All Forum Posts by: Kyle Stines

Sorry, I meant crazy if I DO NOT do it.

Thanks again for the discussion everyone.

I would still like to hear if I'm crazy for not taking advantage of it if I can build 2-3 rentals over the next few years with no down payments.

What about Android users?!?!?!?!?!?

I am still slightly confused, and I believe the use of VA loans on multiple properties is a grey area and only found out once its actually tried. One example of being able to reuse it is moving duty stations and it's not necessary to sell the first out when you can rent it out. Another, which I wanted to use, was having to increase the size of my house due to increasing family size. The max loan limit for my area, and most of the U.S. is 417k. My understanding is that you can end up using the VA guaranteed loan on any combination or number of loans as long as the add up to be under 417k. The grey area is the reason you have to move, and the length of occupancy.

Follow up:

There were three offers on the house and after discussing our max offer and submitting it, our offer was accepted. As long as the inspections and VA appraisal bring good news we will be buying our first home!

Bill,

Thank you for the reply and boosting my confidence in my purchase!

The armoire sounds like an inexpensive fix to the closet mandate! I have room without a closet, an office, and this is a great solution Thanks!

Anyone have experience with a property running on propane instead of gas utility?

One reason I look forward to this purchase is learning the rehab process in detail. I used to work for electrical contractors, and also remodeled some houses with a general contractor but wasn't in tune with the charge to the homeowner.

1.) I am wondering if real estate investors generally purchase their primary residence with similar rules as their investment property. I am about to purchase my first home and feel guilty for not being too sure on how it is as an investment property.

The house I am about to purchase if brought up to the surrounding areas standards would definitely increase in value, (estimate double the purchase price) but should I look at living there for a couple of years as holding costs? I have to pay rent or have another mortgage somewhere right?

2.) Also, my original plan was to use my VA entitlement to purchase a small home that would cash flow well if rented out. Then, when I get married (1 yr) purchase a larger home for the two of us and rent out the first. Then when we have our first kid, move up again and do the same. I believe I could use the VA loan program to get 2-3 properties with no down payment. In order to do that I would have to live in the properties which means they have to be in my area, Las Cruces, NM. Although I don't think I can find good cash flowing properties without paying down payments, I can definitely have 2-3 rentals covering the mortgage and insurance costs. With the climate and a lot of newly built inventory, maintenance costs would be low.

Am I crazy to not take advantage of this scenario?

If I purchase this house, I would have to come up with down payments for any cash flowing properties. I would save money at a slower rate also. But I would also look into better cities to buy cash flowing properties and not be limited to where I currently live.