All Forum Posts by: Account Closed

These are all great points, thank you to everyone who responded!! I'm sure I'll have more specific questions come closing time (late July 2022). I'm currently talking with 3 VA/FHA lenders to discuss preapproval and a few other things. Waiting until a few months out to ask to be preapproved and then going from there. I'll keep this thread updated with any VA specific things I learn.

Again, thanks everyone!

Does the VA care if you buy a 4plex then tack on a ADU after you close on the property? Not sure if the 4 unit max rule applies to the entire life of the loan or just at time on closing. Thanks!

Biggest goal for the first half this year is to build out my team to help with my investment properties. I want to have a solid team put together so we can hit the ground running come July 1st. I'd also like to have backups for certain team members, mainly maintenance.

Second half of this year's goal is to close on 1 multifamily dwelling, specifically tri or quadruplex.

Stretch goal is to BRRRR one property, or at least make it through the BRR portion.

Glad it worked out for you. Thanks again for the tips

That's great info, thanks Tim. I guess the moral of the story is find a good VA lender, 7 months is insane! Did the seller give you any grief for the wait time?

@Jordan Thompson This is awesome! Looks like the flooring totally changed the look of the place. Any update on the smell you mentioned when you first started? I've stayed in two rentals where there was a definite smell which seemed to go away after I painted the walls.

This is fantastic information, thanks Kevin! 

I'll have to look into FHA as well. I'll be putting 5% down so this would a) lower the funding fee if I went with VA and b) enable me to use FHA if the VA numbers don't make sense for whatever reason.

Hi all!

I'm curious about the difference between VA loan and conventional loan when it comes to house hacking in a 3 or 4 plex. I'm more interested in the actual act of borrowing, not so much the numbers involved with it.

I've read that lenders take a bit longer with multi-family than SFH, as well as with VA loans vs conventional, although I'm sure this varies lender to lender.

For those who have gone down the 3 or 4 plex route with a VA loan:

-Did you have any lending difficulties due to it being a multifamily? 

-What made you go with VA loan over conventional loan?

-If you were to do it again, would you choose VA or conventional?

Thanks in advance, I'd really appreciate any feedback!

Living in a large house with only 1 source of income isn't what you think it'll be like! 

Quit saying "I plan on..." and just do it!