Would my VA loan be beneficial in Wholesaling/Flipping houses?

[Earl Jefferson]

I'm new to the business. My parents were into buying property with their VA loan, and renting them out later on. But my question is, does having this VA loan make it easier for me to get into the flipping houses side of real estate?

[Elizabeth Colegrove]

@Dawn Anastasi 

Thanks for the mention. 

@Peter Dascoulias II 

There is a 12 month residency requirement. You are required to live in the house for 12 months. There are exception but usually must be due to military orders or other cases out of your control. 

@Earl Jefferson 

We used the VA loan to buy and holds. You can use the VA for a flip as long as it is a slow fit and you meet the requirements.

1) VA loan has very specific condition requirements. While we bought a very beat up houses with a VA loan in 2011 I have heard it has gotten alot harder. Most houses that fall under VA conditions don't have a huge discount. I personally like short sales better than foreclosures in my areas

2) Per VA loans you are REQUIRED to make it a permanent residence. It you don't its mortgage fraud

3) 12 Months- You have a 12 month residency required except for specific exceptions (military orders, family changes out side of control, bought 1 bedroom condo pregnant with triplets, etc)  Most people stay for 24 to get the capital gains break.

On my website I talk about all the different loan types and the positive and negatives.