Updated over 6 years ago on . Most recent reply
VA Veteran Housing Program
One of my rental property neighbors just offered me a deal that seems too good to be true. He informed me that he has a deal with the VA where they pay him to manage properties in which they place veterans who are older and require care visits from time to time and ensure the property remains in good condition. Under this agreement, the VA will fund repairs to the property required to include items such as fire alarm systems or handicap accessible items. He originally asked me if I would sell him the house, but I declined for it is located in an up and coming area and has appreciated over $20K just in the last 18 months. He is willing to rent long term for my asking price and request that I give him first right to purchase when I'm ready to sell. I have great equity in the property and will be looking to roll into a 1031 exchange in the next year or two so this deal sounds perfect. I'm wondering if anyone has heard of the VA program he is referencing and if it is as good of a deal as it sounds?
Thanks in advance.
Scott