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Updated about 9 years ago on . Most recent reply

User Stats

33
Posts
7
Votes
Tony Ho
  • Wholesaler
  • El Paso, TX
7
Votes |
33
Posts

Buying my first sfh

Tony Ho
  • Wholesaler
  • El Paso, TX
Posted

I am in the process of purchasing my first property! 

I want to use this property for house hack with a room. But my concern is i have 2 small kids. Is it ok to house hack with 2 children in the house? 

I am using VA loan to finance this property. This is my first time and my first step in to real estate investment. So far i have faced quite a few challenges, mostly from my wife and her parents. They don't believe in real estate investing and think that i'm wasting my money.

So this is my plan. Once my 1 year is up, i will rent the whole house out and use my va loan again on another property and keep this going until i have used up all my va benefits ($417k). By then i should have 2-3 rental properties. But my concern is, when i start on my 2nd purchase(using my va loan) the bank might ask me how am i going to pay for 2 mortgages. Can i show them a lease agreement with a renter from my first property?

I know this is a slow process, but I really want to build passive income and spend more time with my family.

Anything in my plan that might raise questions? Anything I can do to improve my plan? 

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