Veterans, take advantage of the benefits you’ve earned NOW.
Good morning good morning this is Monica Guy, with RE/MAX Real Estate Associates in Houston, TX. I want to teach you guys how to buy your first investment property using 100% financing for those of you that have the ability to get a VA Loan.
I know I have a few Veterans in my pipeline, and some are interested in buying investment property, but don’t know how to go about it. For those of you that aren’t able to get a VA Loan I will be making a video for you soon. So here is what I want you to do, share this video so that those that need to see it can, and let me know you did with a comment so that I can respond back. Please share this message because there is so many people out there that want to find their first investment and they have the ability to get a VA Loan but don’t know that they can utilize it this way.
One of the requirements of the VA Loan is that it has to be owner occupied. So your question is how do I buy an owner occupied property and it be an investment at the same time. What I’m talking about is a duplex or a four-plex. So lets just say that your going to buy a duplex for example. In order for the duplex to be owner occupied, one unit needs to be vacant so that you can reside there but the other side can be rented. Lets just say that is $280,000 on the purchase price. You’d be looking at a mortgage of about $1,800, Now keep in mind that the other side depending on the location, can rent for $1,000 or more per month. Essentially you can pay off this loan quickly using the income from the rental and once you’ve paid off the loan you can do it again.
Just remember, the VA will NOT fund an investment property that you are NOT living in. So if you choose to buy a four-plex you will have to occupy one of those units, but the rest of them can be rented out. The purchase price will be higher, but the rental income can help you to qualify for the loan. which may be higher than that which you would qualify as a single family resident. So that’s how you leverage your VA Loan to buy your first investment.
You guys I HOPE you find this helpful. As a friend of mine put is “I’m trying to HOPE you today“. So I don’t know what city or state that you live in but if you are in the market to buy or sell I am your Guy, Monica Guy. If you need help and are in a different state or city, just say I need help in the comments and I will reach out to you and will connect you with an agent right in your area and we will be working together.
You guys thank you so much have a wonderful day, and let’s START making a plan to reach those goals for 2018!