1st Home purchase

2 Replies

I am closing on my first single-family home on September 18th. I've never purchased a property before, so I'm looking for some advice on questions to ask to my realtor, and my lender. I want to make sure I'm not getting into anything fishy. So if there are questions I can ask to make things easier or something like that might not necessarily be disclosed to me I would greatly appreciate the input.!

My overall in state goal is to be a real estate investor, I think I could leverage this house as a jump start to a real estate investing career. I want to know the tips and tricks on how to develop the most equity possible. I've heard that you can get 4% of your home's appraised value for home improvements. I've heard you can raise your interest rate to get $5000 toward your principal balance, and refinance every 6 months with the VA loan. I've heard you can get grants for first time home buyers from the HUD. I have also heard you can get first time buyer rebates or military rebates.

If anybody can help answer any of these questions or provide some general knowledge for a first time home buyer who is seeking to be an investor, I would absolutely appreciate it. Please send me a private message if you'd like to call me on the phone.

Welcome to BP.  Glad to hear you are interested in investing....I strongly advise you reach out to a lender, realtor & lawyer.  They can give you the latest on some of the questions you asked.

Welcome To Biggerpockets!

My husband is active duty and we have used the VA loan twice. We own 7 single family homes. I am happy to help if I can.

Personally I don't believe in refinancing. While I have before raised my interest rate for more closing costs. I have not heard about the principle. 

This is a great site to lear n and grow. I highly recommend you look around. You will love it. 

Look forward to seeing you around. 

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here