What would you do?
I'm currently renting a place due to selling my home while anticipating a job offer, which I found out a few days ago I did not get. Now, I have two options to use my VA loan. The 1st option would allow me to close on a duplex within the next 30 days and reduce my mortgage to $150.00 per month as the other side is currently rented for $1200.00. The 2nd option to use my VA loan is to purchase some land and build a 4-plex as a owner occupant. This process would take about 6 to 8 months for total completion. This option would allow me to live rent free and cash flow about $500.00 per month. During the construction of the 4-plex my expenses would include my current rent and payment for the land. After the completion of the 4-plex I will have about 50% of the total project in equity due to a program I'm using. My thoughts on each option are as follows: the 1st option would allow me to save more money for the next year or two, until I choose to reuse my VA loan and build the 4-plex with my remaining VA entitlement. The 2nd option would increase my monthly expenses until the 4-plex is completed and all units are rented. Also, if I decide to purchase the duplex now and wait a year or two, not sure if funds would be available from this program.
I welcome any and all comments, thanks in advance.