OfflineI found a great property in north texas just to find out it is a va reo property and I would have to finance it with Bank of America in order to purchase it. After doing research on Va site I found out some helpful info. If a Va home is foreclosed on and becomes a va reo any one can purchase this property and get a va loan as well from the va with little as 5% down and for all investors there are no limits on how many properties you can finance with them. You just have to have the knowledge of property management or hire a property management company for this. I have given this thought but I am not looking to hold properties at this time. It does not say anything about reselling the property in any period of time but more than likely the buyer has to go by va guidelines just like you did when purchasing the property. The links to this info are listed below:
http://www.benefits.va.gov/homeloans/faqmisc.asp
http://www.benefits.va.gov/homeloans/docs/vendee_flyer_032009.pdf
http://www.benefits.va.gov/homeloans/
Some info for all the ones that have thought about this or never given much thought.
shawn
am already member on that site as well, spend more time here than there but do keep that site in mind when it comes to leads though.
shawn