What is going on everybody!I am George from All American Home Repair 1776. Our website is 1776homerepairs.com. That is my dog Hercules running around because he’s so happy about this video. Look i’m here to talk to you about the Va loan today the Va loan the veterans loan. When i first did my veterans loan a year ago I never thought that it would be really zero out of pocket zero down or I heard that it was zero out of pocket and zero down but um the thing is when you’re doing a Va loan you have to pay for the inspection you have to you know you have to put the earnest money down and what not even to get everything rolling. You will get that money back when you close on your house but when I did my Va loan I bought a duplex here in Spokane so We Buy Houses Spokane by the way. When I bought my duplex here in Spokane I had to do the earnest money, inspection money and then I also had to have six months of reserves set up and what do you mean by reserves? Right? Well, your reserves are money that’s saved up inside the bank. Just in case something bad happens like you lose a job or something like that or your tenant moves out. When banks do the Va loan anything over a single-family home they ask you to have six months of reserves ready for that house either a duplex, triplex, or quadplex. They will ask you for reserves so make sure that you have that money ready to go in order to show the underwriter what’s going on and that you have the money saved up. All right and the closing went pretty smoothly over here in Spokane and when we closed they actually wrote a check to me. They paid for the escrow money, they paid for the inspection and they also paid for the appraisal, I’m sorry you’re supposed to also pay for the appraisal they also pay for the appraisal and then and then I had extra money on top of that written wrote to me with the down payments for the duplex. So you got to put that money into another account and keep that money separated from all your other cash because what’s going to happen is when you move out or when one of your tenants moves out you’re gonna have tofix the things they damaged with money. Make sure its ready to go just in case there’s nothing to fix inside the house when they move out this is the law. Folks, you have to have that money at all times, DON’T spend it do not spend it just put it into another bank okay? Again the va loan is really really simple to use the the inspection the inspections are kind of brutal, but you can get through it, you know like there’s things like chipped paint or something like that or loose hand rails that you need that you need to be wary of, but those are easy fixes folks don’t let that deter you from using your Va Loan and I think that the Na loan now goes to $450,000 0000 and you can use it on multiple properties so if you have like two hundred thousand dollars on one property you can use 250 000 on another property or something like that. Okay so the Va Loan is a very very simple trick to buy your first home and I and implore everybody to go out and do that.
Once you use that Va loan you can actually use the Va loan again if you pay that other one-off. So this year I’m going to refinance my duplex and I am going to use once that refinance goes through and my new loan is in place on the duplex I now have freed up that Va loan for another property so what I’m going to do is I’m going to take that VA loan and I’m going to go put it on another duplex. You have to live inside your property that you use your VA loan on for at least a year. So what I’m going to do is I’m going to move out of here rent this place out and then I’m going to move into the next place on my VA loan, fix that one up and get that one rented out also and then rinse and repeat with that VA loan until I decide hey you know what I have whatever capital I need to buy the next property.
Again my name is George Anderson I work for All American Home Repair 1776. Our website is 1776homerepairs.com.
We buy houses in Spokane, We buy houses Spokane Wa. Give us a call 509-596-1182.
Hey, I look forward to talking to you. I look forward to helping you. I am only here to help people that’s all I want to do. My company motto is honor, courage, and commitment just like the Navy. I was a navy veteran or I am a navy veteran. Honor, courage, commitment is my thing so look I’m here to help you all out. If you have any questions give us a call or reach out to us let us know if we could you know even purchase your house we’ll talk to you later good luck in the future.