Using A VA Loan For Multifamily Investment
Hello Bigger Pockets World!
I'm new here, my name is Sydney, I'm 23 and I'm looking to invest in the Vancouver (Clark County) Washington Area. Here's the low down... My younger sister is going to college next year in the fall. Around that same time I will have around $30,000 saved. My dad is the one with the ability to use a VA loan, but he and I want to partner together on a multi-unit, duplex or triplex. I want my younger sister to be able to stay there as well and learn some thing about light property management in the hopes she gets a taste for real estate sooner rather than later.
I know you can do $0 down for a VA loan, I know my dad would have to have the location as his primary residence. I'm wondering how to go about this in the most successful way... Also I am located down in CA, I cannot use it as my own primary. I don't know much about have two people on a VA loan and how that works. I'm also wondering how to keep a safety net in the event that something happen to him down the road - will my cash be gone? will his loan default to me since we do the deal together or my mother by marriage? My mother wants no part in the investment as she is a low risk individual. I'm also the only one doing research, making connection and learning about the market. My dad is mainly looking to invest so he has some cash flow after retirement and something to pass on.
Is waiting until I have the $30,000 worth it? Is getting a fourplex vs. a duplex important since we can only use this loan type once - or is the better deal the pops up first the one to go with (assuming we are patient for it to come along.) Has anyone partnered with someone with a VA loan? What types of precautions should I take to protect my investment?