Non-veterans can do this under FHA loan with 3.5% down
Ask your Realtor & Lender for info.
Do not let anyone talk you out of doing this as it is your biggest step to financial freedom thanks to Uncle Sam.
Details: VETERANS!! BUY a 4-PLEX, NO MONEY DOWN, LIVE IN ONE UNIT AND RENT OUT THE OTHER 3 UNITS TO PAY YOUR P.I.T.I. & UP KEEP SO YOU CAN LIVE FREE. Most veterans do not know this
Still have questions? We've got answers. Email us or give us a call.
THREE DIRECTIONS TO EARN $72K A YEAR IN INCOME
YOUR 1st PROPERTY SHOULD BE A 4-PLEX AS YOU LIVE IN ONE UNIT
3 - $380K 4-PLEX’S = $1.14M
5 - $200K SINGLE FAMILY HOUSES = $1M
12 - $85K CONDOS = $1.02M
SIMPLE RULES TO FOLLOW TO WEALTH
COMMIT TO YOUR GOALS
EDUCATE IN YOUR INTEREST AREA
TAKE ACTION NOW!!!!!
1. Find the property suitable for your needs. (SHOULD GET LENDER PRE-QUALIFIED PRIOR
KNOW HOW MUCH YOU CAN AFFORD)
2. Go to a lender and apply for the loan. (See below)
3. Present your discharge or separation papers relating to latest period of service and/or a Certificate o Eligibility.
4. Property is appraised by approved appraiser.
5. Estimate of property's reasonable value is determined.
6. If application is approved, you get the loan.
Veteran must intend to occupy one unit for at least 1 year
You should take a property management and business course or work for a property management co. to gain knowledge & experience prior to as the lender may ask if you do.
You should have a realtor who owns & manages small apartment rentals to help you find a reasonable purchase.
There are tax advantages that you can get that you would not get otherwise.
Colorado Springs has 5 military bases and are less expensive than in metro Denver.
Yes, but the total number of separate units cannot be more than four if one veteran is buying. If more than one veteran is buying, then one additional family unit may be added to the basic four for each veteran participating; thus, one veteran could buy four units; two veterans, six units; three veterans, seven units, etc.
In addition, if the veteran must depend on rental income from the property to qualify for the loan, the veteran must (a) show that he or she has the background or qualifications to be successful as a landlord, and (b) have enough cash reserves to make the loan payments for at least 6 months without help from the rental income.
For additional information about the VA Loan Guaranty Program, please visit website at: http://www.benefits.va.gov/homeloans