329: Buying a Rental Property for $80 with This Loan w/Clint Campbell

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 11 October 2023

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

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Summary

Buying a rental property for just eighty bucks? There’s no way that’s possible. How can you close on a rental for the same amount of money it takes to fill up a tank of gas? Surprisingly, one type of mortgage lets you come to the closing table with no money down, no PMI (private mortgage insurance), and, if you play your cards right, (almost) no closing costs. Clint Campbell even used it on his recent house hack. Thanks to serving in the military, Clint had his college paid for by Uncle Sam. When the opportunity to be deployed came up, Clint took it, knowing he’d make more while spending less. He was able to save up a nice chunk of change and used it to buy a rushed first rental property. But then, Clint realized he could pay almost NOTHING for a home he would live in, so he looked around for just that, and the eighty-dollar house hack came to be! In today’s episode, you’ll learn all about the VA loan Clint used to pay just eighty dollars for his first house hack, the limitations to this loan that service members MUST know about, and how to turn your girlfriend into a handyman and tenant combo who still loves you. In This Episode We Cover The VA loan explained and using it to buy a house for NO money down Building your credit from scratch and quick tips to boost your credit score Why you MUST get pre-approved before buying a property (ALWAYS do this) Seller credits and using them to lower your closing costs Partnering with a spouse or romantic partner on your next property Passive real estate investing and how to make money in real estate WITHOUT doing the work And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/rookie-329 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Real State Rookie, episode 329er.
0:05.5	What was your actual out-of-pocket expense to purchase this duplex?
0:09.8	Uh, I think I paid like 80 bucks for a pest inspection.
0:14.1	What was the purchase price on this on the duplex?
0:16.3	It was $256.
0:18.1	You're controlling a $256,000 asset with $80.
0:24.1	Yeah, yeah, basically. So...
0:26.3	That is insane.
0:28.9	My name is Ashley Care and I'm here with my co-host, Tony J. Robinson.
0:33.0	And welcome to the Real State Rookie Podcast
0:35.0	where every week, twice a week,
0:36.5	we bring you the inspiration, motivation,
0:38.9	and stories you need to hear to kickstart your investing journey.
0:41.7	And every once in a while,
0:43.2	uh, Ash and I bring on a guest
0:44.5	where we both get to kind of learn something new.
0:46.6	And today was one of those episodes where we learned a lot
0:49.4	about a special type of loan, uh,
0:51.9	that allows you to have $0 down, no PMI,
0:55.7	and potentially no closing costs if you can negotiate the right way.
0:58.8	But you also had to serve in the military
1:02.5	and thank you to anyone who has served, uh,
	...

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