What would you do in this scenario?

3 Replies

Hello all, I have a possibly scenario that I might be facing soon and would like some input which route is the best to take. I currently reside in NYC and will be moving to another state where the RE market is more investor friendly and easier to break into. That being said, I am also a veteran and I have a VA Loan. I will be selling my SFH house here in NYC and I am looking to be making at least a profit of $250,000 on my current home. So VA Loan + $250,000 cash and moving to another state for a new job. Now I am thinking should I buy a 4-plex with the VA Loan and put 0% down or maybe put some type of cash down? Maybe just buy a nice SFH home and pay it off in cash and live comfortable w/o any headaches. Just so many options. I want to make sure I am using my funds wisely. I am new to investing as well and I've never been a landlord. Have been on the forums/biggerpockets for quite a while though.

Originally posted by @Eric DeVito :

Hello all, I have a possibly scenario that I might be facing soon and would like some input which route is the best to take. I currently reside in NYC and will be moving to another state where the RE market is more investor friendly and easier to break into. That being said, I am also a veteran and I have a VA Loan. I will be selling my SFH house here in NYC and I am looking to be making at least a profit of $250,000 on my current home. So VA Loan + $250,000 cash and moving to another state for a new job. Now I am thinking should I buy a 4-plex with the VA Loan and put 0% down or maybe put some type of cash down? Maybe just buy a nice SFH home and pay it off in cash and live comfortable w/o any headaches. Just so many options. I want to make sure I am using my funds wisely. I am new to investing as well and I've never been a landlord. Have been on the forums/biggerpockets for quite a while though.

Once you figure out where you are moving to, look for off market properties that people are willing to sell and if they are VA loans, that is even better. Take over their payments and ownership of the house and you are on your way. With $250,000 you should be able to buy 5 or 6 houses and never have to darken the door way of a bank.

@Mike S. Thanks for the reply. How do I even go about finding off market properties in a place I don't know anything or anyone. I was thinking of just finding a 3 or 4plex. Was just browsing realtor.com to get an idea whats around. I dont want to throw all my funds in one basket that is why I figure va loan would be a great help since I can do 0% down if I would like. 

Originally posted by @Eric DeVito :

@Mike S. Thanks for the reply. How do I even go about finding off market properties in a place I don't know anything or anyone. I was thinking of just finding a 3 or 4plex. Was just browsing realtor.com to get an idea whats around. I dont want to throw all my funds in one basket that is why I figure va loan would be a great help since I can do 0% down if I would like. 

 Do a search at the search bar above for "Subject To", & "Wrap" & "Yellow Letter" & mailers. 

Go to Trulia.com and select some zip codes in the city you are considering, do a crime "heat map" and stay away from the bad parts of town. Send out 500 mailers at a time and make sure you answer the phone when it rings. Tell the caller you want to buy their house. Decide on a price. Set up escrow and close. Easey peasey.

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