All Forum Posts by: Jordon Nichols

Yeah I can definitely understand that. I'm sure that is a pain when dealing with people who might not be completely sure they can even buy a property. 

I'll continue to look on my own until closer to when I can actually close. 

@Wayne Brooks doesn't sound like a great strategy if you are trying to make money as an RE agent.  Investors don't walk around with a pre-approval in their pocket because there's no reason for it when you know you will be approved. 

Ok thanks for the information everyone. From what I've gathered I will wait until I'm closer to get "Pre-authorized".

My credit is not marginal It is well above approval for FHA or VA I have just had problems with RE agents and sellers taking my inquiries seriously. They ask if I've been pre-approved then don't respond when I ask for information.

This is probably mainly a problem with bad RE agents.

Thank you

Hello everyone!

My question is pretty simple and straight forward.

How long do lenders typically honor a Pre-qualification?

I plan on using either an FHA or a VA loan when I get home from overseas in about 2 months to purchase a 4 unit. I am pondering getting pre-qualified now in order for Real estate agents to take my inquiries more seriously and to get that portion squared away ahead of time but fear I will have to get re-approved later, have another credit mark, and have to go through the process again.

Thank you for the help and advice!

Jordon   

@Steve Christensen That does bring up another thought I've had. Is using the FHA loan as my first loan a better idea? Which is the only way you can use the FHA loan. Get in at the lower down rate and then for the second loan I can get the VA home loan. Interesting idea that might be worth looking into.

@Trisha Alton Do you have a stellar real estate agent there that you would suggest? I've talk to a few still looking around for someone who's good with VA Loan and investment properties who knows the KC market well to work with.

Thanks guys for all the great information and thoughts. @Zack Karp I definitely think a 10% or so down on the VA loan sounds like a good plan especially on the 3-4. As I only have around 30k allocated to the investment 125k buying power would not be enough for a 3-4 unit.

@Thomas S. That is a very good point that I thought about briefly. with a lower percentage down I have a lot less money actually invested so obviously my real ROI is gonna be higher. I will start running all numbers at 0% down to be sure of the deal.

I will also be able to acquire a second property much faster and easier if I use the VA loan on the first property and save the money I have for future investing.

Thanks everyone for the Thoughts!

The other concern is that with VA loan I can qualify for up to 420 K with 0% down and with conventional I can only get 150K with 20% down and will have less remaining savings.

Hello everyone,

I'm a new investor currently looking for my first property. I'm looking into the best financing option for me. I will be buying a 2-4 unit in a suburban market between 100-250 K. I am eligible for the VA Home Loan and have planned to use this but the allure of a VA Home Loan to people is the 0% down. I won't be putting 0% down as I want to cash flow and don't think 0% down is a good idea for a safe investment. That brings up the question of whether I should just stick to the 100-150 k range and put 20% down on a conventional mortgage because I have roughly 30 grand to put down on the property. Or should I just save some of that down payment for things like upgrades and get the VA loan with less money down? I know there are fees associated with the VA loan like mortgage insurance and a percentage rate mortgage fee but I will qualify for a much higher amount through VA.

Any insight would be helpful. Thanks!