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All Forum Posts by: Andy Hathaway

Andy Hathaway has started 3 posts and replied 9 times.

@Daniel Lehman that makes perfect sense, thank you for that writeup!

The VA backed loan seems like an amazing tool if used with some forethought. I can't wait to put it into action!

@Daniel Lehman that’s a great breakdown, thanks!

What about the maximum of two VA loans at one time? Does that also get "recharged" so you could have 3 at once? By using your one time restoration after the first property and then the second-tier entitlement on the third?

I've also read that when purchasing a 3 or 4 unit, you sometimes have to show atleast one year of experience being a landlord. I haven't been able to confirm this on the VA website. Is that a common lender requirement?

@Zack Karp thanks, that helps a lot. Cheers!

Thanks @Zack Karp. What if I disposed of the SFR and used my one-time restoration after the first multi family? Would I again have no cap?

I'm trying to wrap my head around the new VA loan rules, am I seeing the whole picture?

Situation:

I'm currently in a live-in SFR flip that I purchased prior to 2020 with a VA loan. I want to use the VA loan again at my next station to purchase a small multi family, live in it for a year and then purchase a second small multi family to live in and hopefully use the VA again.

My understanding is that I can restore my entitlement once by refinancing to a conventional mortgage which would make me eligible for the 2020 no-cap entitlement.

My question is, if I use my one-time restoration on my SFR, would that mean I can buy a multi family with no cap but then I can't use another VA loan until I dispose of the multi family?

Or

If I use my one-time restoration on my SFR, I can purchase a multi family with no cap, then a second multi family with the second-tier entitlement but I will only have a portion of entitlement available based on the county and how much I used for the first multi family?

Alternatively, I could sell my SFR, recoup all of my holding/rehab costs and make a small profit to avoid having to use my one-time restoration.

Thank you for your time and look forward to connecting!

@Adam Jason good points, numbers are unbiased but I'm finding that there are plenty of other factors to consider.

That's great info @Jaysen Medhurst thank you! I'll widen my search area.

I plan on leaving the active duty Air Force in 4 and a half years when my enlistment is up. My goal by then is to have 20 units that average at least $300 in monthly cashflow so I can be a full-time investor. My credit score is hovering around 800 and I have $50K that I have dedicated to start buying properties. I've been educating myself on everything REI for over a year and am ready to hit the ground running but I'm having trouble figuring out what my focus niche will be. My only debt is my 4 bed 3 bath home in Dover Delaware where I live that I'm currently renovating and will cashflow ~$300 when finished. My questions are:

1.There are so many options and niches out there, with the goal of 20 units in 4.5 years in mind, do you think focusing on single family homes using the BRRRR strategy is the most efficient? Should I be looking for something larger perhaps with a partner? (Multi-Families in my area are seemingly scarce)

2. Do you typically find that you get more bang for you buck buying 2 properties at say $80K each rather than one at $160K? If so, is the additional cashflow worth the additional time managing them?

3. If you could go back in time, what advice would you give yourself before you bought your first property?

I look forward to hearing your thoughts!


Investment Info:

Single-family residence buy & hold investment in Magnolia.

Purchase price: $220,000
Cash invested: $6,000

Fixing up and updating to turn it into a rental once I move in 2-3 years.