Starting out with a live-in flip using a VA loan

[Cameron Hall]

Hey BP. I am from NC and I am new to the game here and would love to hear everyone’s expert opinions on what they think about this subject.

I am currently looking for my first investment property. I am a veteran and I have already bought my primary residence with a VA loan. Paid 176k for my house last year and have someone interested in buying it already for 205k. First off, tell me why I should not sell it.

Next, I am thinking about selling my primary and buying a cheaper/older property with some potential for value add using another VA loan. I know in order to qualify for a VA loan, it must be my primary residence. This is where the live-in flip idea came from. I would like to do some updates while living there for about a year, refinance into a conventional loan, use another VA loan on a new primary residence, and rent the "live-in flip" property out to tenants.

With all that being said, please share your opinions and tell me if I’m a complete idiot so I don’t jump into this and put myself in a bad situation. Let me know if I’m missing anything or if I could do something different a lot easier. Thanks!