All Forum Posts by: Jessica Skupien

hi @Jabari Brooks welcome to BP! Your desire to learn and be an example and pass down a legacy to your posterity resonates with me strongly, as that is my plan as well.

My husband is in the Coast Guard and we're in the process of purchasing our first property with the VA Loan in Oakland, CA. We're buying a two unit, living in the smaller of the two, and renting out the other larger unit. When we PCS in summer '16, we'll rent out the unit we're currently living in and then look to buy another multi unit wherever we move next, probably with an FHA loan since it only requires 3.5% down and one year owner occupancy.

Lenders and real estate agents are often misinformed about the VA Loan requirements and loan caps so do your research before using it as an investment tool; I've been told multiple times you can't buy a multi-unit or that the cap is $417K in every situation but that is wholly untrue! Persistence and research pays off. Hopefully we'll close in two weeks as planned!

Best of luck to you :)

@James Booker 

I need to modify my comments (I can't figure out how to just delete my post and post a new one). In 2015, there is only one loan limit for VA, regardless of number of units. Your max amount for any number of units is the first column in the document I posted above. My apologies for being one of the ones who is perpetuating mis-information!

Hi @James Booker welcome to BP!

My husband is in the Coast Guard and we're looking to buy our first property with a VA loan soon. As such, I've done quite a bit of research on its requirements and unfortunately for you, the VA Loan requires that properties meet certain Minimum Property Requirements which essentially means it must be "move in ready" and therefore can't be a fixer upper.

However, it is an excellent choice for a buy-and-hold strategy because you can buy up to a 4 unit property with no money down, live in one of the units for a year, and then move out and rent the unit you were occupying.

Make sure you do your research, there is a lot of mis-information about the VA loan. For example, it's "common knowledge" that the VA Loan maximum is $417,000. However, if you live in certain "high cost" areas (i.e., the Bay Area like we do) then the maximums can be much higher. Also, the more units your property has, the higher the loan limit. In our case, if we bought in Contra Costa County or Alameda County, our limits would be:

Single family: $625,500;  Duplex: $800,775; Triplex: $967,950 ; 4Plex: $1,202,925

For you, living in Killeen which is in Bell County, your limits are:

Single family: $417,000; Duplex: $533,850; Triplex: $645,300; 4Plex: $$801,950

That info can be found http://www.benefits.va.gov/homeloans/purchaseco_lo...

Hope that helps!

Jessica

@Rizalene Barnett welcome to BP! We're definitely in the same boat. After tons of book and blog reading and podcast listening, I decided it was time to get my hands dirty lest I become trapped in the swirl of analysis paralysis. We would love to get something in Oakland, preferably a duplex or triplex for 800K, but not looking for something that requires much rehab given that we'll be utilizing a VA Loan which requires a property to be move-in ready. I've been told they're few and far between but I maintain hope that perseverance will pay off.

One of the most helpful things for me in actually getting started was to build my own deal analysis spreadsheet modeled after the BP Deal Analysis article (pasted below), which I would be happy to share with you.

http://www.biggerpockets.com/renewsblog/2010/06/30...

BP members have been so kind and helpful in identifying RE Agents, lenders, advice, etc. I was so nervous the first time I called a mortgage broker but I realized it wasn't hard at all haha. I'm living by Mark Twain's adage that "everything is difficult until it is easy".

@Ben Freeman, @markgagner and @jeffweissman all recommended East Bay Real Estate Broker/Agents. I would recommend you connect with them!

Good luck and lets stay in touch as we both continue in our RE endeavors :)

thanks for the insight, @Shaun Weekes I'll send you a PM. thank you!

thanks for the connection, @Account Closed I'll shoot you a note as well!

Hi all

Does any one have a recommendation for a reputable and knowledgeable Real Estate agent in the Bay Area? Preferably East Bay?

I wrote down my short, mid, and long term real estate goals yesterday (!) and my 2015 goal is to buy a duplex, triplex, or 4plex in East Bay (I know I have to narrow that location down) by year end, so I figure talking to an agent is a good next step!

Thank you kindly.

Jessica

oh my goodness, the BP app cut off half my post! @Elizabeth Colegrove sorry for that!

@Bill Gulley say you can on podcast 103 but again, haven't found any actual documentation of that.

I was referring to a 4plex when I said "multi-family".  Good to know that a tri or 4 is more difficult. I will still try though!

Thanks again!

Thanks, Elizabeth Colegrove Can you comment on my two questions about the va loan?

Hi BP folks, My husband is in the military and we are planning to begin our real estate investing endeavors with an owner occupied multi family unit somewhere in East bay (Bay Area, CA). Assuming, of course, that I can find a deal in this market! We're planning to use a VA loan (hence needing to owner occupy)