Duplex-Help analyze first deal

[Blake Harper]

Hello fellow BP members! I am new to REI. I am looking to buy my first deal and wanted to know your opinions on this buy.

SW 13th St, Fort Lauderdale, FL.

Duplex 3/2 on each side.

Priced at 264,000

Think I could rent it out somewhere around 2,200 a month

Looks like cosmetic fixes

Tried to do the calculator but I wasn't sure if I entered everything correctly.

I will be using a VA loan. No money down.

If someone could just help me analyze this deal please.

I think it would be better for me to rent both units out and pay rent somewhere else that is cheaper. I know I am suppose to be owner occupied with a VA loan but I don't think they really come knocking on my door asking if I live there or not. I could be wrong though.

[Mindy Jensen]

Hi @Blake Harper.

Please do not use an owner-occupied VA loan to buy a property then rent out the entire place. This is mortgage fraud, it is a felony, and you do not want to deal with that sort of thing.

If you can't make it work owner-occupying it, then find a property you can make work, or use another type of loan.

I believe the owner-occupied period is 12 months, meaning you must live there the first 12 months you own it. That would be worth it to me to live there to satisfy the requirement for a zero down loan.