All Forum Posts by: Jonathan Beemer

Everyone: What should I look for in a 2-4 unit if I'm using a va loan? Obviously va loan requirements are stricter. Is it possible to get a property to rehab a little to make it more desirable to rent and eventually sell? What rules should I apply?

Do it! Purchase whatever 2-4 unit property you can. Then stack all that BAH. Then when you move to TX sell your property(unless you think you can keep up with it while in another state, then all power to you.) but I would say sell it. Also, say you are only able to buy a duplex with the va loan, sell it when you leave and invest using the va loan again in TX on a quadplex and then boom you have 4 units(one you live in) with 0% down. And the money you saved from your paycheck, the money saved from BAH, and the money you got from selling the property you had can be invested. So take that and keep enough to survive for 6-9 months out of the military, and invest the rest. You could possibly buy another quadplex with a 20% down payment easy, and boom! You already have 8units(one you live in). So 7units bringing in positive cash flow. That's my plan when I get stationed back in the US from Italy. Obviously it's easier said than done, but you have already taken action buy researching and asking. Do it! I only wish I could right now. I'll be back in 10 months. Most likely Bragg.

@John Burtle the limit on the VA loan is 4 units.
what route would you advise for 4-5 units?
also, is 20K good enough for a down payment for that option? obviously depends on the area... but in your experience have you seen properties like this?

@Kenny Rains what is the VA loan capped at? so if you sell the ones you have used a va loan on you can keep using it? just as long as you havent reached the limit?
also, what is your experience finding properties that the VA approved? was it very strict and did you have issues with finding a property with the right criteria? such as a "turn-key" property like @Deren Huang said?

I am active duty. I am not an NCO yet, but should be by the time I get to my next duty station. I will be getting BAH also because I'll be living off post. I am only using credit deliberately. Before this choice I was using cash for everything. I'm very disciplined with money. With the BAH that I get I am going to be putting that in reserves for when I get out of the army and move back to Tulsa, OK. I'm trying to make the biggest bang with all my resources. Also if I sell all my units because I'd prefer not to manage properties in a different area, I would pay off the rest of the va loan, and essentially if the market is good and the investment is good. Get the money back that the other unit was paying every month.

John Ford I'm new to the whole credit score thing. So I'm just not sure that only having a credit score for 10 months will make me applicable for a va loan.

Zachary C. Thank you for your response. I guess you can say I lived in Tulsa the longest out of my 5 years in the US. I traveled a lot as a kid. So I have been keeping track of the market and it is competitive but nothing that I can overcome. Also, we will see where it's at in 2 years. These next 2 years are just setting me up for my actual investments wherever I decide to move after the military.

the only issue with that @Kevin Siedlecki is that im not sure if i will qualify for a VA loan. im praying that i do and that will be my goal. but i just started building credit and right now my credit score is at a 683. but it is brand new... hopefully by that time i will be more credible and have a higher score. i will see when the time comes.

Hi BP,
im looking for some advice on my future endeavors and what you advise me to do.
this is the run down:
im currently stationed overseas. i will be stationed back in the US in 10 months. where? i have no idea... i will find out soon and plan accordingly.
i should have around 20K to invest once i arrive. i will only be there for around 14 months until my contract is up and i will most likely be exiting the army from there. after i will be moving to tulsa, OK to continue my investing. but while im in the army i think it is a great time to begin my investment to set me up for the future. especially with a stable job and with the army paying me for housing (approx. 1K a month)
upon arrival i will not be purchasing immediately. i will be renting a cheap apartment for a short period of time... lets say 6 months. during this time i will be researching the area and networking with other investors to see the best options of that area. also, finding out what loans are available to me and other options of financing.
when its time to move out what investment should i look at.
i was planning to purchase a duplex. rent out 1 unit and live in the other to pay for the mortgage and other expenses. i may need a property manager, but i could also learn the landlord myself.
with this i should be living for "free" and getting an extra 1K per month from the army for living expenses, which i can save up. then most likely ell it when i move.

this is my plan so far. if anything needs more explaining please let me know.
if you see any mistake tell me. 
if there are other options, please advise me.

thank you!

Hi BP,
how would you invest your 20K?
with all the options in RE i want to see what you would do with 20K. 
my situation:
1. i will be stationed in the US in 10 months and will have 20K to invest.
2. i will need to live in what i invest in, whether that be 1 unit in a duplex, or the SFH i invest in.
3. i am not sure what loans i qualify for. i will find out when it gets closer to the time when i move.
4. i will try to use a VA loan (no down payment, etc.)

so would you split it up and put 10K as a down payment and 10K on rehab on a fix/live? sell when its time to move or rent it out when i move?
would you invest the 20K in a duplex? maybe even 15K and have 5K for rehab?
any other options you would advise on: please explain the reasoning.

thank you!