Approved for VA - Watching the MLS - Looking for A Guide
Hi there! (I just posed this in military investing too)
I just signed up for the pro membership and thought I would leverage this community and the tools to see what it's got! I am open to partnerships to expand opportunities! So, here it goes!
OUTCOME: To leverage my VA loan benefits to purchase a multifamily, house hack, rehab, move out, refinance, and repeat.
OBSTACLES: Lack of personal resourcefulness (ignorance), low inventory on the MLS, lower initial cash flow due to no downpayment, and interest hikes have cut my purchasing power.
CURRENT POSITION: Pre-approved for VA loan up to $150K ($235K three months ago) so I am sure there is some wiggle room. I am currently stationed at Scott AFB.
IDEAL: To purchase a cashflow positive fourplex with the opportunity for amateur friendly rehab. My wife and I occupy one of the units until another VA eligibility and primary residency requirements are met, and repeat. Ideally, the property would have a small yard for our dog and be within a 45-minute commute to the base.
LIKELY: To purchase an initially low/no cashflow two to four unit property with moderately difficult rehab opportunities, a small yard, with a longer commute time.
First, is there something I should be aware of or may have missed? How might I provide some value to someone who is willing to sort of take my hand and guide me through this process? Please note that I have taken the state/national real estate exam. I have my license, but it is not currently sponsored under a broker due to the low housing inventory (I didn't see an opportunity for profit yet.)
What are some commonly unknown resources that I may leverage to help with this process?
What has been the most effective lead generation tool for you?
Are there any additional questions I may answer?