Need some help with my first rental property plz.
Hey BP, just getting started in this journey and I would love some assistance. So, my situation is confusing me a bit and I don't know what way to go with it. I bought my house back in 2015 with a VA loan for 89k and I've been making extra payments on it to pay it down faster. I'm down to under 84k and my homes value is up to almost 94k. so I have a bit of equity but not a bunch. I have gotten a new job making over double my old income so I can pay off my home much faster or invest the extra money, I'm not sure what the best move is I want to get my first rental property this year.
I just found out I can actualy get a SECOND VA home loan if I live in it for at least a year, thats not a problem I work on the road so im never home. I was thinking of getting a duplex or 4plex with the VA loan but I would have to get a MINUMUM 144k loan, I was planing on getting a property in the 50k - 80k range before I found out I could get another VA loan... So I guess my question is, what is the better choice? take the 144k no money down VA loan and get a nicer property or get a convetional loan and put down the 20- 25%? Sorry for the long post, thanks for the help!
Ruary