Advice on my next house hack

[Joshua Briscoe]

I'm looking for some advice for how to go about getting my second house hack. I bought an owner occupied duplex last September 2021 with a 0% down VA loan. As I understand the regulations I could technically qualify for another VA loan ( I've only used about half the allowed amount) , but because the next property will be in the same general area I won't qualify for another VA loan without selling the property I currently occupy.

1)Am I understanding the regulations for VA loans correctly?

2) What are my other options for buying another multiplex? FHA? Conventional? How much can I expect to put down for each type of loan?

3) Would it be better to move out of my side to prove rent on my side of the duplex?

4) Is  it too early to start talking with lenders seeing as how it hasn't been a year yet?

Any help or advice is appreciated.

Josh

[Nathan Gesner]

Quote from @Joshua Briscoe:

I'm looking for some advice for how to go about getting my second house hack. I bought an owner occupied duplex last September 2021 with a 0% down VA loan. As I understand the regulations I could technically qualify for another VA loan ( I've only used about half the allowed amount) , but because the next property will be in the same general area I won't qualify for another VA loan without selling the property I currently occupy.

1)Am I understanding the regulations for VA loans correctly?

2) What are my other options for buying another multiplex? FHA? Conventional? How much can I expect to put down for each type of loan?

3) Would it be better to move out of my side to prove rent on my side of the duplex?

4) Is  it too early to start talking with lenders seeing as how it hasn't been a year yet?

You can only have one VA loan at a time. It doesn't matter if you buy two properties in the same area or on two different sides of the country. VA Loans are the governments way of helping veterans obtain housing, not build investment portfolios.

You can still get an owner-occupied loan with less than 5% down and do another house hack on a property with 2-4 units.

Moving out to increase rent income won't work because you'll increase expenses by paying to live somewhere else.

You can always talk to lenders to better prepare for your next move. The time requirement is for you to live in your current home. You can start talking to lenders and shopping for a new home before that one year passes.