All Forum Posts by: Henderson Silva

 Sorry misspelled..the 2nd house would be a no money down with the va loan

hello every one. Okay, today i had a meeting with the brojer and i told him about.my plans to invest in real state. I told him that my plan was to use the va loan to buy my first 2 to 3 unit house because I'm short on cash and it requires no money down. I would live in 1.of the apartments and let the tenants pay my mortgage. After a year i would buy another one with the equity that i would have in the house plus the money that i would've saved during that year for not paying rent. I know it would require.me 20% down for the second 1 because it wouldn't be the first house. He came up with a better plan. He said dont use the va loan now... Get the fha 3.5 down for your first buy...about 10 thousand... For the second one.you get the va loan and do a money down.... After that your wife buy another one and she will qualify for the fha because it would be her first house. This way you will only need the 20% down on tour fourth multifamily. It sound like a great plan. What do you guys think?

He said the only thing is that i have to file.my taxes married filling separate so the house wouldn't list on her name as an asset just in my.  

It sounded.like.a great plan for me but now i.have to.come up with 10 thousand..lol

Opnions.. Thanks

@Jim Wilcox thanks for the reply. I was just reading the posts on the forums and it seems like the VA loan now requires 6 months of mortgage cost in the bank. That's something new for me. If I have to have that much in the bank I might as well just get a conventional mortgage right? What you guys think? Thanks

@Chris Daliani, thanks for your reply. yep, I am researching for a VA lender around my area that could help me get a multifamily property loan. I have a credit build up plan for the next 6-8 months but i would like to meet one because they might be able to help me speed up the process to get the property.

If anyone can refer a VA lender around the Newark NJ area please let me know thanks.

Hi there, I am an army veteran from NJ that will be eligible for a VA loan within the next 4 months. I now have a state job that pays 44000 a year with a 4000 increase every year until it reaches 82000. I am looking to buy my first property that brings in cash or from what i have read here, BP calls it househacking i believe. I plan on buying a 3 family or 4 family house in the ironbound section of newark NJ that sells around 420 - 450 and rent it out while i live in 1 of the apartments for free. My only obstacle right now is ky credit which is 600 and my debit to income ratio is too high. Im paying down credit cards to see if i can get this investment going. Any suggestions would be appreciated. Thank you guys in advance.

Ps: apartments here in newark nj rents for about 1500 a month each. 3 bedrooms 2 baths. 

Ironboumd newark nj