Veteran New to Bigger Pockets- Ways to use VA Laon

[Isreal Price]

Hi, I 'm a newbie, live in Maryland and looking to use my VA loan to purchase a Multi-Family to house hack and possibly use the BRRRR method . I work for the post office so my salary is ok but could definitely use a bump and my credit score is "ehhh" ( other words not that great).

Having the Va loan gives me access to no down payment, low to no closing costs and no PMI, which is a huge plus but my credit score and salary for a lack of better words "suck", so I wanted to know if anyone has used the benefits of the Va loan to partner with someone who "resume" might be better ? Or if there is any creative ways to leverage no down payment when trying to invest in a multi-family property and personally not in the best position.

Thanks for any feedback. I love bigger pockets and listen to the podcasts almost daily. I  used  to be an agent and I have learned more here than I ever did in a real estate class. I am a firm believer in sharing information and the community that has been built here is great!

[Malcolm Lawson]

Hey @Isreal Price , as long as one of the units is your primary residence and it is a 4 unit or less, you can use your VA loan. You do not have to put anything down on the home but you don't forget about the VA funding fee which is 2.15 percent of the purchase price.

You're not great credit score is probably what is going to hurt you.  You should start talking to a lender now just to see how much you pre-qualify for as this will determine what options look like.

Another thing people often don't know about the VA loan is you can purchase more than one home with it as long as both are under your maximum VA loan amount for your county. Like what I did was purchase a cheap home in Annapolis MD, then moved out and rented it then purchased another cheap home in Waldorf MD and some day I will move out of here and rent this one as well. If you don't qualify for a large loan due to your credit score, this might be a better option for you right now.

Check out my profile on BP, I have a video on it where I talk about investing using the VA loan.