All Forum Posts by: Kevin Phu

@Shaunta Andrews A 5 property first deal?! That's awesome! Could you share your experience so far? Like what was your method of finding sellers and how did the conversation with the seller go? Following this thread to see how everything goes. Good luck and keep us all posted! 

Welcome! I've been a member of BP for a few days now and I've quickly learned that its an awesome community full of knowledge! What kind of investing are you into?

 It was a freaking nightmare, but I did once get through a 5% down FNMA deal using GI Bill income, as qualifying income. It relied on the person being a Freshman, meaning they had three years left. 

Three years of probable continued income appears many times in FNMA guidelines. 

 That's interesting to hear! I just recently separated and will be start school in January. I have 2 years of school to finish my degree. If you don't mind, I'd like to message you to discuss your experience!

@Leonard Wright III this could be another option you can look into.

@Leonard Wright III First off, thank you for your service. I am a vet as well. As @Jerry Padilla stated, you need to have 2 years of landlord history to have rental income qualify as your income. I pitched almost the same question you did to some people on BP and the general consensus is that it'll be pretty tough. BAH from the GI Bill also doesn't qualify as income for the VA loan.

Have you talked to any lenders yet to see what your options are? Depending on your details, they might be able to offer you something. If you can't get a VA loan, look into FHA loans. A low 3.5% down compared to conventional.

Link to my thread

https://www.biggerpockets.com/forums/49/topics/332542-va-loan-with-no-income

@Justin Howe Thanks! So used to it being almost instantaneous like FB. Made me think there was a magical way to do it haha

 Congrats! You are part of a great community so don't be afraid to ask away! Keep us posted on your deal. 

@Tristan Cottarel Just like @JustinHowe (no clue how to tag users other than copy and pasting previous tag) said, it's potentially is a good sign. Because they are absentee owners that is most likely the reason they look very vacant. On top of that, if they are absentee owners and the property is indeed vacant then it's just burning a hole in they're pocket. Keep BP posted on how this goes!

I am a fellow San Diegan (not a native though lol) so I look forward to see how you make out! Good luck!

@Murray Cronia I recently just ordered my cards and should be getting them in a few days! I'm gonna second what everyone else has said. Having a human connection is very important. I believe them out at meet ups after having conversations with others and introducing yourself would benefit you a lot more than just giving them out randomly.

@Erica Muller Don't mind if I jump on this train and ask if you could send it to me also? It would great help to building a criteria. Thank you!

A 4plex is a great plan! I intend on having a 4plex in the future so I look forward to seeing how your plan goes through