Real Estate Investing – Where To Begin – Are VA Loans Good?
Today on Limitless TV, we’ve got more real estate questions and we’ve got more real estate answers. I am wondering how well things apply internationally, like here in Europe? Marcus, excellent question. A lot more people are asking this and right now some of the principles are going to apply internationally but the reality is, I don’t really know your market out there, I don’t know a lot of the different laws, so I know my territory super well, I can’t tell you that we have people internationally coming in, partnering and doing real estate here in the States and that is a possibility if any of you have money, that’s an excellent great way to go. You know, US it’s thirty to fifty thousand dollars for down payments to be able to get into the right kind of properties, if you wanted buy two or three homes you might need a hundred thousand dollars. If it’s less than that, I would do more research on how to do it in your backyard, in your part of the world and then and do your best that you can with it. Okay, this next question comes from lat Polly mapped Travy. “How many homes did you have within your first four years?” So I had 25 homes, my first technical year actually, was fourteen months of building up my finances and credit and saving a little bit of money that I could buy my first house but from the time I bought my first house it was about a year till I bought my second and my second year, I bought a couple more in my third year, I bought half a dozen and by my fourth year, I had gotten up to twenty five homes. Jonathan Fuentes asks a really good question he says, right now he’s got one year of taxes reported, he’s getting ready this next year to jump into real estate but he’s got family members that are telling me should buy a $20,000 car so that he can show responsibility to the bank on paying on that loan. Jonathan, do not buy the car. If the purpose and the advice that you’re receiving is all about building up your credit, it would be far better to take on a small liability of a credit card with a $500 limit, a $1,000 limit and then just use it and pay it off every month. I don’t want you to keep a balance, I just want you to have a history of showing that you can use it and responsibly pay it off. That will build your credit certainly just as well as the car but you’re gonna have less liability when it comes to your debt to income ratio, when it comes time to qualify you’ll have more buying power the less liability you have. So I do that a little different than the advice that you’re getting. Okay, last one comes from Catch Up Man. He says, “Is it better to take out a home loan through military because of the lower interest rate?” Catch Up Man, absolutely! I love that our veterans get to come back and they get these VA loans because they’re hot! You got really low interest rates, they’re way easy to qualify for but I got one caution, investment properties, sometimes the VA will let you in with putting less down. My personal rule is 20% down in investment properties whether it’s my money or someone else’s. Great question. Thank you for your wonderful questions today, keep on asking them and we’ll keep giving you the answers you’re looking for and remember to subscribe so that we can keep educating you on everything real estate and lifestyle.