VA Loan and Investing

[Erica Harley]

Hello Bigger Pockets Community, 

I would like to begin investing as I have been interested for years with limited resources to get started. I live in Jacksonville, Fl but I am actively lookign into relocating to Tampa, FL. Currently, I rent a condo and would like to purchase a duplex to live in one and rent out the other as a way to get my feet wet and started with investing. My husband is in the reserves and has access to VA loan benefits, is anyone familiar with this and know whether or not the VA loan would allow us to purchase an entire duplex rather than just a home? We currently have about 10k saved up and substantial amount of student loans (thanks to me) to pay off. Would this be the best route to begin investing, are there any other recommended ways to get started and accomplish our goal?

TIA

[Tom Parris]

Hi @Erica Harley,

You are able to buy a primary residence with your VA benefits. If you live in one unit and rent out the other, you are still golden.

In my opinion, yes, this would be a great way for you to get your feet wet. Your VA loan will allow you to finance the entire purchase of the property with no money down, and will get you a lower rate than if you went with another loan product. Long term this is good.

I recommend speaking with a lender that can give you a solid answer of what you can afford, and what your monthly payment would look like after all said and done. They can also make recommendations as to what you can do financially to improve your buying power. Once you have a pre-approval or pre-qualification letter, you then have permission to go shopping. 

Good luck!