Posted by Donna on January 24, 2000 at 20:58:28:
I do hope you have looked into the “ins” and “outs” of the property management business, or have some experience with it. Buying a 4 unit building is a big step. Go for it, but be sure property management is what you want to do. You can hire a manager, but you still have to run the business. Good luck!
JUST RECEIVED VA CERTIFICATE OF ELIGIBILITY - Posted by K. LAFAVORS
Posted by K. LAFAVORS on January 24, 2000 at 19:51:44:
I just received my VA CERTIFICATE OF ELIGIBILITY and would
like to know what should be my first step to take in getting
involved in real estate investing. I would like to purchase
a four unit building since this is the limit placed on the
type of property you’re allowed to buy. Anyone ever been in
this situation or just able to help period. I would like to
say thanks in advance to any responses
Re: JUST RECEIVED VA CERTIFICATE OF ELIGIBILITY - Posted by Chris
Posted by Chris on January 27, 2000 at 02:49:39:
You may want to take a look around the VA web site to look at the fine print for the different pluses and weaknesses of your benefits that you are eligible to receive as a veteran. They have a lot of detail on the Certificate program.
-Chris
Re: JUST RECEIVED VA CERTIFICATE OF ELIGIBILITY - Posted by troy
Posted by troy on January 26, 2000 at 21:15:43:
As a VET the best thing you have is a NO MONEY DOWN transaction & have the seller pay most/all of your closing costs. Make sure you perform the necessary cashflow analysis to determine if you will make enough money on the rents to pay the mortgage, maint., etc. Good luck
My Plan For My Certificate… - Posted by Scott (AK)
Posted by Scott (AK) on January 25, 2000 at 19:52:02:
I am a vet who still has a certificate also.
What I decided to do is to learn to do real estate with some of the techniques here on the site. I will be actively looking for a home I can get into well below market and tie it up for a few years. I have learned how to gain control of houses for 4-6 yrs quite easily without my own money or using my VA benefits.
When i find the home I like that makes good business sense as a personal residence I’ll look at locking it up “Subject to” so I can gain the tax benefits, and look at using my VA benefits to buy a few years down the line.
Therefore walking into a home with built in equity and having the benefits of ownership well in advance of having to commit my entire livelyhood.
You may consider something along these lines yourself.
Hope this helps,
Scott (AK)
Re: JUST RECEIVED VA CERTIFICATE OF ELIGIBILITY - Posted by chris
Posted by chris on January 25, 2000 at 03:46:46:
The certificate will loosen the normal debt ratios by a few percentage points but if you use it at a bank to get a loan they will still screen you like anyone else.
So if you go to a bank and expect this certificate to open a lot of doors you may be surprised.
Good luck with your investing.
-Chris