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#22 VA Loans Explained for Multifamily Properties (Phoebe Tudorof) · Own More Doors

• 0:00
  SPEAKER_01: What's up everyone?
• 0:00
  SPEAKER_01: Juan Weezar here with the Own More Doors podcast.
• 0:03
  SPEAKER_01: This specific episode was first shared on our YouTube channel, Sage Real Estate.
• 0:08
  SPEAKER_01: Check it out.
• 0:08
  SPEAKER_01: And we're excited to bring it to you here.
• 0:11
  SPEAKER_01: We hope you enjoy the interview.
• 0:13
  SPEAKER_01: If you're currently active duty or someone who has served in our military, this video is for you.
• 0:18
  SPEAKER_01: We're going to highlight the A through Z how you could use your VA loan to buy your first multifamily investment.
• 0:26
  SPEAKER_01: Hey everyone, it's Juana Wizar, president of Sage Real Estate, and I'm sitting down with Phoebe Tutoro, president of Sage Trust Mortgage.
• 0:34
  SPEAKER_01: And so we have our in-house lending team.
• 0:37
  SPEAKER_01: We created this in the purpose of trying to streamline the loan process.
• 0:42
  SPEAKER_01: And so today we're going to be talking about how to use your VA loan to buy your first multifamily property.
• 0:49
  SPEAKER_01: So, Phoebe, let's get right into it.
• 0:51
  SPEAKER_01: So it's a very interesting thing that people reach out to me all the time and they're like, Juan, I want to buy my first property, but I want to buy it with 0% down.
• 0:59
  SPEAKER_01: And I used to say that's impossible.
• 1:01
  SPEAKER_01: You can't buy property with 0% down.
• 1:04
  SPEAKER_01: But I'm actually wrong.
• 1:06
  SPEAKER_01: You can buy property if you have actively served in the military.
• 1:12
  SPEAKER_00: Correct.
• 1:13
  SPEAKER_01: Okay, so talk to us about the VA program.
• 1:17
  SPEAKER_01: Um, I know that a lot of veterans understand that they could use it for a single family home.
• 1:21
  SPEAKER_01: Like that's the that's the narrative that's pushed, and that's 100% true.
• 1:26
  SPEAKER_01: What we've done is teach veterans to say, well, did you know that you could buy a duplex?
• 1:33
  SPEAKER_01: Did you know that you could buy a triplex?
• 1:35
  SPEAKER_01: Did you know you could buy a four-plex?
• 1:37
  SPEAKER_01: And if you're wondering, you can't buy more than a four, but but you could go up to four units utilizing your VA loan.
• 1:44
  SPEAKER_01: Talk to us about the the VA process, uh, why it was created, who it benefits.
• 1:51
  SPEAKER_01: Let's start there.
• 1:52
  SPEAKER_00: Okay.
• 1:53
  SPEAKER_00: Um, VA home loans were created in 1944 by the Veterans Administration, and it was initially um a part of the GI Bill that was created.
• 2:07
  SPEAKER_00: And um, it is for active duty service members, um, including reservists, National Guard as well, and it's also um created for veterans.
• 2:19
  SPEAKER_00: So uh veterans who are separated from service are also eligible for VA loans.
• 2:26
  SPEAKER_00: And um what they're eligible for actually depends on when they served and what branch of the military they served in.
• 2:35
  SPEAKER_01: One of the things I love since we launched our our very first video on how to buy your first multifamily is that we had this tremendous amount of comments and feedback, over 200 comments on our first video.
• 2:49
  SPEAKER_01: And a lot of veterans said, we love the video, didn't know we could get into units, how can I get started?
• 2:55
  SPEAKER_01: And since then, we've been able to help over a dozen veterans go off and either buy something in Southern California where we were directly able to help them or refer them to our nationwide affiliates.
• 3:06
  SPEAKER_01: And so I love that we were able to make a little bit of difference.
• 3:10
  SPEAKER_01: And of course, we're just getting started.
• 3:12
  SPEAKER_01: So this video is to tell you of any new changes that are that are gonna be happening.
• 3:16
  SPEAKER_01: And for someone who may have missed the first video, we're gonna give you all the information here.
• 3:20
  SPEAKER_01: So from the very basic steps to all the detailed stuff you need to know.
• 3:24
  SPEAKER_01: Phoebe, so a veteran's watching this and they're gonna say, How can I know if I qualify?
• 3:32
  SPEAKER_01: What does my credit have to be?
• 3:33
  SPEAKER_01: Do I need a down payment?
• 3:35
  SPEAKER_01: Like, tell us all of that type of stuff that someone would have to know.
• 3:38
  SPEAKER_00: So the VA loan is designed for the veteran.
• 3:41
  SPEAKER_00: You do not need to have perfect credit.
• 3:44
  SPEAKER_00: Um, you do, however, need to be eligible.
• 3:47
  SPEAKER_00: And the first step to take to see if you are eligible is to request a copy of your certificate of eligibility from the veterans administration.
• 3:56
  SPEAKER_00: They're available to be requested online.
• 3:59
  SPEAKER_00: Um, we can put a link below down in the comments, and you can click on that link and request your own certificate of eligibility to see what you are actually eligible for.
• 4:09
  SPEAKER_00: You just need some personal information and a copy of your discharge papers, or if you're active duty, there is other information needed to be input into the link.
• 4:21
  SPEAKER_00: Once you get the certificate of eligibility, we can go ahead and do a normal pre-qualification with your income and your assets to see what you actually qualify for with a VA loan.
• 4:34
  SPEAKER_01: One of the questions we get is will the income from the either one or three additional units will that help them qualify for more?
• 4:45
  SPEAKER_00: Of course, of course.
• 4:46
  SPEAKER_00: So uh VA home loans are um excuse me, designed for a owner-occupied property.
• 4:55
  SPEAKER_00: However, if you purchased units, the the rental income from the other units can be used in your qualifying income to purchase and possibly buy a purchase, uh, a property that is more expensive or a higher price than, say, a single family residence or a condominium.
• 5:13
  SPEAKER_01: And so let me give you guys an example.
• 5:14
  SPEAKER_01: For anyone watching this video, in the city of Long Beach, the the average four-plex price is right under$1.4 million.
• 5:22
  SPEAKER_01: Okay, that's the average.
• 5:23
  SPEAKER_01: Obviously, there's there's lesser values and there's much, much higher values.
• 5:27
  SPEAKER_01: But about 12 months ago, we were able to help one of our clients, veteran, who reached out to us and they bought a property$1.5 million, and they were able to buy that without putting any money down.
• 5:42
  SPEAKER_01: And it was the additional units and the person's income that allowed him to qualify for all the way up to 1.5.
• 5:48
  SPEAKER_01: Because I know a lot of folks will say, Well, how much can I qualify?
• 5:52
  SPEAKER_01: Now, the VA is going to give you a certain amount, but every specific property, depending on the income and depending what it's bringing in, is going to determine if we can bump that value up.
• 6:01
  SPEAKER_00: Correct.
• 6:01
  SPEAKER_00: The Veterans Administration does set loan limits typically for LA County, Los Angeles County, the loan limit for four units is going to be a million three ninety-six eight hundred.
• 6:13
  SPEAKER_00: However, there are exceptions with lending all the way up to two million dollars on what is called a VA jumble loan.
• 6:20
  SPEAKER_00: And those are based on the veteran's entitlement and eligibility, and we could discuss that more in depth based on your situation or your scenario.
• 6:32
  SPEAKER_01: Phoebe, one of the questions we get from a lot of the veterans who reach out to us is Um, I want to utilize this.
• 6:39
  SPEAKER_01: I love this concept of buying multi-unit.
• 6:42
  SPEAKER_01: How long do I have to live there?
• 6:46
  SPEAKER_00: VA loans are designed for the owner-occupied borrower owner.
• 6:51
  SPEAKER_00: So the Veterans Administration wants you to live in the property the entire life of the loan or as long as you own it.
• 6:57
  SPEAKER_00: There is an exception where you can have two VA loans at the same time, but those are designed for active duty members who receive orders to move to a different location or a different base.
• 7:09
  SPEAKER_00: And then there's the opportunity of having two VA loans where you're only occupying one of them, and obviously it would be the one that you move to and you know purchased secondary.
• 7:25
  SPEAKER_01: Got it.
• 7:26
  SPEAKER_01: One of the things that I really want uh you all to know is when when we get the call from someone who says, I want to buy a four-unit building using FHA.
• 7:37
  SPEAKER_01: Again, that's an another program.
• 7:39
  SPEAKER_01: The biggest issue that we have in Southern California because the prices are so high, is that we are unable to meet, in most cases, the self-sufficiency test.
• 7:47
  SPEAKER_01: So, right now, what I want to describe is is how the VA loan is different when it comes to call it a three and four unit specifically, is is one, the VA loan does not require the self-sufficiency test.
• 8:00
  SPEAKER_00: Correct, it does not.
• 8:01
  SPEAKER_01: And so that is this huge benefit.
• 8:04
  SPEAKER_01: This huge benefit.
• 8:05
  SPEAKER_01: Talk to us about the other benefits that come along with utilizing your VA loan.
• 8:11
  SPEAKER_00: Um, so um VA loans typically have better interest rates than standard conforming loans.
• 8:18
  SPEAKER_00: Um, they're pretty consistent with FHA mortgage loans.
• 8:22
  SPEAKER_00: However, they don't have monthly mortgage insurance like FHA loans do, so the payments tend to be quite less than an FHA loan.
• 8:32
  SPEAKER_00: Um and they can be used for three and four unit properties without the property also qualifying with the self-sufficiency test like FHA loans do.
• 8:43
  SPEAKER_01: Phoebe, I know that you currently have a son who's serving.
• 8:46
  SPEAKER_00: Yes.
• 8:47
  SPEAKER_01: Talk to us a little bit about that because he's he'd be a perfect candidate for a four-unit building.
• 8:51
  SPEAKER_00: Yep, yep, and he's eligible.
• 8:53
  SPEAKER_00: Um, so to be eligible for a VA loan, if you're on active duty, you need to have served at least 90 days of consecutive service without a break.
• 9:02
  SPEAKER_00: If you're a veteran, it depends on when you served and what branch of the military you served in.
• 9:08
  SPEAKER_00: So my son has uh been in the Air Force for three years.
• 9:12
  SPEAKER_00: He's an officer.
• 9:13
  SPEAKER_00: He's stationed over in Luke Air Force Base in Arizona, and we've had several conversations about what he's going to do with his VA loan when he's ready to purchase a property.
• 9:23
  SPEAKER_01: Phoebe, one of the additional benefits that I see is, you know, from the outside looking in, I'm like, okay, if if you if you served 0% down, the interest rate is better.
• 9:36
  SPEAKER_01: And in most cases, and in fact, we just did this with um um one of the clients that we were fortunate enough to s to help, they bought a million-dollar triplex, million-dollar triplex, and we were so he bought it with zero down, so not one dollar out of his pocket.
• 9:52
  SPEAKER_01: We were able to to uh negotiate on his behalf a$20,000 credit paying for all the lending fees.
• 10:00
  SPEAKER_01: So typically, if you go get a loan, yes, so just so you know, just when we say zero percent down, it's zero percent down towards the down payment.
• 10:08
  SPEAKER_01: Are there fees associated with getting the loan?
• 10:11
  SPEAKER_01: 100% that there are.
• 10:12
  SPEAKER_01: Okay, and in this case, they were somewhat close to$20,000.
• 10:16
  SPEAKER_01: Um, because in the world of lending, you are able to what they say buy down the interest rate.
• 10:23
  SPEAKER_01: So I'm just gonna give some rough numbers.
• 10:25
  SPEAKER_01: It's possible that if you're being quoted an interest rate of 6.75, that you're paying a little extra to drop that down, right?
• 10:34
  SPEAKER_01: Well, what we were doing is we were negotiating on behalf of our client, we got$20,000 back, it paid for all the fees, and it brought his interest rate down.
• 10:42
  SPEAKER_01: So this is a person who's super happy.
• 10:44
  SPEAKER_01: And the reason why this is special is that no one else has this option.
• 10:48
  SPEAKER_01: No one else can go buy that triplex with 0% down unless if they've served.
• 10:53
  SPEAKER_01: So anyone who has served, and whether you're looking at buying a single family home, which we certainly believe is the way that you should you should go, or alternatively, if you're someone that could live with having tenants nearby or on your parcel, it's a no-brainer.
• 11:09
  SPEAKER_01: You have to have to do it.
• 11:10
  SPEAKER_01: And by the way, just one other thing doesn't cost you anything to find out.
• 11:16
  SPEAKER_01: A lot of times, people, and not just veterans, but just in general, people wonder like, will I qualify?
• 11:22
  SPEAKER_01: Can I qualify?
• 11:24
  SPEAKER_01: What if?
• 11:24
  SPEAKER_01: I I wish I knew.
• 11:26
  SPEAKER_01: It doesn't cost you a dime.
• 11:27
  SPEAKER_01: Reach out to us, uh, reach out to Phoebe, we'll we'll tell you.
• 11:31
  SPEAKER_01: I well, if it's in California, definitely reach out to Phoebe.
• 11:34
  SPEAKER_01: If it's out of state, we'll have to refer you to somebody else.
• 11:36
  SPEAKER_01: But we could you could find out what you can qualify for, right?
• 11:40
  SPEAKER_01: Because knowing all once we know that, then we could start putting the necessary steps in place to get you into your first investment property.
• 11:48
  SPEAKER_01: In the past, it's been really unfortunate.
• 11:50
  SPEAKER_01: It's um a lot of realtors don't understand the VA loan process and they feel like it takes longer.
• 11:58
  SPEAKER_01: Phoebe, talk to us.
• 11:59
  SPEAKER_01: Does it take longer to get a VA loan?
• 12:01
  SPEAKER_00: It is it is a misconception that VA loans take any longer or are more difficult to obtain.
• 12:08
  SPEAKER_00: They in fact are um quite easy.
• 12:11
  SPEAKER_00: Once a veteran is eligible, as determined by their certificate of eligibility, the only requirements are the same as a regular conventional or FHA loan where you get an appraisal, you get approved for the loan, and you close the loan.
• 12:26
  SPEAKER_00: VA loans can be closed in as soon as 14 days.
• 12:30
  SPEAKER_00: Um, most are taking about 21 days to 28 days just because of the turn times of all of the inspections and the required items that go on with it.
• 12:41
  SPEAKER_00: But they don't take any additional documentation and they don't take any longer than any other type of loan that a borrower may be eligible for to purchase a property.
• 12:50
  SPEAKER_01: Yeah, and that's important to know.
• 12:51
  SPEAKER_01: And so oftentimes, because now we're as a brokerage, we we are representing a lot of veterans.
• 12:57
  SPEAKER_01: We're having to reach out to the agents and saying, we're gonna bring you an offer and it's a VA loan.
• 13:02
  SPEAKER_01: And most times we hear like, oh God, it's gonna be difficult.
• 13:05
  SPEAKER_01: Then we need to educate them.
• 13:07
  SPEAKER_01: We need to educate that realtor to say that's not the case.
• 13:10
  SPEAKER_01: The interest rates um are actually lower, it's not harder for them.
• 13:14
  SPEAKER_01: Sometimes that they're almost looking at it as if um it's gonna be difficult for them to get the loan, it's gonna be a longer loan.
• 13:20
  SPEAKER_01: Sometimes realtors have the misconception, Phoebe, and I want you to talk about this that the appraisal process is different.
• 13:27
  SPEAKER_00: Um it's it's not it's a little bit different on how it's ordered and who performs the appraisal, but as far as the the turnaround times and what goes into the appraisal, it's exactly the same.
• 13:38
  SPEAKER_00: So the Veterans Administration has their own approved appraisers.
• 13:43
  SPEAKER_00: Um, the order is put in through an online system.
• 13:46
  SPEAKER_00: It's immediately given to an eligible VA appraiser in the area.
• 13:51
  SPEAKER_00: Those appraisers are required to communicate with the contact to inspect the property within a certain amount of time, and they actually have about seven or less days after they've inspected the property to produce the actual appraisal report.
• 14:07
  SPEAKER_00: It's not any more difficult.
• 14:09
  SPEAKER_00: Um it's just uh it's done directly through the Veterans Administration versus a third-party appraiser.
• 14:16
  SPEAKER_01: What I've seen right now, for anyone who's been watching our channel, you know, I do a lot of market updates.
• 14:22
  SPEAKER_01: And so what I'm seeing here is Southern California, multifamily properties are, I would say that the market has slowed down.
• 14:30
  SPEAKER_01: So we know there's less sales, it's taking longer to sell.
• 14:35
  SPEAKER_01: And the reason I'm telling you this, this is the perfect time that the door has been opened.
• 14:40
  SPEAKER_01: So in the past, where you know, five years ago, three years ago, four years ago, if I brought someone an offer with the with the with financing from from a VA lender, and they were sitting on 10 offers, this is not me doing this.
• 14:57
  SPEAKER_01: But a realtor is gonna look at that and say, you know what, I want someone who's putting more down.
• 15:02
  SPEAKER_01: I want the cash offer.
• 15:03
  SPEAKER_01: And the the VA uh offer did not stand much of a chance.
• 15:08
  SPEAKER_01: It did it.
• 15:09
  SPEAKER_01: Now, that's not my doing.
• 15:10
  SPEAKER_01: I'm just telling you what is very true and what's happening.
• 15:14
  SPEAKER_01: Now, in today's market where there may be zero offers or one to two, it is much, much easier for my team to get that VA offer accepted.
• 15:24
  SPEAKER_01: So much easier now because there's less competition.
• 15:27
  SPEAKER_01: So if you're sitting at home and you might be thinking, I want to buy, but everyone keeps talking, don't buy because interest rates are high.
• 15:35
  SPEAKER_01: What do you say to that?
• 15:37
  SPEAKER_00: What do I say to that?
• 15:38
  SPEAKER_00: Um, interest rates are high, but if you're gonna wait until interest rates drop, what's gonna happen is a million more people are gonna come into the market that qualify for the same loan amount that you do now because the rates are lower.
• 15:53
  SPEAKER_00: And what that's gonna do is bring more competition, um, more borrowers that can buy the same property and drive prices higher.
• 16:04
  SPEAKER_00: So we've been advising people if you can afford the payment now to get into the property.
• 16:12
  SPEAKER_00: And when interest rates come down, you can refinance and take advantage of that lower interest rate.
• 16:16
  SPEAKER_00: But when you purchase the property, you weren't competing with 30 offers, you weren't competing with um, you know, highest and best, and um removing all contingencies, you know, from day one.
• 16:31
  SPEAKER_00: You you're represented as as a stronger borrower from the get-go and you're able to get into the property.
• 16:37
  SPEAKER_00: Yes, a little bit higher of an interest rate, but rates will come down.
• 16:40
  SPEAKER_00: And when they do, you can refinance.
• 16:43
  SPEAKER_01: And those are really important things.
• 16:44
  SPEAKER_01: When I when I say the door's open, the door is open for a bunch of different things.
• 16:48
  SPEAKER_01: Because for for me to say that we can negotiate the price, that wasn't heard of several years ago.
• 16:53
  SPEAKER_01: Negotiate the price, not in a seller's market, but I want you to know this.
• 16:57
  SPEAKER_01: It goes from a seller's market at the multifamily level.
• 17:02
  SPEAKER_01: This is not what I would tell you on the single family level, because I still believe that it's a um, it's still a seller's market there.
• 17:08
  SPEAKER_01: But so just to so to not confuse you, if you're looking at multifamily dwellings to and above, it's shifted over to a buyer's market.
• 17:17
  SPEAKER_01: What does that mean?
• 17:18
  SPEAKER_01: That means that the buyer is and has more control, more leverage.
• 17:21
  SPEAKER_01: You can negotiate the price.
• 17:24
  SPEAKER_01: You could ask for credits, you could ask for lender buy downs, you could ask for repairs that the seller would have never considered doing, but now you can.
• 17:32
  SPEAKER_01: Now, two important things.
• 17:34
  SPEAKER_01: Not every lender and not every broker out there knows the VA process.
• 17:40
  SPEAKER_01: And so, one of the things, whether you're working with us or not, make sure that you're working with someone who does have the history of helping veterans, knows the process, could explain it to another realtor.
• 17:50
  SPEAKER_01: Because that's really where the key is.
• 17:52
  SPEAKER_01: Like, we're now to the point where we're able to convince the realtor who could then go convince a seller that, hey, it's safe to accept this VA offer.
• 18:00
  SPEAKER_01: Now, every now and then we get lucky and someone says we want to accept it because there's the VA offer.
• 18:05
  SPEAKER_01: That has happened every now and then, but I'll tell you it's few and far between.
• 18:08
  SPEAKER_01: Phoebe, talk to us about an individual who has already used a VA loan on a single family home.
• 18:16
  SPEAKER_01: They're watching this video and they're like, man, I want to get some units.
• 18:20
  SPEAKER_01: How can they go about doing that?
• 18:21
  SPEAKER_00: Um, well, first, um, typically you can only have one VA loan open at a time.
• 18:26
  SPEAKER_00: However, if you purchased your home five years ago with a VA loan, you've either paid the loan down or property values have appreciated, and now you can refinance that property into a conventional loan, which pays off the VA loan that you took out when you purchased the property, thus restoring your eligibility and your entitlement for another VA loan.
• 18:49
  SPEAKER_00: So VA loans can be used multiple times, but only one at a time in most instances.
• 18:55
  SPEAKER_00: So you are eligible to purchase those units.
• 18:59
  SPEAKER_00: However, you do need to own or occupy them, but you can buy units as a second property with a VA loan owner occupied after you've used your VA benefits and entitlement the initial time.
• 19:13
  SPEAKER_01: Phoebe, another misconception that that I hear from agents is hey, the appraiser, because they are a VA or they're they're able to do VA loan appraisals, they're gonna call out a lot of things, and therefore the seller is gonna have to fix all these things.
• 19:28
  SPEAKER_01: Is that true?
• 19:29
  SPEAKER_00: Um it it can be.
• 19:30
  SPEAKER_00: So the Veterans Administration looks at the appraiser as an extra layer of protection for the veteran because that's what VA loans are designed for, is for the veteran.
• 19:39
  SPEAKER_00: So in certain instances, if a property um has some deferred maintenance or it has some small issues, a VA appraiser can call out certain things that do need to be repaired or corrected prior to the close of escrow.
• 19:55
  SPEAKER_00: Um and it could be for several different things, but it's a lot of times it it seems to be for very minute things in the in the larger scheme of things.
• 20:05
  SPEAKER_00: But again, the VA appraiser is there to confirm that a property is habitable and sanitary and um clean for the veteran who is purchasing and moving into it.
• 20:18
  SPEAKER_01: On a recent loan that we did, the the property was being remodeled and the seller uh didn't want to spend any more money on the property, and they did not finish the floor, and that was not called out.
• 20:29
  SPEAKER_01: Now they called out something uh when Phoebe says minor, typically it's like uh maybe there's a cracked window.
• 20:36
  SPEAKER_01: Well, that's just replacing a window pane.
• 20:38
  SPEAKER_01: Now, would the seller have to cover that?
• 20:40
  SPEAKER_01: In this case, yes.
• 20:40
  SPEAKER_01: And so typically the items that the appraiser would call out, which are very minor, and I would say in most cases, a few hundred dollars worth worth of work, it's not a lot to the seller, and and they're not gonna be calling out major, what I call her uh major system items.
• 20:56
  SPEAKER_01: And so um to not be afraid of that if you're an agent, and also it's whether you're accepting a VA loan or an FHA loan, those two small fix-it lists are gonna be required in either situation.
• 21:10
  SPEAKER_01: And in all reality, in any sale that's gone on, if it's a million sales that go on, whether it's the VA asking for something, the FHA asking, or simply the buyers asking, they're always gonna ask for something.
• 21:22
  SPEAKER_01: So you're never gonna get in a situation where we're not gonna ask for anything.
• 21:26
  SPEAKER_01: And all we're saying is from a VA appraisal perspective, that list is gonna be pretty small and if not very costly.
• 21:33
  SPEAKER_01: So that hopefully that's not a concern for a lot of agents who are maybe watching this and could pick up some tips.
• 21:39
  SPEAKER_01: Phoebe, talk to us about.
• 21:41
  SPEAKER_01: Now, this is not as important to the buyer, but to the sellers.
• 21:45
  SPEAKER_00: It can be.
• 21:46
  SPEAKER_01: It can be.
• 21:47
  SPEAKER_01: Is termite, meaning like what what we call termite clearance, is it is that required from the VA perspective?
• 21:56
  SPEAKER_00: Yes, the Veterans Administration does require a wood-destroying pest inspection and a completion of any items that are called out in that inspection report.
• 22:07
  SPEAKER_00: Um, it is state-driven, and in the state of California, they are required, and they're typically ordered and paid for by the seller, along with the work also being paid for by the seller if it's required.
• 22:20
  SPEAKER_00: Um, the only exception to that would be a VA interest rate uh reduction loan, which is uh a streamlined refinance that is a VA loan to a VA loan.
• 22:32
  SPEAKER_01: So, Phoebe, in that situation, so let's just say that the seller does not want to pay for the termite, the buyer wants to buy.
• 22:38
  SPEAKER_01: The buyer could pay for the termite reduction.
• 22:40
  SPEAKER_01: Yes, they can.
• 22:40
  SPEAKER_00: It's yes.
• 22:41
  SPEAKER_01: So it's so that is possible.
• 22:43
  SPEAKER_01: The seller doesn't always have to pick it up, but it does.
• 22:45
  SPEAKER_01: We definitely need what they call clearance, meaning either it got fumigated, sometimes it's a small treatment, sometimes properties don't need treatment.
• 22:54
  SPEAKER_01: But um, in either case, that is going to be a requirement, but that shouldn't hold anyone back from either pursuing and trying to buy this property or convincing a seller to give us a chance and kind of getting our foot in the door.
• 23:06
  SPEAKER_01: Phoebe, I want to thank you so much for joining us today.
• 23:09
  SPEAKER_01: Uh, this is really informative topic.
• 23:11
  SPEAKER_01: If you have any questions, we're here to help.
• 23:15
  SPEAKER_01: Email us, reach out.
• 23:17
  SPEAKER_01: There's no such thing as a bad question.
• 23:20
  SPEAKER_01: And again, if you're someone who's thinking about getting started, building wealth, this is the number one way to do it.
• 23:26
  SPEAKER_01: Sometimes people think, I want to leave a nest steak, I want to be able to retire someday, I want passive income.
• 23:32
  SPEAKER_01: There are a lot of reasons why you'd want to take advantage of this type of financing structure, and plus you deserve it.
• 23:39
  SPEAKER_01: So thank you to all those who are currently serving and have served.
• 23:42
  SPEAKER_01: And so we're here for you.
• 23:44
  SPEAKER_01: We'll talk to you soon.
• 23:46
  SPEAKER_01: So there you have it, lots to takeaway, but here's what I'm gonna tell you.
• 23:51
  SPEAKER_01: Thank you for your service.
• 23:54
  SPEAKER_01: The government has created this tremendous opportunity that the majority of the public does not have access to.
• 23:59
  SPEAKER_01: Buying a property with zero down.
• 24:01
  SPEAKER_01: So whether it's a house or multifamily dwelling, to me, it's a no-brainer.
• 24:06
  SPEAKER_01: Now, there's a couple of things that come behind the main reason people want to buy investment real estate is for this.
• 24:12
  SPEAKER_01: I want to retire, I want passive income, I want to create wealth, I want to leave something for my kids.
• 24:20
  SPEAKER_01: Because guess what?
• 24:21
  SPEAKER_01: For some of you who have a pension, when you die, that does not go to your kids.
• 24:26
  SPEAKER_01: But when you have a fourplex or more than one fourplex, that's something that you can leave behind to your loved ones.
• 24:33
  SPEAKER_01: And so those are some of the major reasons where a lot of the folks that I get to work with, buyers, investors, that's why they're buying.
• 24:41
  SPEAKER_01: But the number one reason is wealth creation, and we see it over and over and over again.
• 24:46
  SPEAKER_01: And the only way to ever get yourself in that situation is to get started now and buying your properties.
• 24:52
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• 24:54
  SPEAKER_01: If you have any questions or want to be connected to one of our nationwide affiliates, please reach out to us.
• 25:00
  SPEAKER_01: Until next time.