So I'm looking to get in to real estate investing by purchasing a multi family property with a VA loan and living in one while renting the other units out. I'm looking to invest in other properties (single and multifamily) that I'm not going to live in also. I'm currently in a 12 mo lease at an apartment.
If I'm looking at a multifamily property that is fully occupied with, for example, two one year leases and two month to month leases, do I start moving on the property and give notice to one of the month to month tenants that I'm not renewing their lease in 60 days, so that I can move in - and fulfill VA occupancy requirements? That sounds like a sketchy move to me but I'm not sure how to do it. Do I break my current lease to make a move on that property? Do I wait it out to find a vacant property that I can move in to when my lease is up? Do I go the conventional route and put in a down payment on a conventional loan and use it as a pure rental property?
Any thoughts, comments, suggestions welcomed, thank you!
When you make your offer to purchase, disclose to the Seller that one unit must be vacant before closing so you can occupy it as the new owner. It is the Seller's responsibility to get the tenant out.
I recommend asking that the tenant be out 15 days prior to closing so you have time to inspect the vacant unit. I also recommend talking to the VA to see if there are any additional requirements you aren't aware of.
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