All Forum Posts by: Richard Boyd

Or how about a normal FHA loan? I can have a down payment of 10%, would I still be able to use the 75% rule? And would the allowance count then?

If no, could I just have a co-signer that has employment?

But I've owned it since Oct 14

I do have a home I'm renting in Georgia, but no equity; maybe appreciation. Could that help at all? I've only been renting it for 3 months now. 

@Walter Key I'm so grateful for your help Walter. Even if the reasearch doesn't lead anywhere, I really appreciate you taking the time to help me!

Yes, I looked into using rental income as qualifying, but 6 month cash reserve was lacking. I've been traveling all around Europe and haven't thought much about reserve cash, like an idiot. I know that was irresponsible, but it's kinda out of my hands now, unless you know of a way to get cash that quickly. Maybe I could get someone to transfer me the money and I could pay a good interest on it for a year, because I do work with a dentist now that will be in Buffalo with me; he is going to help me into dental school. I'm not sure what else I could do. 

@Walter Key Do you know a way around this, or will banks allow for this with a simple FHA loan?

@Walter Key

Hey Walter,

I understand that I will be receiving the BAH allowance, but since it's not a promised income, banks will not grant a mortgage because it's not considered income.

https://www.veteransunited.com/valoans/can-i-qualify-for-a-va-loan-using-gi-bill-income/

@Alex Franks

I have to start somewhere. I won't have much saved, but we will be receiving 3k a month from the GI Bill until we can find  some part time employment, then that 3k will be additional. As far as employment goes, we can't really look for a job until we get there because it's too expensive traveling back and forth from Spain. We would like to purchase our first investment property as an owner-occupied multifamily, but if there is a better way please let me know. After being employed for about 6 months, we should qualify for a loan, but until then, we need to get owner financing or lease option on a property. Does this help at all?

Wow. So first of all, thank each and every one of you for your time and advice; I'm extremely greatful!

@Ramar Price Thank you for the encouragement

@Chris Simmons Thanks so much for informing me of Buyers Agent. I will definitely consider that. Thank you!

@Sheila F. Thank you for the encouragement and thanks for the due diligence reminder as well!

@Joe Villeneuve Great advice! Thank you so much for responding. I will surely reach out to other investors!

@Nick Rutkowski Nick,

If I must be honest, I did not search for too many agents before I lost hope, but I appreciate you replying. Thank you so much for reaching out! 

@Account Closed Thank you for your reply. I really appreciate you reaching out. 

Thanks again everyone, your help has assisted me greatly!

Hello everyone,

I'm a new investor and I'm currently searching for a multifamily property in West New York. I'm separating from the military at the end of the year and I will be attending college. I will only be receiving GI Bill money because I can't get a job yet, GI Bill money cannot be used for a mortgage because it's not considered income, so I will have to find a place with owner financing or lease options...

Every real estate agent I try to reach out to just ignores me; it's becoming frustrating. I understand the reason I'm being ignored is because no one wants to help someone starting out without any solid money because they would probably just waste a lot of time.

What can I do here?! Should I rent and wait on promised income? Reach out to FSBO's?

I'm not entirely ignorant of Real Estate, I just need one break to prove this fact.

I want to have a home locked in before I arrive with all of my household items and no house!

Any input would be greatly appreciated!

Thanks!

Best regards,

Richard Boyd

By strategy, I mean what type of market is the best there? i.e. BRRR, flipping, ect..