House Hacking with the VA Loan

[James O. Coker II]

Hi All,

I am a newbie to BiggerPockets and am interested in using my VA loan (and/or VA renovation loan) to do a house hack in Miami in late 2022. I am writing to ask for advice from those in the forum who have done this. To be more specific, I am retired military, currently work for the State Department, and think I will get orders to Miami for mid 2023. I want to use the loan to hopefully renovate a two to four unit property that I can Air BnB, as well as live in to reduce my personal mortgage payment.

These are the types of things I am asking for advice about:  

1. For those of you who have used a VA renovation loan (or regular VA loan) for a house hack investment property - how hard was that process?

2.  How did you determine your rent income/occupancy rate?  Is there a rule of thumb like the 2% rule in rentals for Air BnB that can help you determine what your cash flow should look like in a given area through Air BnB?  Did you estimate low?

3.  How suggested is it to get a realtor's license for the first investment purchase?  

 4.  For those using Air BnB - did you use a management company?  If so, are there specific things you screen for when deciding on whom to go with.

5.  Are there any trainings, books, podcasts, et al you would recommend to prepare for this type of purchase?

6. Please share any specific stories you have about using the VA loan to house hack, and anything you thought you did well or could have done better.

7.  Lastly, for those in Miami, are there areas you would recommend to buy in, and conversely areas to avoid, for this type of investment.

Best,

Jim