All Forum Posts by: Jared Viernes

Hector Rodriquez your friend likely doesn’t have the income to be approved for the purchase on his own. The VA loan requires proof of land-lording previously if you require the income from the other units to get approval for the loan. If you have not had that experience the FHA loan allows you to use up to 75% of the appraised rental income in your loan approval without experience. That may be an option for your friend if VA doesn’t work out, but that obviously changes the numbers significantly. Another advantage with the FHA is a seller can pay up to 6% of the loan in buyers assistance with the VA only allowing 4%.

I’m not sure what your question is. The VA Loan is meant for your primary residence. You can buy up to a fourplex with it as long as you live in one of the units. There are many businesses you can run from your home, though. If you plan on running a retail business from one of your units it’s not going to work.

Also why is the agent having you fill it out instead of doing it with you?

Probably a VA owned property. This is standard for that.

My suggestion is to seek out a local lender that specializes in VA loans. Most investors don’t quite understand the VA loan because they don’t get to use it. National lenders suck at working through complicated projects so financing falls through. Google VA lender and your town. Should get a few popping up in the first few pages that are local loan officers.

Clancy Catelli here is all you could ever need to know. https://www.benefits.va.gov/warms/pam26_7.asp

I think the biggest issue you will run into is the primary residence requirement. You are supposed to live in your VA loan purchased home a minimum of 1 year. So your wife purchasing another residence also requiring a primary residence requirement will not go over well.

Not looking good for investors or regular homeowners. http://realtormag.realtor.org/daily-news/2017/11/02/tax-reform-bill-would-cap-mid-for-new-mortgages?tp=i-H43-Bb-109-16pXl-1p-GCpr-1c-16lwf-nerPN&om_rid=16404441%20&Om_ntype=RMOdaily&om_mid=3853

@Alexander Cercone, I left the active duty Army to become a Real Estate Agent / Investor just like you.  Some things that could help you as an Agent / Investor.  Especially since you like listening to podcasts:

1) Start listening to the "Super Agents Live" podcast by Toby Salgado; great stuff in there to work as a Real Estate Agent.

2) Start listening to a lot of audible books to supplement you podcasting.  "Think and Grow Rich" by Napoleon Hill; "How to Win Friend and Influence People" - by Dale Carnegie; "Relentless" by Tim Grover; "7 Levels of Communication" - by Michael Maher; SOOOOOOO many more great books.  I take what was previously my "PT" time in the Army (0430-0730) to go on runs and get in some great motivation and learning.

3) Find your Niche as an Agent. As a veteran, you can easily start working the Veteran and Military Niche by signing up with Veteran's United and other VA Loan specialists to be a preferred agent. This niche is a little hard to get jump started but if you integrate into your local veteran community you should start seeing business.

4) Start farming the area you live in during your morning runs.  Hand-deliver a newsletter to houses in your neighborhood to provide value and potentially get some listings.

5) Start doing Broker Price Opinions (BPOs) for lenders and BPO companies so you can learn your local market.  These take a lot of time to start but you will get better and eventually learn to really understand ARVs and your area.

6) Use your knowledge of the area; income from selling houses; and network developed throughout your working to find those great deals and invest!

Good luck!

Find a mentor I your local market and some good reputable wholesalers and you can locate a deal.