Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Multi-Family and Apartment Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 1 year ago on . Most recent reply

User Stats

1
Posts
0
Votes
Joel Fernandez
0
Votes |
1
Posts

Requirements for first time landlord.

Joel Fernandez
Posted

Hi,

For context, I recently applied for a pre-approval VA loan to begin the search for a single family or if a good deal presented it self a multifamily home. In short the lender informed me that I am unable to use potential rental income of a multifamily unit (duplex in this example) as part of my income. The reason was because I do not have 2 years of history being a landlord. I tried finding more information on this but found little to none. Ultimately, I am hoping to find references and general information on what's needed to have the ability to purchase a small multifamily in the future. Any help would be greatly appreciated!

Most Popular Reply

User Stats

400
Posts
193
Votes
Mason Weiss
  • Realtor
  • Phoenix, AZ
193
Votes |
400
Posts
Mason Weiss
  • Realtor
  • Phoenix, AZ
Replied

Hey Joel, I just went through this with a client. This is a VA requirement not an issue with your lender. You will need a PM agreement in order to close if you plan to house hack a multi family property.

Don't fire your lender over this, they are sharing the right information but might not be explaining it clearly for you.

Loading replies...