All Forum Posts by: Jim Blackburn

@Austin Salgado - sure, lots of Veterans buy a home a with a VA loan to live in the property, renovate it, enjoy it's appreciation over 6 months or so, grow tired of it the area or find a better home that they like, sell, and buy new by reinvesting the appreciation. In some cases, if the Vet has an extenuating circumstance like moving 100 miles away to another state , he can keep the VA loan on departing residence, and use his remainder eligibility on the next purchase. The key is obtaining a copy of the Certificate of Eligibility from the VA at the link below.. Then calling a lender to find out max purchase power and obtaining a preapproval letter to begin meeting with realtors so you can make an offer and close quickly (since half the work is done).

https://www.benefits.va.gov/homeloans/purchaseco_certificate.asp

@Austin Salgado

VA loans are for primary residence purchases which means you each need to live in your house.

@Kevin A Holden

if you have an FHA loan now, and trying to get another fha loan you will have to make a case that the property will be your primary residence and over 100 miles away from the departing home.

@Trevor Bogus

Best way to get started is with a 4 unit purchase with just 3.5% down and collect rent on the other 3.  

Read my response on this thread.

https://www.biggerpockets.com/forums/311/topics/491821-help-with-purchasing-first-multi-family-home

@James H Webb III

Your first step is to get preapproved by lender. If you don;t have 5% down for primary residence conventional loan or you have credit or debt ratio challenges then FHA may be a good option.

You need to get a Notice of Vacate in 60 Days signed by one of the tenants and provide to underwriting to ensure that you will move in.  

@Julio Martinez

You should begin by reading this Bigger Pockets thread and then sign up for a course at the top of this website.  Also listen to the podcasts. 

https://www.biggerpockets.com/blog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/

@Evan Mendoza

After you get preaprpoved by a lender, then the lender will normally introduce a Realtor for the area you want to buy, then after you find the house, the seller gets to choose the title company for closing.  The lender orders the appraisal.  All you have to do is show up to the closing and everything else is handled for you through the lender.

raise your fico score by paying off collections and credit cards, open secured capital one card, open secured loan for 24 mo term with auto pay,  check your scores after 6 on time payments to both secured card and secured loan. 

@Byron Broughten

You can move out anytime you want - nothing prevents life changes.

You can cash out 75% of the new higher appraised value on single family 6 months after the closing date. 

70% for 2-4 unit. 

/ˌjentrəfəˈkāSH(ə)n/

1. the process of renovating and improving a house or district so that it conforms to middle-class taste.

   "an area undergoing rapid gentrification"

   • the process of making a person or activity more refined or polite.

     "soccer has undergone gentrification"