All Forum Posts by: Joshua Seguine

 This is exactly what I did and self lending is very similar except now you get a cash back bonus from it basically. You take out a 500$ loan and all your payments go into a savings. So your 500$ "loan" turns into like 600$ after the year plus interest.

Hello all,

So I have the goal of getting my first property this year. Due to life happenings over the past couple years I had to file bankruptcy, (chapter 7) which is discharged. Its on the record as May 2019. So this year is my first year down, originally I was told that FHA is only a year long requirement but my recent research is showing that its a 2 year requirement on FHA or even VA. So I am at a little bit of a struggle now to figure out my options. Thankfully money is no longer my issue with a steady career and paycheck. Sadly tough times had happened and I took that hit. My credit score is averaging around a 650 right now.

Any advice, ideas? Thank you in advance!

 Get a small personal loan with a Credit Union. This boosted my credit huge when I was younger. Another thing to consider if you're 18 is Self Lending. https://www.self.inc/

Keep the payments low and easy one so your savings can continue to grow along with easy payments.

@Sean Ybarra I'll message you privately for further discussion!

One stipulation of the VA loan is that you live in the property for at minimum a year. It's why I was looking at it in the regards of multifamilies. It allows you very good options there with 0 down and a low interest. It also doesn't have a use requirement by what I could see. You just have to satisfy the first VA loan before you can take out another.

So as I continue to look over local listings and try to formulate my long term investment strategy and just gather the necessary knowledge to achieve my goal of just buying a single property by the end of the year I have started to wonder.

Has anyone ever rented their own living space from someone but owned a property of their own that was rented out? (Being a Renter/Landlord)

Many of the multi-families in my area that I am coming across are currently rented. I haven't spent to much time in that side of the forum with taking over already rental properties because I never really considered it. But now I am starting to wonder. My normal day job can cover the cost of me living just fine. If I purchase a property and rent it out fully is that unheard of? Taboo? A bad choice?

@Sean Ybarra I would like to Target my local Scranton, PA market as my idea is to do a multi-unit and live in one of the units to start. This would allow me to use my VA home loan as well as a source of funding depending on the property. It also allows me to build capital for the next. My goal is one property by the end of this year, I am by no means in a rush and trying to learn as much as I can to minimize my risk.

Thank you to all of those who have responded so far.

OP,

What is your plan exactly using your VA Home loan? I am also thinking about using mine and just curious to what you are looking at doing with it and how. The terms are beneficial and could really prove as a useful way to invest in properties to start!

I would be looking into 203K loans. These allow you to do construction on the home that you are newly purchasing and they are FHA based.

Hello all, my name is Josh, I am new to real estate investing and I am looking to be a buy and hold kinda guy. I am interested in being a landlord starting off in residential and hoping to expand one day to commercial properties as well. I started this discussion to draw in the interest of everyone new and hopefully get more tips and tricks besides the beginners guide on everything and some real experience from others. I don't want the focus to be exactly what I want to achieve. Not everyone wants to be a landlord, some of you are just flipping homes. 

My worry is how do you now this property is "the one"? I feel like I have a lot of decent properties in my neck of the woods but as this is my first investment I am very weary on pulling the trigger in fear of getting the wrong one. Or maybe overlooking something better. If I buy the wrong rental is it easy to turn it to a flip? My worry is buying that wrong property or something is missed in that inspection and now I am looking at a major fix that might put me out of the market to be competitive rent wise. 

SO what I am looking for are those tips and tricks, the things to watch for when buying properties, maybe some of your good stories and the horror stories. How to know if your inspector is worth his salt. Me and my Ex wife's first property was a non invasive inspection, (didn't know that even existed) and we missed a crack in the foundation under the living room that took an effort to access through the crawl space.

Hope this makes sense and looking forward to hearing from everyone. 

Thank you!