All Forum Posts by: Howard Montgomery

Hello to all. I’m active duty military and I’m about to enter my shore duty. I want to flip a property while I am here. I reside in the Hampton road areas of Virginia and I would really like a mentor to help baby step walk me through the process. 

I have bought my first property using the VA Loan. I am currently rehabbing it such re-sanding floors, painting walls, added a privacy fence etc all to put the property on section 8 (voucher program) the FMR max for a 4 bedroom home is 2,490$ I will put it on the market for 2300$. Now after that is said and done I would then like to take out another VA loan but this time, a REHAB VA home loan. I want to buy a low priced but decent single family 3 bed room home for about under 140k use that rehab loan to fix and ADD a bedroom to the property and then put it on section 8. And then keep repeating the process until I can start pulling equity from the properties. My question is, is this strategy far-fetched? Am I missing anything? I don't have have any kids and I understand that I would have to live in each property for a year unless I can refinance. Is there a better way to achieve this process that I am missing?

Hello Andrew thank you for your response. So I called the veterans affairs and got the answer. The VA loans cap depends on your county. For example my VA loan cap is for 700k. I can't say much for Texas. As for the section 8 investing I went and talked to my housing authority in my area and the first thing I need to do is get my city inspection out of the way and then find a tenant and then do the section 8 inspection.

How do I use a VA loan to its max?

when it comes to section 8 for the inspection what are the specifics I need to know in the state of Virginia