All Forum Posts by: Michael Woods

I am looking for a referral of an RE agent in Huntsville, Alabama that understands REI. I am looking for properties to flip and BRRRR. Thanks for everyone's help in advance.

Just an update. I learned that in order to use the VA home loan for a multi-unit property you need to have 6 months of mortgage reserves in the bank.

That was my original plan until I learned about cash out refi. If I managed to cash flow $100 a month from each unit then I'm looking at $4,800 for the year which, along with savings, would take about another year to do a BRRRR. The VA Loan saves me from putting down 3.5% min for the next loan, which could be used for the rehab. And if I refinance with a non-VA loan and cash out I can buy the next property sooner, once I find a great deal of course.

Once you pay back your VA loan, even if you sell it, you can get your COE (certificate of eligibility) again. In fact, you can have 2 VA Loans at the same time but there is a cap on how much you can borrow.

I know we hear a lot about no money down to get started and this seemed like a possible way. But I feel like there has to be something that would keep it from working. Seems too easy and nothing is ever easy. 

Do you ever feel like you have an amazing idea and think there is no way someone else hasn't thought of this already? Well, that's where I'm at right now. So I am a veteran and I am eligible for a VA Home loan. This will get me into a loan with no money down but I have to intend to live there within a year of purchase. My crazy idea is to refinance the loan to a non-VA loan. Then I could house hack or BRRRR the property. I would then get my VA Home loan eligibility back and I could use it again. What I'm looking for is someone telling me why this won't work.