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Updated about 10 years ago on . Most recent reply

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43
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8
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Freddy Pettiford
  • Fayetteville, NC
8
Votes |
43
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Wanting to buy a Tri-Plex

Freddy Pettiford
  • Fayetteville, NC
Posted

Hey BP, I am currently living in my first home which i bought with a VA loan about 6 months ago. I am currently interested in buying a triplex which is about 20 miles away from me. The asking price is 185,000, and all three units are occupied. I have not connected with any partners or lenders in my local area as of yet. (I have been trying to network with a few people in the area, but no luck as of yet.) I do not have any family members who could loan me the money. Could anyone give me some advice on some low money or no money down strategies that i could use to purchase this property?

Most Popular Reply

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264
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97
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Robert Sepulveda
  • Lender
  • Newport Beach, CA
97
Votes |
264
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Robert Sepulveda
  • Lender
  • Newport Beach, CA
Replied

There's actually no seasoning requirements for you VA loan to refinance. So if you have equity, you can cash out with another VA loan. But you should occupy the property for a year before you use your benefit on another property. It will automatically be considered an investor property so there's no way to get around the 25% down requirement. Using equity is your best bet.

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