8 February 2012, 3:54 pm
So me and my wife were kicking around this idea the other day, let me lay it out for you and tell me if you find any problems with it. Ok so i will be using the VA home loan to buy a duplex for $80,000. We will live in one half of it and rent out the other half. All of the money we get from the renters we will put into the morgage. In addition to the renters money going into the morgage we will be putting my disability into the morgage as well. I get $1,380 a month in disability. We figure we can pay off the morgage in under 4 years. Crazy i know., anyways after we pay it off we are going to buy a second duplex and repeat the process using the equity from the first house to finance a nicer second duplex. After we get the second duplex payed off we are going to move to costa rica and retire early and live off the disability and income from the two duplex propertys. Kind of a lot for yahoo questions i know but just wanted to see what other people think of this idea and any potential problems with this. Thank you. Just to clarify, the bank pre-approved us for $80,000 based off of my VA disability, Of course I am going to try and talk down the price on what ever we ended up putting a offer on. This is not taking into account money from renters or money me or my wife gets from working. The area in question is Minneapolis, oh and if and when we move out of area we will higher someone to manage the units.... Read More »
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