![real-estate-title[1].jpg](https://i.imgur.com/gkj3exl.jpg "real-estate-title[1].jpg")
Thinking about taking an investment risk associated with purchasing some real estate with the intentions of rent out. A little backstory, I live in the dorms at an air force base in Florida. Someone that also lives in the dorms that I'm pretty good friends with just got married to a civilian who will be joining the air force in a couple of months. I was just looking at some property in the area and randomly this person that just got married knocked on my door, came in and saw that I was looking at houses/property in the area and asked what I was doing looking at that. I explained I'm looking for some houses I could buy and rent out to people, he said that if I got a house he would rent it out from me. To me this sounds like the dream, I have someone that more or less will rent from me, all I need is a house that they agree on living in. I have no problem taking the risk associated with buying the house considering that I know they will be living in it / renting it for the next couple of years, and I will do my research to make sure the house I do end up buying isn't a shitter and a money dump. I'm going to contact a realtor tomorrow and explain the situation. The question I come here to ask is, I only have 1,000 saved right now, and by the time it'll be time for them to move into a house (6 months) I'll have around 5-6k saved. Do you think I have enough money for financing? or should I just wait for another opportunity? The area is Panama City/ Panama City Beach if anyone is wondering.
>>1104987
damn nigger, why write out all that shit when only the last 3 lines have anything useful in them?
1k is nothing as far as property goes even if you live in bum fuck nowhere. also the less you put down, the higher your monthly payments, and on top of that if you don't put down 20% you have to pay PMI. what this translates to is that your profit from the property will take a hit. it's pretty obvious that you did zero research, so i'm not going to go any further other than telling you not to get conned by whatever broker you contact. they don't give a shit about getting you the best deal, but rather about selling the most expensive property as fast as they can.
>The median sales price for homes in Panama City Beach for Sep 17 to Dec 16 was $193,000
You should be aiming for 20% down, not 2.5%.
>>1105011
Yeah I was looking more in the panama city area just north, northwest of Tyndall. The house around there 40k+, my friend got a foreclosed house for 25 and is now selling it for 100. I don't have the fucking downs, I know that I'm not going into it with a lot of money. I was just wondering if I should just take the opportunity with more or less a guaranteed renter or just wait until I save more.
Hey faggots,
Its call leveraging and he's taking advantage of his military status to get a VA loan. Which could be 0 down. I know its fucking insane to get a loan with 0 money down but if you want one, please see your local amry offices.
Be wary of RE agents, they really don't give a fuck about you. So make sure to get good referrals or at least try to see if they're a decent human being.
>>1105018
I was hoping I could get the VA home loan, but it looks like I can't use it for that purpose. "The idea of buying a building intended as a rental property is sound-but VA mortgages aren't intended for this purpose. If you buy a home with a VA home loan, you must certify that you intend to "personally" live in the house. There are naturally exceptions made for houses that are in the building stages when the sale is made, but the general rule is you must occupy the house within sixty days of the loan closing.
The occupancy requirement applies to all VA guaranteed loans except one; the Interest Rate Reduction Refinancing Loan or IRRRL. For these loans, the veteran is required to certify that the dwelling was previously occupied as the home." Except for the IRRRL, which I have to look more into
>>1105022
you can "live there" and have your renters pay you in cash, that's really the only way to avoid that.
I can "live" at a house and spend my free time (24x6 hours + 23hours and 59 minutes a week) in my barracks room.
if you're making payments nobody is gonna be snooping around, but likewise you won't be able to get any paperwork to force these people to adhere to any standards etc, but you can also kick them out whenever you want.
its better to do this and rent to family. there isnt a hall monitor that comes around checking to see if youre home, but you have to do it all off the books.
