All Forum Posts by: Jeff Chorath

Adam, it's not going to be simple. Generally, VA "1-Time Close" loans are a lot work and the rates/fees are much higher than a straight VA. Additionally, it's going to be difficult to find builders willingly to do it, especially in today's market. What I see more is people taking a standard construction loan and converting it to a VA loan ("2-Time Close" Loan).

I would recommend seeking out lenders who do this type of loan. From my personal experience, there are not that many due to the risks involved. Based on what you are looking for, I am willingly to bet that the land + building a 4-unit townhouse will exceed VA entitlement - unless you have the resources to reduce cost significantly or the funds to fill in the gap.

Yes, it's not easy.  But it can be done. 

It will depend on which area of Lakewood your property is located in because there is quite an income disparity between neighborhoods in Lakewood. For instance, a home near Gravelly Lake will generate much more revenue than a Lakewood home east of I-5. Nevertheless, Lakewood is good long-term investment, especially the Towne Center area.

You will have no issue finding tenants. I recommend doing it yourself by using Craigslist/Zillow. Just be prepared to go through a lot of applications, because finding quality tenants may be a challenge.

Fyi, I used to live in Lakewood and I still have a property there.

David, I am informally negotiating for land and therefore in the preliminary stages. One is Lakewood and the second one is in Steilacoom. I could do a 4-plex in the Lakewood site. I think I could only do a Duplex for the Steilacoom site, but I have to do a feasibility study to confirm this. If I can secure an site, I will reach out. At the moment, I am gathering information to explore my options.

I am having a difficult time finding a reputable 4-plex builder in the Tacoma area. I prefer working with full service contractor (design, permitting, excavation, ect) and I am leaning towards a specific design (see image for reference). Any recommendations?