How can i BRRR off a single family home purchased by VA in Tx?
Also looking to jv on deals In Tx!!!
It's tough, because the VA has a more rigid home inspection process than a conventional loan.
They are unlikely to lend the money on a home which requires a lot of work.
Now, you could do a VA renovation loan (similar to a 203K loan from FHA), but the home still needs to be pretty livable to begin with.
Then, you'll need to live in the home as your primary residence for at least a year. There are "escape clauses" to this, but you have to show it as your primary residence before they'll guarantee the loan.
You can use a VA Renovation Loan as mentioned and then a VA cash out refinance. With VA for a cash out, you must have made 6 full month payments, so it takes about 7 months from closing to cash out refinance from the date of purchase. Below is a quick summary on the VA Reno loan.
VA Renovation Loan
Is available on SFR, PUDs and VA approved Condo's. You can make repairs or improvements up to 35% of the "As Completed" value of the property. The improvements must be permanently affixed to the property, and add value