All Forum Posts by: Andrew Caballero

So I recently looked into buying distressed properties and apparently I could violate california civil codes. Something about I took advantage of the owner. Do you guys have more info about this?

Try to get even better terms and have them factor in the cost of you haveing to deal with these tenants as an expense. Try seller financing where payments are subject to rehad and new renters in place.

Everyone thanks so much! Such great advise and wisdom, I'm onboard with what everyone has to say and am truly humbled. Thanks again!

I'm not sure, thats a great question and that type of curiosity will serve you well. Without research into the subject I lean towards no, only because of the definition of primary in context of primary residences. I could be wrong. if you come across some good info please share.

Hi current AD myself, some thoughts when I read your post. 

To answer your first question: "So I understand that I need to live in the property for at least 1 year but do I need to live in that property 24/7?" VA loans require that be your main residence for 1 year min. https://www.veteransunited.com... :

VA Loan Occupancy Requirements

Veterans and active duty personnel who secure a VA loan have to certify that they intend to personally occupy the property as a primary residence. Essentially, homebuyers have 60 days, which the VA considers a "reasonable time," to occupy the home after the loan closes."

There are some exceptions, check out the link above.

"1. I was thinking of living with my family members in their properties for free." - this violates the primary resisdence requirement. You are not allowed to use the propertery for investment or vacation purposes for that 1 year. 

"2. I was also thinking of living in the barracks because the army already pays for it." this will get you in trouble with the military. The military provides housing, either barracks or BAH or in travel or school situations a hotel. you cannot double dip. also to recieve BAH you have to check out of the barracks.

"3. Can I take vacations or do I need to live in that property all day?" Take what ever vacations you want as long as your primary resisdence is where the VA loan property is.

Looking for your advice! 

My back story: Long time BP lurker, first time posting. Currently about to close on my second home ( bought and sold my first single family home). this is my first investment property as it's a duplex with both units filled.

My problem: With both units filled and me using a VA loan i have to live in one of the units for at least a year. I feel so bad that someone has to go. Unit #1 has a lease out to October and unit #2 is month to month. I'm going to give unit #2 a 60 day notice to of vacate ( Is this the right term?). How do I go about this and what if she doesn't leave after said notice? If she doesn't leave, I'm homeless as I already gave my notice to my apartment. Also what is a good resource I could use to learn how to landlord? Things I'm interested in learning are how to write a lease, how to raise rent to market value and how to collect rent. Thanks BP community!

@Manpreet C.

Have you heard of peer to peer lending such as prosper.com, it's another source to get a loan. Not going to get the lowest of low interest rate but it will be reasonable.