Realtor with one home with a va loan... here is my plan

[Sean Hayes]

Hello all,

I am a realtor in Athens Ga. I have been doing real estate for almost 2 years. However, I am currently deployed to Afghanistan because I am in the Ga National Guard. When I'm not deployed I had some great success for being a new realtor selling over 4 million my 1st year in a smaller market.

 My journey into real estate began because I wanted to be a real estate investor, so becoming an agent seemed like a great way to always be around what I want to achieve the financial freedom I am looking for. 

I purchased a house using my Va loan in January, the house was $125,000 and could probably rent for $850-1000, while the mortgage is $835. the benefit of being on active orders was I was able to use my army w2 so that worked out well and was easier than using my 1099 pay. 

I purposefully did not put my wife on the deed in the hopes that we can use her income to purchase the next property using a Usda, fha, or lower percent conventional. She is 100% on the RE investment train. My only concern was that the Va has some restrictions to rental properties.

This is where I came across the Interest Rate Reduction Refinance Loan (IRRRL). The occupancy rules for an IRRRL state you need only certify that you previously occupied it.

I still have plenty of Va eligibility since Va backs $424,100. 

SO the plan is to use my wife's income to purchase the next home and move out of the 1st property giving us our 1st rental. At this point, we will live in this house for a year while building up enough capital to go ahead and purchase a true investment property. 

Does anybody see a problem with this method?