House hacking and looking for second deal financing

[Miguel Santiago]

Looking for some insight or recommendations on how to finance my first STR investment property.

At the moment I'm house hacking a fourplex in Houston, TX. I Purchased this fourplex 11 months ago for $450,000 at 2.25% interest rate with VA no down payment. Now has an estimated Redfin value of 510k to 530k and I also had renovated my unit so there is most likely more equity there that Redfin doesn't take in consideration. My goal is to buy some land and buy a cabin for STR like in Oklahoma and not sure what options I have? Refinance out to conventional and use my one time entitlement to free up my VA loan to use again causing my current interest rate to spike up like crazy or instead do a HELOC and pull equity from there? Or is there another option? Currently with my 100% property tax exemption and rent rolls I'm a little over the 1% rent to sale price when I move out of my renovated unit netting me four rental incomes. Any tips?

I have a good w2 job, 100% disability income and then my rental income but currently working on cash reserves for my down payment for my next property but don’t know if anyone can give me any insight. Thanks in advance.

[Sunny Alexander]

Recommend using a "second/vacation" home loan product. You will not be able to use your VA loan unless your OK cabin is your primary residence. If your OK cabin will be your primary residence, you do have some entitlement left on your VA loan and I would recommend talking to a VA loan lender. I would be real sad to give up 2.25% interest rate:) Good luck!