All Forum Posts by: Wil Andrew

I plan on being there.  I will email for the invite.

Sounds great @Steve Allen.  I have been putting offers out but always have time to improve my systems.  

As I currently have not done a "Real Flip" and have only bought and held or accidentally made money on a property I purchased and resold 3 years later I would definitely appreciate some direction as I work to build a wholesaling business.  

Knowing what some realistic numbers are rather than the Guru fodder and hype that is so common among inexperienced (myself included) investors will be invaluable.

There is no actual requirement for time you have to live in the property. The way that the loan documents are awarded is that you have to INTEND to occupy the property.   That being said don't "intent" to occupy the property and never move in without a viable reason why. I'm pretty sure that bad things can happen if you try to Defraud a mortgage company.

 Just keep in mind that shouldn't go to court they will have to prove intent beyond a reasonable doubt. 

To keep it simple and just move into the property and then start looking for your next deal. If you have to move that's OK. If you stay there for however long that's OK cause now you're living rent free or close to it.

Welcome Chris,

I live in Caldwell Idaho about 30 minutes the opposite side of Boise from you.

As someone who has purchased a Multifamily using a VA loan, I can tell you it is possible. Honestly having purchased 3 other homes, (townhouse using a VA like loan but through a military bank, a condo using a VA loan, a streamlined Refi on the same condo, and a seller financed home) using a VA backed loan to purchase a multi really isn't any more painful than a single family (except the inspection and appraisal may cost a bit more). When I did my multi with the VA I did it through USAA. However, I do not know if they still do them. The trick is finding a lender or underwriter at a bank that is willing to do a multifamily as a residential. I only had to call 2 banks. Navy Federal Credit union and USAA. Navy federal at the time had some internal requirements from my understanding that prevented them lending on multi-families and this may have changed since then.

If you use a VA loan to purchase you have to INTEND to occupy the property. Also as of right now you can only purchase up to a 4 unit building using these programs. But, with the way the programs work (from my understanding) is there are some calculations that would allow you to purchase more than one property assuming that you have VA entitlement remaining.

The amount of entitlement for 2017 has just risen to $424,000 from $417,000 in the past few years.  For instance, If you purchase a property for $200 K  you would potentially have $224 K entitlement remaining of what is referred to as bonus entitlement to use towards the purchase of a future home. 

But, Be advised that there may be requirements for moving so far from your first multi to purchase another.

It is also a good a idea to have even a small down payment as it may reduce or remove the funding fee associated with a VA backed Loan. I dont remember exactly what it was but it was a relitively small amount. There also use to be (about 2-3 years ago) a higher funding fee associated with subsequent VA backed purchases.

All in all though, I dont know why more vets dont use this like this.  It is the government giving every veteran a chance to become truly wealthy without any real amount of money out of pocket.

I would do it again, but I dont think I can convince my wife of living in another attached home.

Please keep in mind that this is just my own meandering experience from what I can remember and I do not endorse or promote any company herein.

I understand that a quit claim will not release the homeowner from their debt obiligations with the original lender.  I guess I was not clear with my question.  Would the QCD allow me to assume whatever rights they still had with the property (assuming there  are any) such as repurchasing for the default amount plus fees ect...

My wife and I will be attending.

This is my first post.  I am in Caldwell ID.  I have 4 rentals in my portfolio right now.

I found out about a vacant house in my neighborhood that I literally drive by everyday (It has been vacant for 8-9 months).  When I went to investigate and get a house number it turns out that there was a Fannie Mae notice to the homeowner that the home is now owned by Fannie.  The notice was posted yesterday and has a 10 day window before an agent will list the property (according to the flyer on the door).  As near as I can tell the homeowner purchased the home in 2006 when it was new. 

Every deal i have done to this point has been directly off the MLS and I have zero experience with finding off market deals and not sure what direction to go with this if there even is one.

So to my put a finer point on my question, is there a possibility of pursing this further as the notice said the homeowner may be able to repurchase the home before it is listed.  Would a Quit Claim Deed give me the homeowners rights in the instance?  

Just a guy looking for some direction.

HELP??!?!?!?!?!