Veteran living in Orlando

[Derrick Thomas]

Good day BP community. I'm looking to invest in the Orlando area. I have no debt, great credit score, never use my VA benefits and a first time home buyer. I want to purchase one property to live in and one as an investment (STR, Airbnb, SFH). I would appreciate some guidance. Thanks

[Chris Brady]

Hi Derrick! Thank you so much for your service! I firmly believe that you should use your VA benefit and purchase one of your properties using the VA Loan program. There is a stigma from listing agents to focus on cash/conventional, but I can tell you that I have clients who are purchasing with VA loans on a regular basis.

The main benefits are obvious: you can receive a loan at 100% LTV and receive great interest rates. A VA loan requires that you are an owner-occupant, so I believe you have two options here: 1) purchase your primary with a VA loan w/ 0% down and use your cash to purchase an investment property after the fact or 2) look to purchase a multi-family property with your VA loan. The VA has a condition specific to multi-fam purchase that requires you have "experience as a landlord" (or work in property management, etc) but if your income covers the DTI ratio that condition is waived.

Having great credit and a full VA entitlement puts you in an excellent position. I truly believe you shouldn't shy away from using the VA program. Good luck and let me know if I can answer questions!