All Forum Posts by: Walter Key

@Austin Rose, instead of zillow, you may want to look at www.loopnet.com for duplex, triplex and fourplex listings. You may find more properties to compare.

As for the SFR vs Duplex argument, there are many things to consider. A couple of those are; are you single or married with kiddos? What is YOUR investment goal. If cash flow is your primary focus, why not look into a triplex or fourplex which will all qualify for the same loan options as the duplex or SFR, all else being equal. You can still live in one unit and rent out the other 2-3 units for positive cash flow.

However, if you'd prefer to sell the property down the road for a good chunk of cash from appreciation, a SFR is going to typically appreciate much better than a multifamily unit.

How do you feel about being a property manager? If you live in the multifamily property, management is almost inherent. Granted, you could still pay someone to do it. But since you're in the property day after day, paying someone else to manage it makes less since. However, if you buy a SFR and you're not very close to the property all the time, you might consider professional property management. While that may give you peace of mind and less direct tenant interaction, it'll also have to be factored into your cash flow analysis.

I'm going to stop here for now. Hopefully this has given you some good food for thought.

@Darrel Maxam You cannot legally classify a property as your "primary residence" without intending to live it in. The VA requirement is that you purchase the property as your "primary residence". You may need to look into other financing options.

@Darrel Maxam To clarify, do you intend to LIVE in these homes before renting them out or are you looking to purchase them and immediately put tenants into them?

You're looking in a great market with TONS of investors, wholesalers, contractors, mortgage specialists, etc right in on BP that are operating in the area you want to invest in. Just a matter of people up that network and putting together a team you trust.

This totally depends on the deal. What's the market like, how much is the property worth, how much do you plan to buy it for, what are your financing terms and carrying costs and what profit margin do you want to achieve.

Sorry, I know that may not have answered your question very well. Each deal has to be evaluated on it's own with the investors goals in mind.

I think what she's saying is that she's buying US property while stationed overseas. You can certainly do this as well. Just a matter of putting together a network of the right people to assist. You're in the right spot for that!

2% rule...I'm not a huge fan of it. It's a very generalized rule that doesn't work in allot of markets. 

50% rule...Somehow this rule seems to run much truer and while it's definitely not exact science, it's a great tool to let you quickly estimate if a deal is worth looking into harder.

Welcome aboard! I used to live in Lorton, not to far from Reston. Reston is a beautiful area. Best of luck to you!

Looks like @Kerry Baird hit some of the same points I did but I was a little slower on the draw.  Good info Kerry!

@Darrel Maxam Your VA eligibility can be used to purchase multiple properties, depending on the price of those properties and a few stipulations. You must purchase the property as your primary residence in order to qualify for a VA loan. However, if you later move from your primary residence (I.E. PCS orders, relocation to get closer to the base, etc) you may rent out that property (while maintaining the VA loan) and purchase another Primary residence to live in with another VA Loan. As long as you don't exceed your VA Loan Eligibility, currently currently $417K for a single-unit home (yes, you can buy multi-unit homes with a VA loan), you can purchase additional properties with your VA benefits in this manner.