First Home Purchase

[Account Closed]

In military and debating to use my va loan to purchase a house. Approved for 450,000. I want to own a property that will create cash flow so when I transfer I can possibly rent it out. I don’t know what to do. Should I purchase new build? I also want to learn to wholesale but if I have a chance at making a purchase on a property should I go this route ?

[Joshua McMillion]

@Account Closed

Polo Vazquez hit the nai lon the head. If you are using the A loan and wanting to get into REI, then multifamily is the best way to get cash flow. You can purchase up to a four-plex, which included duplexes and triplexes. The other great thing about the VA loan is the capital gains tax. If you purchase a property and convert it to a rental once your contracted occupancy time is complete (1 year or greater), you have up to 15 years to sell the property before paying capital gains taxes, minus the period you lived in the home. 

If I have to do it all over again, I would house hack and find multifamily with a VA Loan. 

Best of Luck! 

Sincerely, 

Josh