All Forum Posts by: Michael Benton

Since my last post I used my VA loan to purchase my first SFH as my permanent residence🤗. My plan was to live in it for a year and then rent and buy another. However, I hoping to get some advice on my next possible moves.

Ideally I'd like to buy more properties and I don't necessarily want to wait a year to do it. I know I can't use my VA loan until I've been in my current home a year. I have $10,000 that I was using as an emergency fund in case my W-2 job went south. Any advice on possible next steps with no money? Thank you for your time

1 Vote

Phoenix, Arizona

Quote from @Grant Schroeder:

Quote from @Lawrence Potts:

Hey @Michael Benton, is there a way you can go outside of the Gilbert area and find something that can work in your price range? You can do some with $30,000, that's more than what I had when I first started. You only need 3.5% down using FHA on a multifamily 2-4 units. That or find a home that has an ADU (accessory dwelling unit). Some loan products for first time home buyers can offer as low as 0% down payment for SFR's. I recommend connecting with a lender if you haven't already, specifically a lender that has investment properties and has products to help people get started. If I were you, I'd use your VA loan! @Grant Schroeder can definitely chime in on this, he's helped a lot of investors in AZ find properties like what you are needing.

You could get started out of state, but if you have never owned your own home, it's a big learning curve. I bought my house and a few months later bought a couple houses in Louisiana and it was like drinking out of a fire house. I learned a lot from the experience but it was also pretty risky. I think going out of state is always a good idea if it makes sense for you right now. That's up for you to decide. Hope that helps! Keep us posted on what you decide and keep asking questions, we are all looking forward to answering them.

@Michael Benton definitely best to start with a VA loan house hack. We have had several clients in the past 6 months use their VA loan for a house hack of 1-4 units and get all of their closing costs covered with seller credit so they are literally $0 out of pocket besides their inspection costs. I would be glad to hop on call and walk through details with you this week if you would like. Let me know what works best for you!

That's what I was thinking, however, in my area of AZ 1-4 units are way out of my price range. Which is the reason why I'm being pushed to look outside the state.

0 Votes

Tempe, Arizona

@Billy Daniel Thank you for the book recommendation; I will certainly read it.

0 Votes

Tempe, Arizona

Hello everyone! I'll get right to the facts. I'm a single guy with a fixed income, I'm a veteran, and I have $30,000 to invest. I want to purchase a rental property so I can start creating cash flow to be able to purchase other assets, move into investing full-time, etc. I live in Gilbert, AZ, and SFH homes are out of my price range to afford, and MFH is way out of my price range if I can even find them, so I'm continuing to live in an apartment.

I was thinking of using the $30,000 as a down payment on a DSCR loan to purchase an MFH in another state. Is purchasing my first investment property in another state a good idea? Also, where would I even start?

5 Votes

Tempe, Arizona

All Forum Posts by: Michael Benton

Michael Benton has started 2 posts and replied 5 times.

Post: Bought my first SFH, but now what!

Post: Bought my first SFH, but now what!

Post: I have money to purchase an investment property just not enough where I live. HELP!

Post: I have money to purchase an investment property just not enough where I live. HELP!

Post: I have money to purchase an investment property just not enough where I live. HELP!