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Updated over 12 years ago on . Most recent reply

User Stats

111
Posts
22
Votes
Marie S.
  • Investor
  • Davenport, IA
22
Votes |
111
Posts

What is considered a "reasonable time?"

Marie S.
  • Investor
  • Davenport, IA
Posted

I purchased a few properties that are bringing in a decent amount of money. I'm not a RE guru. I'm just trying to get myself up for success after the military. I'm in the last 18 months of my military contract and found a 4 unit property in Chicago that would financially set me up just fine. (Chicago is where I will be living.) Unfortunately, I'm stationed overseas.

The bottom line is that I would be able to match my current income if I can close on this property. This is even while being a non-rent paying owner occupant, even factoring in the high taxes. I don't have enough funds free to purchase the property as an investment property. However, I have not used my VA loan.

What is considered a "reasonable" amount of time to use my VA loan? I absolutely plan to live in Chicago. I know that I would be able to move in permenantly as early as September 2013. I can have my stuff moved in and go "home" regularly until then. However, I'm not sure if this counts. Any thoughs?

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