All Forum Posts by: Matthew Martin

Need Advice. I am looking for one single home to become my primary home and turn into rental in 2-3 years(will be forced to move because I'm in the military). Has anyone used mail outs to find a motivated seller and then closed a deal using a conventional loan? I don't know exactly how it would work, but I don't want to pay the approx 330K which would be market value where I'm looking for a 3/2 and about 1500 sq. ft.

I got approved for 350K conventional (5% down). Say I do a small mail out campaign to absentees and find a seller in order to find the same house style I want, but for as cheap as possible. How would it work to buy the place with a conventional. Does anyone even do that? What would be my agent's roll in the deal?( I would need her, I think, at this point to help with the closing and working with the seller to get all the requirements like appraisal, termite inspection done if using the conventional loan) .

This question is a little confusing(even to me), but any help would be greatly appreciated. I plan on beginning real estate investing in the future, but can't right now because of military requirements. I just don't want to pay full retail and pay more than I should off the MLS because a good deal now will help me in the future with more equity and everything else.

Hey @Jeffrey Lester

excerpt from your post:

I am quite certain that REI will take a turn towards technology in the future via computer programs that will do much of the work for the investor. If that is the case, understanding computers would be excellent! Also, being able to build my own website/app for my REI company would be awesome as well.

I completely agree with you in the fact that technology is important, but the main purpose of technology to me is to save time, so you can use your time to grow your future business. It may be cool to be the person creating those programs and websites, however if that is your focus you take away from the real-estate business. If you want to do those things then that should be your business(building websites/software).

In my opinion you would be better off paying someone a few hundred dollars to create the website for you which would free your time to research and close more deals.

Not trying to be harsh in any way, but you may want to consider what you are more passionate about. Is that technology or is it real estate investing?

Best of luck.

I'm almost positive you can only use the VA loan for your primary residence. It is a benefit allotted to thank/help veterans for their service. And someone can be use as many VA loans as they want as long as it has been 2 years since the sale of the primary home. Again, I'm PRETTY sure that the 2 year clock doesn't begin until the old VA loan is paid off or refinanced by a conventional loan. The system will see that you have a loan and won't allow another. I used my VA loan to buy my primary residence a year and a half ago, and got most of this information while I was in the loan process. The cap is also 415K. Hope this helps. It would be beneficial to trust the information that you receive (even from me), but VERIFY. Go to the VA website and that will have all the current information. Good Luck.