Is it a good or bad thing to invest in government repos? I read that most of the government departments that have repos wont finance you unless you occupy the home. I qulify for a VA loan and want to invest. I want to begin investing, but im trying to get as much education about real estate investing by reading books. Ive read a few from Russ Whitney, Robert Irwin etc. Im just a 22 yr. old trying to build a strong financial foundtion for my family and I. Thanks in advance for your response.
Do not feel ignorate for asking questions. I met a young guy once and he told me that Mr Hud was buying all kibds of property in his neighborhood and that he must be really rich. I did pretty good in the late 80’s buying duplexes from HUD and VA. we were buying two story duplexes for less that $30,000 and renting them for $800 total rent. Not too bad.
It would not be bad today to buy a HUD fix up property and live in it and fix it up and then sell it and do another right after that one. I do not know all the financing rules but you may be able to keep them as rentals too. You do not want to bid on hiuses that are fixed up nice and ready to live in because they tend to get bid up higher with more people bidding.
Just a few ideas. Thanks for reading and hope i helped a bit
Thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737
512-301-9171 home
512-587-6177 mobile
Thanks so much for your reply. It really helped alot. So are you an investor in the Austin area? I was thinking about investing around that area. I live in Texas City its like 45 mins from Houston. Anyway thanks again for your response.
Hello…
If you wish to use your VA benefit, you must live in the home. If your situation changes later on down the road, you can move out of the property and leave your VA loan in place.
Hi Matt thanks for response. So what do you mean if my situation changes? What type of situation? Ive been thinking about getting a first investment home using my VA loan, living in it for no more than a 2 years, fixing it up while im living in it, then renting it out. Do you think this is a good idea, just to start off on my first investment home? Im thinking about continuing the same process with a second home but will probably have to use other means of financing.
Hi bj,
Yeah, that should be fine. The VA does not allow you to purchase investment property with your benefit, but if you live in the property a short time then move due to unforeseen events, your fine…
It is a great way to get started. One warning though, the VA property inspection is TOUGH. If there is anything wrong with the property, it will have to be repaired and inspected before closing.
Thanks Matt for your response. Do you have a e-mail address i can reach you at. I would like to talk to you, cause i seen on the bottom of your post that your a lender from houston. I currently live in Texas City.
Heres mine address bjlongoria@yahoo.com Thank you.
bj,
Sure, my cell phone is 832-515-3164. Call anytime, I’m always working on something.
E-Mail mathewdavidson@hotmail.com
I look forward to hearing from you…