All Forum Posts by: Shylil Smith

VA loans are good up to four units, so I am assuming thats why you want the quad. Also, @Bryan O. is right. Buy before you get out, so you dont have to establish a whole other job with the VA.

Congrats on Retirement, and Welcome.

Yes I understand that VA lenders want to see substantial income to qualify, but will I need to provide proof of income from another source once I get out?

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Originally posted by @Steve Vaughan:

No, no - $2000 per month in gross rents, not cashflow. That may only be $100 per door, but to see if it will pencil out, I first make sure it is priced at 100x rent or less.

Lol yea I figured that once you put "gross" but this is some great advice. Thanks.

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Originally posted by @Steve Vaughan:

@Shylil Smith If a property is being offered at $200k, I will see if the rents are at least $2000/mo. Any less and the cashflow is too tight. Just a 2 second analysis I do in my area before looking into it further.

Oh wow, I see. Is this a common strategy amongst investors? Because I see that it usuall for some investors to only get a cash flow of around 300-400 dollars a month. Or is it just based upon the deal at the end of the day?

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Originally posted by @Steve Vaughan:

Welcome to the BP community @Shylil Smithand thank you for your service. Quads, like any property come in different classes and levels of deferred maintenance. Here I shoot for pricepoints of 100x gross monthly rent. I'd avoid any area below a C+, B-. War zones are nightmares from what I have read and not worth the sweet on paper cashflow. They also don't appreciate much and are difficult to sell. Good luck!

Thanks! Right, I'm learning the importance of location In realestate. I'm starting to get the belief it is better to invest more into location and focus less on the property itself. But ofcourse still making sure the propert brings in positive cash flow, and all the other factors .What do you mean by 100x gross monthly rent?

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Originally posted by @John Steele:

@Shylil Smith

Credit is definitely important so continue to work on that. Being able to take advantage of VA financing is huge! You can basically start investing with no money down. I think that your plan for a 4 unit is a very good idea. Use VA financing, live in one of the units and rent out the other 3. This would give you a great start in building your portfolio. You can only have one VA loan at a time but you can use that to keep growing your portfolio.

Yes Thankyou. I'm aware of the year you have to occupy a residence before you can move to another home, with the VA loan ofcourse. A main question I have is can quads usually be found in C - B+ areas at a discounted price? And are quads usually distressed or are they almost always fully rehabbed for purchase?

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Hello all, I am a soon to be veteran out of the army, and I am fascinated with real estate! I've always wanted to be financially free because I've always known the beauty, and power of it, and the benefits. When I finish my military career, I'm building my plan to own a multifamily home (quad hopefully) and start to build wealth through passive income, appreciation, cash flow, and equity. I want specialize in but and holds, mainly for my family to live in many parts of the country comfortably. I also plan to leverage my VA loan. Does anyone have any suggestions on how I should start toward this goal? What are some things I should start working on now? I know credit will be key and I am working on that, I just would like tons of more info. Thanks!

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All Forum Posts by: Shylil Smith

Shylil Smith has started 5 posts and replied 17 times.

Post: Soon To Be Veteran

Post: Starting out !!

Post: Starting out !!

Post: Starting out !!

Post: Starting out !!

Post: Starting out !!

Post: Soon To Be Veteran