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Read Transcript for “Iraq War Vet Asks, ‘How Do I Buy A House With My VA Voucher?”
A lot of veterans are looking for an alternative way to buy property than with VA vouchers. Using my methods, you don’t need credit or a down payment to buy property and you won’t need VA financing to do it. Let me explain:
“I’m a military veteran from 2006 with a new common problem in the service that is being one of thousands of soldiers that have valid VA home vouchers but cannot use them due to their credit being bad. The war conditions caused many, including myself, to suffer credit wise when the current government didn’t make creditors acknowledge the Soldiers And Sailors Acts Of 2003 that ordered creditors to drop all percentages below 6% without penalties on mortgages and bills. My question is, can you come up with a method that can help veterans obtain mortgages with their VA vouchers? Can you help me create a program with you to introduce to the military as a whole, to assist veterans before they lose their vouchers? You see, the vouchers do have a time lapse. Will you use me as a pilot for this method? I have a current voucher that I’m renting a room in a home.” – Gracelia Blackstone, Army veteran.
Joe: I can’t help you with the VA. I can’t help you with government programs. These are things we don’t have any control over. The only way you’re going to make a difference in that is by becoming an activist, by working through some type of activist group, or by getting involved in government yourself. Those are the things that you can do, but it’s a lot of work, and you have to decide if you want to devote all of your time to that type of thing. But you can help other veterans.
Joe: I think it’s disgraceful (some of the things that are happening with the veterans right now). We’re not supporting our troops. What we’re doing is not supporting our troops. When they come home, we need to make sure that they’re taken care of, that they get an education, that they get health are, that they get housing, etc. These are the things that we owe to them for their service to us.
Joe: Here are the things that you can do to help yourself and to help other veterans own a house for yourself and for your family, because I think it’s very important. It doesn’t matter if you’re a veteran, by the way, and the reason I read this is because I know that a lot of you are veterans, but most of you are not veterans and don’t have these vouchers. It doesn’t matter that you have a voucher – the voucher doesn’t do that much for you even if you had it. So, quit worrying about your voucher and start thinking about other ways that you can buy a property.
Joe: Now, you can go and, right off the bat, buy a property on lease option that you can move into tomorrow. Almost every city in the country has lease options advertised for sale and you can go buy them that way. I think there’s better ways to buy a property.
Joe: If you sell a property, you sell it on a lease option. But when you buy it, you should buy it on a “Subject-To”. There’s a whole hierarchy of how you should buy properties. “Subject-To” is where you actually take the deed to the property – you take ownership of the property. Lease option is when you’re still a tenant and it’s easier to get rid of you if you’re the seller. If you’re the seller, you’ll want to sell the property on a lease option. If you’re a buyer, you’ll want to buy Subject-To.
Joe: So, what you want to do is learn how to do the Subject-To method that I teach where you go and you go to for sale by owners, you go to expired listings, and you go to people that have their homes for rent and you buy their properties subject to the existing loan.
Joe: I’ve been doing quite a few of these personally. I’ve been taking over these properties. I’ve been building my portfolio, using them as rental properties. You can buy properties all day long like this – there’s no limit on how many you can buy. You don’t need a down payment. You don’t need credit. It’s much, much better than the VA financing.
Joe: Plus, the interest rates are pretty good because most of these existing loans have fixed rates of interest and the interest rates have been good for years, so the interest that you find on these types of properties is usually in the 5-6% rate. So you’ve got a great loan, a great property and most of these properties are in great condition that you can move into.
Joe: And, you typically will have choices. A lot of my students own properties that they bought that they live in right now that they bought using these techniques.
Joe: Learn these techniques and use them. Teach them to other veterans. Put together a group of veterans. This will be a great mission, plus it can make you money because you can assign properties to these people and you can take a small fee from them to help them get into a property. I hope that helps. Good luck.