oklahoma city · Member since 2019 · 3 posts · 0 votes
Hey good afternoon everyone!
Currently I'm in the Marine Corps stationed in Oklahoma City. I'm trying to get into investing in duplex and triplex's, I've contacted my VA loan center and I'm able to receive a decent loan if needed. My credit score is 762 and I've got a little bit of startup cashed reserved. My question is how do I find the right deal, or where should I search to find those undervalued homes that're maybe 20% below what they're worth. Thanks in advance!
Rental Property Investor · NC · Member since 2018 · 776 posts · 776 votes
6y
You may be able to find/negotiate deals off the MLS. If you want to find built in equity, it's usually off market deals that need some work. The VA will lend on these properties if it is livable so look for a house in decent condition that just needs some cosmetic rehab.
Investor · CA · Member since 2019 · 56 posts · 25 votes
6y
@Willie Cole BP is maybe the greatest free resource to help you get started in Real Estate Investment there is on the internet. Congratulations and I wish you a ton of success.
Property Manager · Oklahoma city · Member since 2018 · 57 posts · 55 votes
6y
Cole, glad your looking to plant some seed in OKC. Would love to help. The first thing to know is VA loans are the strictest requirements for property condition of any loan. So most likely you will be limited to turn key duplexes if you wihs to use the VA loan. Is that a problem? Heck no! the VA loan is essentially a BRRR home because there is no down payment and you will have almost zero cash in the home so basically you will acquire a rental property with zero cash down. Thats a great deal!! iM PUMPED! When can we go shopping??
Rental Property Investor · NC · Member since 2018 · 776 posts · 776 votes
6y
You may be able to find/negotiate deals off the MLS. If you want to find built in equity, it's usually off market deals that need some work. The VA will lend on these properties if it is livable so look for a house in decent condition that just needs some cosmetic rehab.
Rental Property Investor · Oklahoma City, OK · Member since 2017 · 1k+ posts · 694 votes
6y
@Willie Cole I second Landon above. VA won't allow you to grab undervalue/distressed properties.. you'll be looking for a property that's closer to turnkey. Happy to answer any questions about what a good deal looks like here! Good luck!