can start asking all my questions on the forum. 

Thanks again, 

Chris Parker