Wanting to buy a Tri-Plex

[Freddy Pettiford]

Hey BP, I am currently living in my first home which i bought with a VA loan about 6 months ago. I am currently interested in buying a triplex which is about 20 miles away from me. The asking price is 185,000, and all three units are occupied. I have not connected with any partners or lenders in my local area as of yet. (I have been trying to network with a few people in the area, but no luck as of yet.) I do not have any family members who could loan me the money. Could anyone give me some advice on some low money or no money down strategies that i could use to purchase this property?

[Robert Sepulveda]

There's actually no seasoning requirements for you VA loan to refinance. So if you have equity, you can cash out with another VA loan. But you should occupy the property for a year before you use your benefit on another property. It will automatically be considered an investor property so there's no way to get around the 25% down requirement. Using equity is your best bet.