All Forum Posts by: Shaniqua Dupree

Welcome!

Hello All,

I have been really contemplating on what to do first and cant figure out which so I think ill just give my reason to each. Im looking for some really good sound advice. Real Estate Investing will be my full time career in a year or two.

Purchase a home: I want to use my VA Loan so I don't have to put money down and my mortgage is less than my current rent. $400 less. Also, so my mom could move in with me.

Consolidate Debt: If I added all of my interest  rates together it would total 37 PERCENT. That's too high. I can pay off a 15-20k loan off quicker.

Purchase Rental Properties: As obvious as it is I would like to be a landlord, have extra income, and build a goal for savings. Plus be financially free.

ALL THREE: Is that going to be hard to do? I was thinking of purchasing my own home, then consolidating my credit, and finally getting a rental property. Does that sound doable?

Just so everyone is clear... I AM NOT TRYING TO COMMIT FRAUD NOR AM I GOING TO!!!

What i am trying to do is not have to put a down payment on my home and have low mortgage payments. Im trying to think of LEGAL ways to use my VA loan and stay within the guidlines, laws, etc as well as get what i want.

Cal c. Thats because from my first post i said what i meant to say. The second one is just my thoughts and confirming that its not right. 

Please pay attention to everything not just what can get you into trouble. I post here to get advice and guidance on the best way to do what i need to do, not read the obvious especially when its something that has been CLEARLY noted in my original post. 

However, thanks for the useful advice.

my reasoning was that they wouldnt know the house was there if no one told them. Well thanks for the help. Just trying have low mortgage payments

i also dont want a 200k loan. I want a loan thats less than 120k so i can pay it off sooner.

Also when using a VA loan it has to be near perfect and move in ready.

because deep down inside i want a piece of the pie...lol... plus it just doesnt sound right in my head. If i get someone else to sell me a home that has been bought and rehabbed i say hey if i buy it from you i want you to sell it to me on paper for 150k. They do and then give me 20k out of the 60k profit they just got from me. To me that doesnt sound right. But that would be awesome if its not illegal.

So i was thinking... 

I want to live in a certain area in baltimore county that has a really good school system. In order for me to di that and not pay a ton of money id have to rehab a home. Well im quite sure its illegal to sell myself a home. But my question is, will it be illegal to ask an investor to purchase /rehab a home for me and i purchase it from them using my VA loan? I see it as a win win. I get the home for a lower price and they get profits.

What do you think? 

WELCOME TO BIGGER POCKETS!!! I to am from the Baltimore area.

Hey Shavonn,

Welcome to Bigger Pockets. Get ready for a life changing experience. I am on here 24/7. Networking and Learning from other investors. This is the best place to be when getting started in the industry. How did you hear about the site? What made you get involved in real estate?