Newb from Philadelphia - hope to use VA loan for first Multi Fam

Newb from Philadelphia - hope to use VA loan for first Multi Fam

Philadelphia, PA · Member since 2018 · 4 posts · 0 votes

Hi there, 

My name is Tony and live in Philadelphia.  I am an absolute newbie to the real estate scene.  My main gig is selling Telecommunication & IT equipment and services and would love to supplement my income with some real estate. 

I am hoping to find a multi-family property for my first deal. Hopefully in the Allentown, Bethlehem, Easton area or Philadelphia.  

I heard about Bigger Pockets from a family member that owns several properties - and is sharing his knowledge with me.  I am currently reading Brandon Turner's  The Book on Investing in Real Estate with No (and Low) Money Down. (There really should be an acronym for that title) and started listening to the podcast on my commute. The combination has me motivated. 

Oh, and pardon me if I am oversharing now, but I am eligible for a VA loan, and any first-time buyer perks, and got "Good" credit according to Credit Karma. I could likely get together a few thousand bucks need be - but based on my current reading I'd like to keep my money!

I would love any input on how to get started on this journey, agents in the area, contractors, I will take all the help I can get. 

Thanks for having me and I look forward to learning from the lot of ya'.

-Tony

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Real Estate Agent · Falls Church · Member since 2012 · 2k+ posts · 1k+ votes
7y

Hello! @Antonio Jimenez

Welcome to BP, and congratulations on making the decision to invest in your future via real estate.

I have written a few blog posts that may help you get started here on BP, and with your investing. Please click on the links, give them a read, and share your thoughts in the comments.

First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:

https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp

The second is a post that will help get you focused with your real estate investing goals:

https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciated

The last one is a post that will help you choose an “investor friendly” real estate agent.

There are many agents out there, but it’s important to choose the right one.

https://www.biggerpockets.com/blogs/5868/52724-im-new-to-investing-how-do-i-find-an-investor-friendly-agent

I love answering questions if you have any! Good Luck :)

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  • Specialist · Riverside, CA · Member since 2015 · 6k+ posts · 3k+ votes
    8y

    House hacking with a VA loan is a good place to start, just make sure you have enough cash set aside in reserves for those emergency repairs.

  • Philadelphia, PA · Member since 2018 · 4 posts · 0 votes
    8y
    Originally posted by @Aaron K.:

    House hacking with a VA loan is a good place to start, just make sure you have enough cash set aside in reserves for those emergency repairs.

  • Philadelphia, PA · Member since 2018 · 4 posts · 0 votes
    8y
    Originally posted by @Aaron K.:

    House hacking with a VA loan is a good place to start, just make sure you have enough cash set aside in reserves for those emergency repairs.

    Thanks Aaron.

    Any rules of thumb on what should be set aside?  Should I be waiting on finding that deal until I have X amount saved?  

  • Specialist · Riverside, CA · Member since 2015 · 6k+ posts · 3k+ votes
    8y

    The rule I would follow is to have enough saved for the worst thing that could happen in a unit which for most cases is going to be 10-15k

  • Rental Property Investor · Lehigh Valley, PA · Member since 2017 · 200 posts · 191 votes
    8y
    @Antonio Jimenez welcome and good luck. Please let us know how it works out with the VA Loan. I didn’t know it could be used for investment properties. Maybe if it’s owner occupied? But my info is dated 10 years. Good luck!
  • Philadelphia, PA · Member since 2018 · 4 posts · 0 votes
    8y

    @Michael Deering - From my research, and I am clearly not an expert, it can be up to 4 unit property, but must be owner-occupied.  

    I was hoping to get creative and use that as a down payment on seller-financed portfolio purchase.  I might be getting ahead of myself, but that is my vision.  Dreaming Big!

  • Upen PatelPro Member
    Lender · Nationwide Lender · Member since 2015 · 1k+ posts · 814 votes
    8y

    @Antonio Jimenez Thank you for your service.

    I would recommend you reach out to @Max T.. He knows his stuff as a realtor and investor.

  • Real Estate Agent · Falls Church · Member since 2012 · 2k+ posts · 1k+ votes
    7y

    Hello! @Antonio Jimenez

    Welcome to BP, and congratulations on making the decision to invest in your future via real estate.

    I have written a few blog posts that may help you get started here on BP, and with your investing. Please click on the links, give them a read, and share your thoughts in the comments.

    First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:

    https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp

    The second is a post that will help get you focused with your real estate investing goals:

    https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciated

    The last one is a post that will help you choose an “investor friendly” real estate agent.

    There are many agents out there, but it’s important to choose the right one.

    https://www.biggerpockets.com/blogs/5868/52724-im-new-to-investing-how-do-i-find-an-investor-friendly-agent

    I love answering questions if you have any! Good Luck :)

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