Purchasing Home in Utah with VA Loan

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Looking for some advice. I'm looking to buy a home in Utah using the VA home loan and I know most people would say to look for some type of multifamily property. The issue is the the multifamily market here is so inflated and most of what is on the market was built in the early 1900's.

Would it make more sense to house hack a new single family home with a MIL basement or to wait for a Multi-Unit property that is a lot older and may need a lot more upkeep?

Another option I've considered is just getting a cheaper single family home or townhome and saving money until I can get a nicer investment property later on. For example I can buy a brand new townhome for $305,000 but anything with house-hacking value (like a MIL apartment or multi-unit) typically is listed over $500,000.

Any advice would be much appreciated!

@Josh Schmitt Good multi-family homes are pretty hard to come by right now, and a house with a MIL is also selling at a premium.  But I think you could probably find something with a MIL for cheaper than 500k depending on what your needs are exactly, or you could look at single family homes that have basements with the opportunity to add one.  Overall, you will be better off house hacking because it will cut down on your living expenses and help you save money for the next property, but I started my journey with single family homes that I lived in and then moved out and rented.  Not everyone loves the idea of having renters live in their primary homes, but I actually love being able to live in my house essentially free.  Best of luck!  As long as you move forward, all of those options will get you moving in the right direction.

@Josh Schmitt keep in mind that the more "hackable" properties in the $500k range are slightly more affordable if you keep in mind that you can add 75% of previous rent on the property toward your qualifying income on the loan application (true for conventional, unsure about VA loan with this).

All that being said, I did what you mentioned, and got a new townhome. If you are at Hill AFB by chance, check out Mecham Towns. Just went under contract for $283k, unbelievably low closing and earnest costs, and great interest rates, upgrades included, etc, right next to base. It's such a killer deal I'm trying to get a second one and rent it out by the room.

Either way, seems like you could make a killing in this market with new townhomes right next to military installations. I’ll be on that journey with you!