New Investor in Utah County

[Kayla Jacobson]

Hi there! I am new to BP and excited to be here! I did my first small live-in flip in 2019; I live in the top and now rent out the basement. My husband and I are hoping to buy another property this summer in Provo. We'd like it to be another live-in flip, ideally buy a single unit and put in another unit. We don't have much cash so we're looking into loans for the rehab. We use a VA loan for purchasing so it's $0 down, $0 mortgage insurance. Though one thing is that hardly any principle gets paid down initially. Any advice for us in getting our second property? Thank you!

[Cherie Orellana]

@Kayla Jacobson

I would think You could refinance your current home conventional then buy another using your full VA benefits. Or you could purchase another VA with a down payment. Perhaps a BRRRR type scenario.

Another idea that might work is to get someone to seller finance with a 12 month balloon or something like that, build the equity or buy low enough it's already there and immediately refinance from the seller financing to VA.