VA loan MultiFamily properties.

6 Replies

Good morning everyone,

I’d like to start off by saying I am new to this community and I appreciate everyone’s time. I am a veteran, 25 years old, living in Seattle, WA. I recently paid off all my debt and rent is my only expense.

My rent is $1705, water and sewage $60, electricity roughly $70 and I make about $110k a year. Undecided whether I should use my VA loan and purchase a duplex which is about $380,000 zero down and use the down payment money for repairs and upgrading each unit.

On the other hand I can remain renting in Seattle, save money and invest on multifamily property outside the state of Washington. States of interest Florida and Texas. Lastly, I thought about skipping smaller multifamily and going straight for commercial. This will require to be patient and saving money over a course of 3-5 years.

I'd use the VA if you can. Not everyone can get a free duplex! You could likely cover your monthly costs once you get a renter in there. Then, you could save up very aggressively to invest in out of state since you'll have next to no expenses.

Thanks @Ryan Evans

The real challenge now is to find a duplex in this competitive market in the greater Seattle area.

Hello Esteban,

Finding a duplex in this crazy market is not as difficult as it may seem. There's actually a solid amount of multi-family inventory on the market right now, but finding a seller that will accept a VA loan on a good multi-family deal can be challenging. I work in the greater Seattle area primarily and can send over some examples for you to have an idea of what's available if you would like.  

@Esteban Hermosillo yep, the hard part has yet to begin! Finding a good deal, let alone one that will take a VA won't be an easy task, but you just gotta stick with it.

I might suggest getting to as many of the real estate events as you can. That's where you'll find the deals, and growing your network will give you the best chance at getting a VA put through. You might find another veteran who will work with you out of respect for those who serve.

Hello @Jacob Lemke

Absolutely any examples you may have would be appreciated. What is the best way to communicate with you?

Ryan,

Where can find information on Real estate events in the greater Seattle area? 

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