Hey I’ve been saving up aggressively to get into rental investments I’m currently in college using gi bill and I will be for sometime .I wanted to use the va loan to get a house because rent is really really high where I stay also I need to get started now while I’m young . (1150 just for a room and bathroom.with everything else,like kitchen ect is shared with 4 other roommates located in 😅Prince George county Maryland) But the realtors told me I can’t do anything without employment verification like w2 or pay stub.even though I’m making good verifiable money every month from gi bill and my side business I have great credit also. What can I do to get approved so I can get a house to start renting out the rooms and start putting my money towards something that’s mine.
Rental Property Investor · Laurel, MD · Member since 2016 · 378 posts · 382 votes
5y
@Tavon Joseph Don't believe everything a real estate agent tells you. You'll want to start with a local bank or credit union. They'll be the one's to tell you the best way forward. If no luck with them, you can try hard money. Good luck.
Rental Property Investor · Laurel, MD · Member since 2016 · 378 posts · 382 votes
5y
@Tavon Joseph Don't believe everything a real estate agent tells you. You'll want to start with a local bank or credit union. They'll be the one's to tell you the best way forward. If no luck with them, you can try hard money. Good luck.
Congrats to you for your ambition! If you are looking to connect with someone for some guidance or advice, feel free to reach out. I also recommend you read this article I wrote for Bigger Pockets titled How to Invest in Real Estate Before Turning 21. Even if you're already 21 or older, it has some great advice for getting started. Once you've read it, let me know your thoughts and if you have any questions. I am a high school teacher in Colorado and I am always looking to help young people get started in real estate investing or help in any way I can. Let me know if you want to chat sometime. https://www.biggerpockets.com/
Realtor · Washington, DC · Member since 2018 · 166 posts · 88 votes
5y
Realtors don’t qualify you for the loan, sure we know what is needed generally but your case would be unique, talk to a loan officer and see what they can do. I am working with folks who literally just graduated so I know there are exceptions.
Investor · Colorado Springs · Member since 2016 · 232 posts · 150 votes
5y
I, too, congratulate you on your ambition and the savings you've accumulated! It's certainly easier to qualify for a loan with a w-2 job but not impossible. The big banks won't even consider it. I recommend you call David Bond or anyone at Trius Lending Partners. They are a local and reputable private lender who understands real estate investors. You can google the phone number.
Lender · Washington DC · Member since 2015 · 2k+ posts · 2k+ votes
5y
If your BAH is $1285 and you have no auto or credit card debt you about $160000. Median price in Price George is $320000? How much do you make on "my side business"? The other way to structure your plan is to not use the VA loan and do a debt service ratio loan. The average rents has to cover the principle, interest, taxes and insurance (not room rentals) a 3 bed rents for about $3000??? this gets a higher loan amount around $280000. Assuming you have FICO over 720 middle score