All Forum Posts by: Kyle Welsh

Temple Law has been great for us.  I haven't heard of LT

What part of the VA loan doesn't work that way? I'm assuming the multifamily piece? I'm aware of the requirement to use a residence as your primary residence and all the quirks that go along with it. I know for a fact you can only have 4 active VA loans and the benefit is re-usable. I'm already using the benefit. I also know for a fact you can use the VA loan to buy a 4 unit multi. The loan officer who gave use information on purchasing a larger multifamily with more than one veteran using their benefit was in Fayetteville, NC. My business partner and I were surprised when he said it because we never heard of such a thing. If you know more please share.

@Pete T. I just figured out this tagging thing… the answer to using a VA loan is my above post. Thanks for the warm welcomes.

@Dev Horn Thanks for the information.  I'll definitely check out the tools you offered to develop a solid marketing plan.  We have a fairly decent amount of capital to invest in marketing with so we are planning on doing trial run with direct mail pretty soon.  We just aren't sure how to exactly sculpt the message yet.  We want to go with a "handwritten" letter type so far but I'm just not sure it will be enough of an attention grabber.  Most people would just throw it out I'd think.  I'll dive into the forums and see what people's experiences have to say for now.  Thanks again.

Thanks again everyone - @Pete T. We are mostly looking in the ocean view area / Norview. We are open to anywhere really that we can find a deal at the moment.  The duplex we are rehabbing right now is close to military circle and should rent really quickly (hopefully decent tenants).  The cash flow on it will be pretty good too.  

As for the VA loans for a MF - most definitely. I've talked to numerous loan officers about the VA loan and learned a lot. Currently, I have one active VA loan. I know every veteran is able to have up to 4 active VA loans. I plan to use all 4 and once one is payed off get another. Additionally, for multi families one veteran can use their VA loan to acquire a 4plex and after that for each additional veteran on the loan one more unit can be bought to my understanding. So if you have 3 veterans you could potentially use a VA loan with no money down, no PMI for a 6 unit MF. The one aspect I am not aware of is if you would need an additional VA funding fee of $1500 (I think) per veteran? Regardless, it would be a great way to get a good MF especially with some of these 8 units in ocean view selling for 350k right now.

Thanks for the warm welcomes, i'll be sure to continue to peruse BP; hopefully, my brain won't explode with all the knowledge to be had on here.

Hello everyone, I am Kyle and recently left the military to pursue full time real estate investing with my business partner, Darren, who I attended West Point with. We now live in the Hampton Roads area; more specifically in the ocean view area of Norfolk, VA. While serving in the military Darren and I were able to get our feet wet and acquire a few rental properties in Fayetteville, NC. We are focused on long term efforts through buy and hold rentals. So far, we've bought one single family house in cash and a duplex through a rehab financing loan (what a mess that was!) both in Norfolk and set up our LLC. I've really enjoyed listening to the podcasts and reading the forums for information on creative financing techniques which will become much more needed in the near future. As for now, we have our hands full putting some sweat equity into the duplex and continue to look for additional properties to buy, whether it's a buy and hold in Norfolk or a flip in Virginia Beach for a cash injection. Lastly, we want to kickstart our marketing campaign. Thank you all for the great information I've already gathered from the community and will continue to receive!