Wholesaling (starting out, Pensacola area)

11 Replies

I've been perusing the site for about a month now, and with where I'm at financially am leaning more towards the wholesaling aspect of real-estate to get started. I own two homes right now using the VA loan (maxed out), renting one, living in the other. My goal is to eventually move towards more rentals. Anyways, with that being said. How do most people get a wholesaling team started? Find investors, title company, etc... also, which podcasts would people recommend? Any help/guidance is appreciated. I live in the Navarre, Gulf Breeze, Pensacola Florida area.

Hey @Eric Horton

I'd recommend getting involved with the Professional Investors Guild, it's one of our local REIAs and is very wholesaler friendly. Also, don't discount your ability to build a rental portfolio because you are maxed out on VA loans. I built half my portfolio in the first two years after I left my full time job to pursue real estate sales, which meant I had no W2 and wasn't eligible for typical bank financing at the time... just remember with that type of thing, it's a hurdle, not a road block.

@Eric Horton Congrats on making the decision to wholesale! Im in the Air Force and ive already used my VA loan, so i know how it can feel. Ive heard only good things to those from the area. I am living in Navarre currently and am actively looking for a flip. If your company has any interesting properties. I would love to hear about it!

@Matt Jones Great advice, i just heard about the PIG! I wasnt able to attend the last meeting but i plan at being at the next. With me being in Navarre, what can you tell me about the Pensacola Market? Are flips or rentals thriving more there? What is your outlook on the market? 

@Charles Wisniewski There are a lot of similarities between Pensacola and Navarre but a few definite differences. Pensacola is significantly larger and older, Pensacola has a wider variety of construction styles and more multi family available. I personally am a BRRRR but and hold investors but I've helped Pensacola area flippers buy and sell great deals and worked with some very successful wholesalers as well. I think there is still opportunity for all 3 here but I also think you have to look harder to find a good deal than in the past because our market is hot.

@Matt Jones That is what i have heard! That is great advice. I am definitely looking more and more into BRRRR and im trying to determine what market i want to make my next move in. If you find any deals that come about in Pensacola, let me know!

Eric you brought up an interesting question concerning the use of VA. You said:

"I own two homes right now using the VA loan (maxed out)". How did you get two places with a VA loan and How did you manage to rent one out when VA states you have to live in your house for a VA loan? thank for the info.

Originally posted by @Greg Morr:

Eric you brought up an interesting question concerning the use of VA. You said:

"I own two homes right now using the VA loan (maxed out)". How did you get two places with a VA loan and How did you manage to rent one out when VA states you have to live in your house for a VA loan? thank for the info.

 I would also like to hear how this works

Jeremy check out Eric old posting. l found more info under "using a helco on VA loan". I going to call a lender and see what they say..l wil let you know.

While a VA Home Loan cannot be used to purchase property solely forinvestment purposes, such as a rental home, the Department of VeteransAffairs does allow a homebuyer to use the VA Loan on a residence that hasone to four units – as long as the homebuyer certifies that they intend to occupy the home.

@Greg Morr @Jeremy England hey guys, i was stationed in Colorado Springs before where i bought a townhome with the VA, i lived there for about 3 months when i got stationed elsewhere. So i bought a house here as well, that I'm currently living in. As long as you live in your property for a year or get stationed elsewhere, like me you can use up to 484k (Max va entitlement). I just split that between two houses. If i was to do it again, i would have split that between multifamily property, but i didn't know that at the time. I hope that helps!

Thanks Eric. Just for information to others. I spoke with VA loan guy and he said it is true you can buy two home with your preapproved amount divided. Which is based on your income.

Concerning 4 unit duplex you can us 75 percent of the rent income towards qualification for a VA loan if you can show you have a history of renting on your tax forms.