All Forum Posts by: Sara Cunningham

You are supposed to live in the first property for 12 months before renting out if a SFR. Some areas offer higher limits than the $417,00. For example I live in MD in Calvert county and our limit is $625,500. Of course you have to qualify income wise for the total amount no matter where you are. Since it seems that you live permanently in FL it will be harder to use the VA loan twice. I believe you have to either improve or move up the ladder or to move more than 50 miles away.

Good luck. 

Chad I apologize for late reply. I am using Rhett Tullis who owns Integrity Oklahoma in Oklahoma City. He is a member on here and in fact that is how I found him in the first place. Another good reason to use Bigger Pockets as an education and resource for REI.

Sara

I'm a long distance investor that holds properties in Oklahoma. Main thing in my opinion is to have a great Property Manager who has a full team of people. Contractors that charge reasonable rates. On the ground sends pics etc. 

I also have a property in DE which seems to be a good choice for me and my target market. 

Hi Raymond how are you going to be able to use a VA loan on a rehab property? Is it going to be your primary property for a while?

I use Foremost they do ACV you can change from vacant to occupied any time you like. You can also set up a portfolio for your rentals which makes it easy to make payments 

I have a triplex in Oklahoma City. They all have the electricity in their name . I have to pay for the water though since there is only one meter for the whole property. I have read somewhere you can get meters installed for each separate unit at your own cost but it's not something I've considered. You could look up the subject on here which is where I read about it. 

Welcome to BP. We are former Air Force who retired at Tinker and then started buying in the city. We are now long distance after being stationed as DOD employees with the Army in Italy and now back in D. C. With the Air Force. We are still buying in OKC since we see so much value in the market. Always open to any wholesale opportunities. 

Good luck as you head out into the wild blue yonder. 

Sara

I concur with the passive income remark. I own 18 houses and don't have anywhere near that kind of income. There is always the unexpected that comes along and eats into that bottom line. All of them except one are in Oklahoma from when we were stationed at Tinker. We are now DOD and moved to Italy and then back to D.C. Its very possible to buy long distance too when you have good contacts and know the areas. 

You could also consider buying a 4 plex or duplex using your VA loan. As long as you actually live in it you can rent out the other portions. When you PCS you can hold onto it and rent the whole building. VA allows you to purchase more than one home in the event that you move. There is a limit to the amount they will guarantee so you can't exceed that without adding some of your own money. I think most areas have a limit of $417,000. DC though has a limit of $625,500. Bear in mind that your income obviously has to be able to support mortgage payments.

Good luck. Sounds like a good idea to network with your fellow active duty members stationed there. It's always good to exchange ideas and encourage each other. 

Firstly I must admit I work with Rhett Tullis personally. He happens to be my Property Manager. I am a long distance investor who lives in D.C. and in Italy prior to that. Having a great Property Manager is the secret for me. I worked with a company previously that were OK but not great. Integrity do a really good job. I also met Rhett through Bigger Pockets. 

This the other point I wanted to make was I started investing while still living in that market so knew all the neighborhoods well. I am a buy and hold investor since in my opinion that market doesn't have a lot of appreciation. I buy blue collar 3 bed 1 bath and I have certainly had a lot of ups and downs but it's worth it to me. It's not my main income but it will be part of my retirement income. Just my two cents

check with Rhett Tullis from Integrity Oklahoma he is on here if you do a search