All Forum Posts by: Shaka Farrier

@Rob K. that sounds great, Im sure there was a lot of hard work involved. That is another reason I would rather her help start the operations side and gradually replace her with a potential renter.

how many children did she have? how was her experience?

Well if I use the VA loan or FHA I would have to owner occupy for that first year. I would be getting approved for the home loan based on my income at the time which would not include the day care at all. The daycare would only be extra income after its expenses are paid (the kids food, equipment and such).

I do not plan on keeping my girlfriend in there forever but she does enjoy working with children and had been going to school to become a teacher. I would rather hire someone with complete day care experience who would possibly be interested in renting the house. Im not sure how I would price the rent being that they are working in the daycare and renting both at the same time.

For some reason, this seems like the start of a good idea. I have been trying to figure out why it wouldn't be. Thanks for your response @Joel Owens

@Andre St.George what is your mentors name?

Good afternoon BP,

I am currently a Navy Reservist preparing to go on a 10 month deployment early 2014. Long story short, I will not have many bills while on deployment which gives me plenty opportunity to save and purchase an investment home upon my return.

I wanted to see what you all thought about me possibly purchasing a property here in Hampton Roads Virginia below market value using either FHA or my VA loan. I was thinking that I could use saved cash to make minor repairs (paint, siding, roofing).

Heres the twist...I have also spoken to a general contractor about possibly extending the house so that I could get zoned for a small at-home daycare for up to about 5 - 6 children that my girlfriend would be able to run. He quoted me a rough estimate of 15k - 25k.

I figured that the extension would possibly build some equity and raise the property value while bringing in enough cash monthly to cover the mortgage without me having to really come out of pocket from the paycheck I already make at the shipyard. I didn't want to make this post too long please fell free to ask any questions. I could use your help BP. Thanks in advance.

Ronnie Boyd Wouldn't it depend on how much your bid for the property is?

Reggie Greathouse welcome to BP. I am also new to real estate and located in hampton roads (norfolk/hampton). I just put up a post today about using a VA loan on a multi unit property in this area. Ive been doing alot of research lately. Maybe we can bounce ideas off of each other.

Hey BP,
I am currently a US NAVY veteran in Norfolk/Hampton Roads Virginia. I have been comparing the pros and cons of the VA loan to FHA. It's to my understanding that the same rules apply when buying a single family home or a multi unit property (up to four units).

I would like to do this in the near future as I have already started to prepare my credit. I am also thinking about attending my local licensing course to better familiarize myself with real estate investing as a whole.

Does anyone have any advice as far as the loan comparisons or familiar with the VA loan? I will be listening to the BP military podcast tonight when I get in. Thanks in advance to all who respond.

Brandon Turner thank you for the insight and keep the podcasts coming!! Have you thought about incorporating BP chatrooms?

Thanks Kanise Kelley and Andrea M. . I am very happy to be here. I havent completed a wholesale deal YET. When I was active in the industry, my partner and I had contracted a few homes but the numbers weren't good enough to grab end buyers attention.
I look back at these situations and realize what we did wrong. These owners were in distress and in denial about what they COULD get for their homes.
One of my downfalls was understanding how to important the calculation of repair cost. I am still in the process of researching ways to do so. How many wholesale deals have you closed?