Looking to take the Next Step

[Katie West]

Hello everyone! I'm looking for advice for my next deal. So, I bought a house 4 years ago for $85,000. Lived there for 3.5 years and did some fixups on it, and then bought myself my "forever" home in May of 2020. I now rent the first house out for $875 per month, so I'm making about $300/month after everything is paid. I used an FHA for the first property, and my VA loan for the second.

I've decided that my next purchase is going to be a vacation home further up north (I live in Louisiana), probably in Oklahoma or Arkansas.  I've looked at the market, and vacation rentals do very well in the area I'm looking at, and I can pick one up for less than $150K.

My question is:  how do I go about funding the next deal?  I know this probably seems like a pretty basic question, I'm just not sure where to start with this?  Do I just save up for a 25% down payment?  That would probably take about 18 months.  I'm hoping to buy again in 2021.

Any advice or resources I should look at would be appreciated.  Thank  you!

[Jason Wray]

Katie,

You can do one of two things. You can go Conforming and only put 10% down as a second home/vacation home. You can still rent that out as a STR/AIRBNB. You can also use your DD-214 and use your VA certificate of Eligibility for the 100% depending on your availability. Either way seems like your off to a great start as an investor using some house/loan hacking. Feel free to message me with any specific questions.