All Forum Posts by: Sean Simpson

@Sharon Beatty We are in a similar situation (I just made my "new guy" post about it). To address whether or not you have to live in the property you currently have the VA loan through, as long as you have lived in it for a year you can either a) use the remaining entitlements (see VA county backed limits) to purchase the new property b) refi with a conventional/other long term loan to open up full benefits for your new purchase of a MF property if you live in one of the units. If I understand your question correctly, it sounds like you are just running into the issue of incurring another round of closing costs to refi your current property? If so, I'm in the same pickle. I think maybe run the #'s to see when you have made up the recent costs of your refi and determine if the new incurring costs or worth it when running the numbers on your MF purchase?

Finally made the leap as a Pro member and looking to start my REI journey with my wife. We are in the Kansas City area (Warrensburg, about an hr east of KC). We currently just refi'd our primary residence with a VA IRRRL to take advantage of the lower rates and purchased our house Nov 2018'. Ideally we would have liked to house hack a multifamily when we first moved here but didn't know much about REI at the time. We have some cash saved up but would like to maximize our VA entitlements to purchase or build a MF property local or closer to KC (Lees Summit). Any experience with VA lenders allowing a full entitlement to purchase the new property contingent upon moving out/selling the current property under VA? We are aware of the remaining entitlements for our county, depending on unit #, but are trying to figure out the best way to maximize or VA benefits. We probably wouldn't be able to make the rent #'s work and we would maybe break even if we sold our current home. Maybe hold off and wait for the winter, after we've owned for two years and better chances of finding a deal in a competitive market? Look forward to growing with BP.