All Forum Posts by: Freddy Pettiford

If i purchased a house with my VA loan and lived in it as a primary resident, but then 6 months down the line i decide this house is not for me because the neighborhood is not all that good. Is this a good enough reason to leave and use my VA loan for another property?...while i try to rent or sell the first property.

Keywords: VA Loan

Wow, so i went to my first REIA meeting tonight and as i was talking to one of the investors their and they informed me that it was a myth that i had to live in my current home for 2 years before i could move and use my VA loan again.( That is what i was under the impression of..due to lack of research and just being stupid lol) Now if this is actually the case then i will be able to buy a duplex and rent out one half with my VA loan, and rent out the current house that me and my wife used the VA Loan to purchase..Im excited with this new information lol. I will go and do more research so that i make sure that i have all the facts first.

@Andrew Davis Great advice there. The only problem with that is that i purchased my current home using the VA loan. Which requires me to stay there for a minimum of 2 years unless get orders to go to another state. I had a job interview today and start a second job which will be a part time job on the weekends and weekday nights. So as of now i will just continue to hone my skills in analyzing properties and continue to learn as much as i can while i save up some money. I feel like my options would open up a lot more if i had at least 5k - 10k saved up. Thank you everyone for the advice and guidance, my journey deff does not end here.

@Andrew Davis Those are what each side rents for. For my analysis i will go with the $600 a month just to be more on the conservative side. But then again, once i get a chance to talk to the agent maybe he will tell me what they are currently renting for.

@Andrew Davis

Yes the Property has 2 units , each is 2 bed 2 baths. 1850 Sq Ft, asking price is 59,000. Both units are both occupied with tenants. Similar duplexes on this same street rent between $600-675 a month. Property taxes last year was $636. The property and the street from the outside looks to be in good shape. I have not been inside of the duplex yet.

Thank you very much for the advice also.

@Scott Weaner Thanks for the response Scott. Initially i had stayed away from this idea only because the property was listed on the MLS, But after doing some research here on BP is see that there was another BPer that bought a home using seller financing on a property that was on the MLS also. He said that he just had to have enough money to cover the sellers closing cost and to pay the agents commission fees. I will no try to contact either the seller or the agent and see if this is a viable option. Thanks!

Just talked with another lender who informed me that with a conventional loan since this would be an investment property i would need to come up with 20% down. So now i will try to either find a partner or  maybe get a job as a pizza delivery driver and try to save up 12k within the next year.

So i found a duplex with a asking price of 59k. I currently only have about 3k saved up already used my VA loan to purchase the house that i currently live in which i pay about $600 a month in mortgage. I have only lived in my current house for about 4 months. Today I've called about 3 mortgage brokers and 3 credit unions to see what my options where. The 3 mortgage brokers all suggested that i would have to talk to either a bank or a credit union. When i called the credit unions they all said that i had to come in and sign up before we could proceed. Any advice? I will keep you all posted on this journey.

@Robert Sepulveda Thanks for the advice! 

@Garth Gissel Thanks for the response. Yes i don't think i have been in this property long enough. Also all three units of the Tri-Plex are already occupied with tenants. I wish i would have bout a MFH with the VA loan to begin with.