Hello Bigger Pockets Community,
I would like to begin investing as I have been interested for years with limited resources to get started. I live in Jacksonville, Fl but I am actively lookign into relocating to Tampa, FL. Currently, I rent a condo and would like to purchase a duplex to live in one and rent out the other as a way to get my feet wet and started with investing. My husband is in the reserves and has access to VA loan benefits, is anyone familiar with this and know whether or not the VA loan would allow us to purchase an entire duplex rather than just a home? We currently have about 10k saved up and substantial amount of student loans (thanks to me) to pay off. Would this be the best route to begin investing, are there any other recommended ways to get started and accomplish our goal?
Yes you can use the VA Loan to buy a duplex.....i did.
Hi @Erica Harley ,
You are able to buy a primary residence with your VA benefits. If you live in one unit and rent out the other, you are still golden.
In my opinion, yes, this would be a great way for you to get your feet wet. Your VA loan will allow you to finance the entire purchase of the property with no money down, and will get you a lower rate than if you went with another loan product. Long term this is good.
I recommend speaking with a lender that can give you a solid answer of what you can afford, and what your monthly payment would look like after all said and done. They can also make recommendations as to what you can do financially to improve your buying power. Once you have a pre-approval or pre-qualification letter, you then have permission to go shopping.
Thanks! At this point in time, I am doing what I can to increase our buying power like finding a higher paying company to work for, and saving more cash etc.
Don't overanalyze this. Have your husband reach out to a VA Lender to start the process. I happened to utilize Veteran's United.....Gerry Landry was my guy over there. I thought it would be a long drawn out sophisticated process and I didn't even have $10,000 saved up like you. The only thing I paid for was the home inspection. When you do get an agent, have it written into all of your offers that the seller will pay for up to 3% toward closing costs.....that's what i did so I didn't have to pay closing costs. The VA paid for the appraisal as well. Keep it simple.
Thanks for the advice! Looking forward to beginning this journey, I'm starting to look into the market to determine the cost of duplexes in my area.