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?
If you could refi out of the VA loan, you could reuse the VA loan as a low money down option, if you were willing to move into the Triplex. Not sure if you could get a refi in such short of time though.
@Garth Gissel Thanks for the response. Yes i don't think i have been in this property long enough. Also all three units of the Tri-Plex are already occupied with tenants. I wish i would have bout a MFH with the VA loan to begin with.
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.
@Robert Sepulveda Thanks for the advice!
Just reread my post and wanted to clarify. It's 25% down if you don't use your VA benefit and occupy the property. Of course, if you wait it out and buy with your VA benefit, there's no downpayment requirement.
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