Here is a pretty good article posted on Military.com that offers advice to Vets who may be interested in income earning properties. It’s worth a quick read and does a pretty good job of highlighting a few of the reasons why having a team like ours to help you in this process might be the right choice for you. The author also shares his experience and how the numbers worked for his deal.
In 2008 I used my VA loan to purchase a 3-family home in Massachusetts with 2 out of the 3 units rented out at $1,250 per unit for a total of $2,500 per month that I was collecting in rent. I moved into the 3rd unit and my monthly principle & interest, taxes, and insurance payment to the bank was approximately $2,700.
Through this arrangement I was able to own a home and only pay $200 ($2,700-$2,500) a month towards my monthly payment. This gave me the opportunity to have my tenants pay down my mortgage while I lived almost free in my home. Fast forward to 2012 and I now live in another home but still own the 3-family and have it fully rented out and clear over $1000 a month in rental income after accounting for my fixed expenses.”
Grant Moon
Shortcodes