House Hacking New Construction

5 Replies

Hey BP! I'm pretty new to investing and have been reading a few great books on investing. I am in the process of getting approved for a VA home loan in Virginia Beach area and am curious what my best options would be for my first deal. I know that buying a person house is more of a liability, but I am using this as an investment opportunity and not my forever home. I want to buy something that will cash flow when renting in the future.

I am looking into small multi family units, preferably only two, that way I can use my first property to house hack.  My question is, would it be worth it to look into a new construction duplex and then house hack?  Has anyone done something similar to this before?  I would be looking at very little maintenance in the first years of owning and I know I wouldn't have any major issues with buying something with hidden major issues.  I have been also trying to find single family homes that I could fix up when living in to greatly increase value and sell later or properties with income potential, i.e., small apartment on property.  

Any advice on which direction I should go would be appreciated!

Britany

One thing to consider is a VA construction to perm loan, only able to be used on SFR's though. 0% down on that one and you can purchase the land and finance the construction costs all in one loan that converts to a permanent VA loan automatically after construction is completed.

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@Britany Woodman I think what @Jesse Gonzalez said would be a good way to go, get a brand new SFR with really no skin in a the game. I know you said you were only looking into two units but a four plex would be a great option with a higher chance of cash flow. A co-worker just bought one and and he is now living rent free, he plans to stay a year then move out and he will clear a whole units monthly rent. Just my two cents.