Hi, I’m new to the forum trying to learn the in’s and outs of REI. I’m active Military and I’m really looking forward to purchasing my first property. I’ve read alot of the topics on this site andt think there is really great information here. Can’t wait to put up my first my deal. 8)
Welcome to the club!
You’ll learn everything you need to know on these boards and from the articles provided.
Everyone is really helpful to explain things you might not understand. There is a lot to learn but don’t try to learn it all at once.
Even the pros admit they keep reading and learning almost everyday.
Its an ongoing process.
Good luck!
Do you think purchasing the carlton sheets program is a good idea? I’m currently in the military and i was going to apply for a VA loan to try and purchase my first house. My aunt is selling her three bdr house in NC for about 165k and i was thinking this would be a great chance for me to get my feet wet becaues my Uncle said he would pay for the closing. The thing is that Va loans are at a fixed rate of 6% and i dont know how long i would have to hold onto the property. Any advice would help thanks in advance ;D Do you think i could get any money back at closing i hear people always talking about that?
Can you get a VA loan for a property you won’t be living in? Or will you be living in this one?
NO. You have to live in the property you own if financed using VA, and you can only have one VA lone out at one time. I actually have a lot of questions regarding this issue. I plan on buying my first property at the beginning of next year. i plan on living in this property but am not sure if I can use the VA if I plan on renting out a room or two since I am planning on claiming income to produce some cash flow in the property which will allow me to eventually move out buying my second property.
Does anyone know anything about VA loans?
Scott
I was going to send my wife and kids there while i finish school. So i can have someone live in it for atleast 6 mths to a yr? I think that should cover that plus the army gives you money for rent.
No! Don’t waste your money on Carlton.
Are you familiar with the term “arms length transaction”? Buying from relatives can be an issue to certain underwriters. Also, now a days, there are many different loans available similar to VA. A VA loan might not be the best option for you. Consult a professional. Also remember, VA loans are similar to FHA loans in that the property must be in good livable condition and past a VA appraisal.