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View Full Version : VA home loan. you can retire on it, if you go at it right



gettit
06-22-2015, 07:01 PM
no 20% down payment is required, no 6k of closing costs. If you have even half that much money, you can fix up a clunker, well enough to move some tenants into SOME rooms. let them work off their rent ($100 per week) by doing a lot of the scut-work of the rest of the cleanup. Presto, 60k house is worth 100k in less than a year. Has 20 guys renting your rooms, with a waiting list. You make them sign a "sober living" contract, which basically lets you evict them at will. Need massive levels of liability insurance, and you have to pick the brains of lenders, contractors, building inspectors, appraisers, insurance guys. About $100 and one hour with each, 2x at most, and you'll learn what you need to know! You have to be 'employed" to get a VA loan, but that can be arranged, thru a buddy.

You can get 23k of school loans in one year, if you go at it right, and the 5k of grants that you can get will cover the actual expenses of the school. If you wish, you need only work at it about 800 hours that year, but if you don't spend about 2x that much time at it, you'll cut yoursel off from the 15k of grants and 40-50k of loans that you could have had. If you maintain a 3.25 GPA, half time, they'll give you 2k per year addtitonal loans, and double that for full time, called a TEACH loan.

Your city offers FREE GED classes, for the asking/attending. So you CAN qualify for that student loan. With a "dumb" computer and Wifi in each "room" (screen for privacy, 2 man rooms, lockers for valuables, free access to washer/dryer microwave, sink, their own little fridge (with a padlock on it), cable tv (chained down to the room) AC, heat, etc, you damned BETCHA you can keep full occupancy at $100 per week ($50 deposit to move in).

Once you've run the place for a year, you can move up one of your long-term (reliable) tee-totaler tenants to "manager', pay him $100 a week and give him a free room. Then you don't have to live with the bums any more, and you're free to do up ANOTHER such income producting buiiding. VA doesn't care what you do with the building at that point, Banks are happy to lend to you on a VA deal, since VA guarantees that they will be paid.

Captain Obvious
06-28-2015, 08:34 PM
But does it puree?

Common
06-28-2015, 08:56 PM
I dont know if VA loans have changed and they probably have since I took one.

You could not get a VA loan on any rental property, you had to reside in the home with the loan.
The VA guaranteed your loan to the lender, meaning if you defaulted they paid that in turn took any risk from the lender that they would pass on to you. VA loans were traditionally 1/2 % below the going mortgage rate and closing costs were waived by the lender but you still had to pay any other closing costs.
The VA would also inspect the home for flaws and defects and appraise it free.

Like I said I dont know if thats changed its been alot of years.