All Forum Posts by: Kurtis R.

Thank you all for your replies. Im not giving up, just trying to shorten the runway a bit. 

Back to the phones!

I currently own a 4plex with an estimated 150K+ in equity and I would like to access the equity in order to purchase some more properties. 

I have never used a line of credit before and naively assumed it would be a straight forward process. However, after calling multiple banks and credit unions I have come to realize that no one seems to offer such a product for investment properties. Unfortunately I do not have enough equity in my primary residence to pull from there. 

Does anyone know of any lenders that will allow a line of credit on an investment property? I have read of other people that were able to accomplish this, however those threads are a few years old. I am located in Tallahassee, FL if that helps. 

Any assistance or advice is greatly appreciated!

Great success! Is this in the ATL area?

Congrats on the deal! 

Do you mind explaining how you came across this deal? I know you mentioned MLS, but did you target the Valdosta area specifically, or was this a "target of opportunity"?

Thanks!

Hello Ben, Im also in Tallahassee and looking for a quad myself. I have been looking at places  for a few months now. Ive put in offers on a few places but everyone wants too much. 

Any particular part of town that you're looking in?

@Robert Kough I am in the process of doing this myself. I am currently under contract for a 4 plex using my VA loan. As some of the others stated, there is a 1 year primary residence requirement. After 1 year you can move out and rent all 4 units. If you still have some entitlement left you can use it again, or as stated above you can refinance to a conventional mortgage and free up all of your original VA entitlement to re use. Of course if you were to PCS before the 1 yr is up then you are released from the live in requirement.

I think your plan seems solid, I only wish that I would have done this while I was still in, but better late than never I guess. 

feel free to PM me with any questions that you may have, since I am currently going through the process I may be able to give you some guidance from what I learn in my own journey. 

I grew up in Tallahassee, and went to FSU. While frenchtown is right next to campus, you have to be careful. If you go farther north than Brevard st you get into some pretty rough areas fairly quickly. They are trying to revitalize the area but that takes time. As a parent I wouldn't want my kid living in that area.  Just my $.02

I wish I could have made it. Will you be doing this on a regular basis?

I worked in student housing for a number of years, primarily as a manager of a 780 bed property (a mix of 2, 3,and 4 bd Apts, all rented by the room). Most of the key points have been touched already, renting by the room, furnished/unfurnished, guarantors and dealing with parents. But another thing that needs to be considered when renting by the room is roommate matching. Depending on the number of units that you have this may be something to consider. 

Often times people will move to a new school without knowing anyone and can't afford to live by themselves. We would have tenants fill out a short "about me" questionnaire and we would attempt to match roommate based on similar interests. Sometimes this would work out, but other times it would blow up. There were many times that I had to act as mediator between roommates and help them work out their differences.  Just something to consider if you rent by the room and have a group of 3, or 2 that show up to rent your 4 bedroom apt. 

You definitely CAN utilize the VA loan to purchase up to a 4 unit multi-family home. The VA single family loan limits for your area still apply, as do the move in and primary residence requirements. Meaning that you must move into the home within a reasonable time period, and you must occupy one of the units for a minimum of 1 year, barring a PCS move or similar. All these terms can be found on the VA website as well, and I would also recommend that you talk to a lender that is familiar with the VA loan process.

Good Luck!