Should I invest in a multi-family property

3 Replies

Hello,

I'm and Veteran and looking to use my VA loan to purchase a home for my family. Originally looking at new constructions and something 3k square ft or larger. Recently, I learned of the VA loan inclusion of multifamily homes within the VA loan and am thinking about buying a duplex or triplex. The requirement from VA is that I can't go over my max VA allowable amount (around 460k) for florida and I have to live in one of the units for at least a year. I saw some interesting properties and was really considering building a duplex which was 430k and a 4/2 on each side with each unit having a 1 car garage and about 1500 square feet. The part of florida I am in is popular with the vacation rentals however, the builder was doing these duplex's about a half hour away from the attractions so the location isn't the best. I know that location is key when doing the vacation type rentals so I am not sure if I want to do full year leases or really try my hand at the AIRBNB thing. Although I would have to hold off for a few years on getting my big house I feel that buying a multi-family home with my VA loan and living in one unit for a year and using it as a zero down investment property would be worth the sacrifice. Any advice???

-Steve