Future Vet House Hacker moving to Carbondale, IL

1 Reply

Hi ya'll,

I'm currently in the process of researching real estate deals for my girlfriend and I when I come back from deployment and move back out to the Midwest to finish my degree in Carbondale, IL.  Although I don't consider Rich Dad Poor Dad necessarily a real estate book, it's what started my journey to this website inevitably.

Currently I'm stuck with limited resources as I'm floating somewhere in the Mediterranean Sea somewhere, but I've already completed a few eBooks from Jay Scott, David Lindahl and Brandon the founder of BRRRR. My Gf's Dad is already somewhat of a real estate entrepreneur and does his own evaluations but I'm by no means as experienced as him. Just looking to househack our first duplex/triplex in the area with the help of possibly a VA loan and GI benefits. However, since were moving we wont necessarily have any W-2's so I'm worried about getting loan approval. Was Wondering if an FHA 203k would be a better alternative. Correct me if I'm wrong, but rental income isn't considered into the VA loan approval process unless you have 2 years property management experience.

Thanks in advance for the chance to become part of BP member community. Happy Hunting!!!  

Updated over 2 years ago

Valuations not evaluations*

What you'll find is that each lender will have different requirements. If you dig around in the Carbondale area you might be able to find a mortgage broker who will have multiple options for you. I can't remember off the top of my head if the VA loan considers rental income immediately or at the 2 year delay, but for loans on multiplexes that are backed by Fannie Mae there is no restriction on using current or potential rents to qualify a buyer on a multiplex. What you will run into more though is that the bank/lender will tell you "no", because it is in their rules, not Fannie's. As far as learning goes, just use this site and podcasts as much as possible. Books are great if you want to dig into a specific topic, but I started by just reading this site for hours on end and gleamed more info from here than anything.

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