Posted by Brent_IL on June 17, 2003 at 22:07:17:
It sounds like a great plan.
You can’t get much better than 100% financing. I don’t know if the VA does draws on construction loans. Do they? When you get back check the comps and quality of the available duplexes. Then see if your Dad can build it for substantially less.
VA loan for Duplex… - Posted by jim jr
Posted by jim jr on June 17, 2003 at 20:02:20:
This is my first time posting to this forum. I usually post on the mobile home forum because I am in the process of developing some rural land for my first few deals. I am in the Air Force and I am currently in Turkey, and plan on getting out in the next few years. Regardless, here is the deal:
I plan on getting out of the Air Force in a few years and I am trying to figure out if I should use my VA loan. I will be back in the states for about a year before I leave again and go the Peace Corps for 2 years. I want to really get into REI. I am dealing some mobile home land/home packages for my first few transactions, and am doing that now from here.
What I would like to do is, go back to the states, use my VA loan to buy a duplex, live in it for a bit and rent the other unit out. Then I would like to rent the other uniboth units out while I am in the Peace Corps. Does this sound feasable or wise? I want to do a deal other than mobile homes before I go back over seas. Any suggestions? Would it be better to get one built, or purchase an older one? I know these are very generic questions; I apologize. Does this sound wise with me being over seas? My father would take care of everythig while I was away. He is a contractor and would do any kind of work I needed. I am still getting my feet wet. Feel free to shoot the idea down, or provide some advice. Thanks. --jim jr