All Forum Posts by: Raymond Popsie

So after I close on the property I serve them notice? Meanwhile the rehab remains on hold until they leave correct?

I found a great opportunity hear in Flagstaff Arizona. The numbers look great and it will be my first property. I am using the BRRRR method. The property I am currently looking to rehab has renters in place on month to month leases. How do I get them out so I can rehab and how long will that take? They are paying almost nothing for rent due it being a distressed property.

I'm about to tackle this project myself in a few days. Thank you for the helpful posts!

@Anthony Wienke

Yes each unit can have more than one or two bedrooms. There are some extra requirements that the VA calls Minimum Property Requirements (MPR's). Check out this link to see what I'm talking about

http://benefits.va.gov/warms/pam26_7.asp

Look at chapter 12 and it will help. There are also some articles online that give summary's but I would reference the link above to make sure what they are saying matches with MPR's.

Let me know if you have any more questions.

FYI I am not a loan specialist so feel free to speak with  a loan officer for more information.

@Account Closed

You can get another property just not with the VA loan. The VA loan is primarily for owner-occupy there are some exceptions like having your spouse live in the property while your deployed. Getting an investment loan conventionally can be difficult due to their debt-to-income ratio requirement's and down payment (20-30%).

There are a lot of other options like private money, hard money lenders, and if you can qualify a portfolio lender. It depends on what kind of deal you are looking to do. I would check out the video's in BiggerPockets under the education tab select free course. You can go Module 6 Real Estate Financing and watch a few short videos. It will open up your options and understand of real estate financing. It was really helpful for me.

Let me know if there's anything else I can help with.

@Tera Carter

No you do not. You will get approved at a certain rate and loan limit. When you find the house you can put an offer on it with your pre-approval. The catch is that the property has to meet the guidelines set by the VA otherwise they won't fund the deal. Two things to consider are 1. The property has to appraise at the offer price or more and 2. VA loan's generally don't work for fixer-uppers. They want the house to be in good condition to include the paint and several other small details. So if your looking to flip a distressed property it will be difficult or not possible with the VA loan however; if you find a decent rental property that is in good shape and cash flows you should be fine.

@Tera Carter

If your serious about finding a multi-family property. The first step would be getting pre-approved for your VA loan. Do some loan shopping and when you find a good rate, get the pre-approval. When you make an offer it will be a lot stronger. It will also tell you how much they are willing to loan you and what rate which will be helpful in your analysis.

I would read The Book on Rental Property Investing by Brandon Turner (BiggerPockets book). It's breaks down each step of the process and helps you find a good plan.

Let me know anytime you have questions and I'll do my best to help.

David Sanford,

You may already be aware but if not... You can purchase a duplex-four plex house with the VA loan when you owner-occupy. Which means you could potentially find a four unit property in your area live in it and rent the other 3 units while paying the same low rate for a loan as a single family home. #househacking. Let me know if you have any questions. My wife and are in the process now.

Great work! I'm looking forward to it. It will be nice to link up with some military peoples. I've been out for a few years now and it's always nice to run in to another veteran.

Definite no. a car loan being 90 days late means that she's lucky it wasn't repossessed. One of the last things a person lets get late is their car. it usually goes rent, utilities, car in that order. 

The issue is when you have to evict her for not paying rent, how are you going to feel when she starts telling you that your putting her children on the street (true or not)? 

As already stated it's a business treat it like one.