Good news all around, qualified for a 4 plex!
We got the best news we could get at the mortgage lender's today. We are qualified for the max allowed under the VA loan for a 4 plex!! We will be looking for 4 plexes to buy!
With the VA loan you get better terms than a standard loan so it makes sense to maximize what you can get out of it. In our case we can get a 4 plex and live rent free! Then after a year if we wanted to we could buy another property with a different type of loan using the rent from the 4 plex.
Our credit scores were fine and our debt to credit ratio is fine. Also, he was able to take off our car loan since it will be paid off in less than 10 months so it doesn't even count against us!!! That was a pleasant surprise.
I am glad we waited to buy and can now get a big enough place to maximize VA loan and the opportunities it gives us! No down payment, low interest rate and no mortgage insurance (what you have to pay if you have less than 20% down payment...which we could never afford on a big property).
So, we have a plan and off we go.
This will finally be our lucky break in life! Of course this would not be possible unless my husband served in the Marine Corps, so the thanks goes to him. He says it wouldn't happen without me figuring all of this out and doing the paperwork and keeping positive when times are tough and planning.
The downside is that I will not be able to put time into my website, but oh well. It will be there and I really don't have much choice now. I will still work on it from work when I can (just to write one post per week hopefully).
Thank you to all my WA friends for being so supportive and for your well wishes!
Jessica
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That is such good news for you Jessica blessings to you and your husband.You never know you may find the time to work on your sites.
Hi Jessica,
I'm so happy for you!!! God is so very good!!! I truly believe He worked everything out for you. I'm smiling so big right now, my face hurts!! That's okay, it's wonderful! I don't know what else to say other than...CONGRATULATIONS!!!
Have a great evening, take care my friend.
Mary
Congratulations, Jessica! That is very exciting. Also, please give your husband a big "thank you" hug for his service. Once you get everything sorted out, you'll be back to putting time into your website again. Wishing you the best of everything!
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congratulations--one of the best investments is in property and creates financial wealth growth over a period of time along with blue chip stocks like IBM and Coke because when the stocks split your income goes up.
That's why those seminars for buying property for no money down became very popular---started by Robert Allen and others got on the bandwagon---the seminar leaders were the one's making money here because there's no secret to it
Follow Mark Ford and the Palm Beach newsletter he's a good resource on creating financial wealth---he started the newsletter Early to Rise under the name Michael Masterson
Thank you for the tips. We are lucky. The mortgage lender has a local lending business here so we aren't dealing with a big bank. He refinanced Mom's tri-plex and he knows her. His partner is a realtor who we are now working with as well. They are both part of a real estate investment group they run here where they buy up good investment properties. They have properties that aren't even listed that we can look at! We are getting the inside track!
They have explained that we can get a 4 plex, with the VA loan, then in a year or two we could get a duplex and live in that while renting out all 4 units in the 4 plex and the 2nd unit in the duplex. Then a few years later we could do it again or get a single family house and have it paid for by the rent from the others. All focused on long term rents and not selling the properties.
There are no get rich quick ways out there and you have to think long term on anything you do---those seminars became popular when corporations started cutting back on their middle and upper management positions and all those people who lost their jobs with the corporations were looking for a way to make up what they lost by flipping houses---that's what caused the mortgage collapse back in the latter part of the 20th Century--early 21st Century and inflated property prices.