Military VetVA Loan for 4 unit Multifamily in DC MD VA

Multi-Family and Apartment Investing
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Military VetVA Loan for 4 unit Multifamily in DC MD VA

Melvin Walker
Rental Property Investor · Washington, DC · Member since 2020 · 10 posts · 1 vote

Hello BP community,

I'm new to realestate investing and I'm a military vet with a VA loan looking to secure a 4 unit Multifamily in Dc MD VA with three tenants occupancy possibly so I will be able to use the cash flow from the three units as debt to income ratio. I'm not sure of the process at all on how to secure this property so a local realtor or investor could reach out to us and help create our first deal!

Thank you

Melvin

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Russell BrazilBusiness Member
Moderator
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
6y

Typically a property will be either fully vacant or fully occupied when it is offered for sale.

Multis are amongst the most competitive segment of the DC market. Im going to be brutally honest, you will be very very hard pressed successfully using a VA loan to acquire a 4 unit because of how competitive the market is. Definitely possible, just extremely hard in this market. The last time I successfully did a VA loan on a multi, we had to find an off market multi that was already rehabbed (Finding ones that meet VA requirements is challenging too, as they are often in poor condition).

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    6y

    Typically a property will be either fully vacant or fully occupied when it is offered for sale.

    Multis are amongst the most competitive segment of the DC market. Im going to be brutally honest, you will be very very hard pressed successfully using a VA loan to acquire a 4 unit because of how competitive the market is. Definitely possible, just extremely hard in this market. The last time I successfully did a VA loan on a multi, we had to find an off market multi that was already rehabbed (Finding ones that meet VA requirements is challenging too, as they are often in poor condition).

    [email protected]301-893-4635Podcast Guest on Show #192
    District Invest Group545 Reviews
    WebsiteView Page
    1Reply
  • Mark Cruse
    Investor · Fort Washington, MD · Member since 2014 · 1k+ posts · 1k+ votes
    6y

    I know how rough it is to find this in DC but I'm embarking on exactly the same thing starting this fall. I do have a lot of wholesalers but still it will be hard. This is my goal though. 

    1Reply
  • Ike Okonkwo
    Member since 2018 · 10 posts · 2 votes
    6y

    @Melvin Walker

    It took me a year and some change to find a 4-unit building I felt comfortable house hacking. Like said earlier, competition is tough and the good deals will get eaten up by the cash heavy investors. The buildings that I have noticed that are usually left are the ones that are renovated (value sucked out of it), ones that are occupied with tenants paying well below market rent (hassle to evict/raise rent) and/or ridiculously priced for the condition and area.

    1Reply
  • Melvin Walker
    OP
    Rental Property Investor · Washington, DC · Member since 2020 · 10 posts · 1 vote
    6y

    Wow thanks everyone this information was so valuable. I will come here with updates once I made a move. Thanks again guys. VA Multifamily we will work it out.

    0Reply
  • Melvin Walker
    OP
    Rental Property Investor · Washington, DC · Member since 2020 · 10 posts · 1 vote
    5y

    Hello BP,

    I'm looking to use my VA loan as soon as possible to purchase a 4 unit Multifamily in DC MD or Virginia. I need to speak with lenders and agents. Please message me with information as I'm new to the multifamily ownership process with a Va loan.

    Thanks

    0Reply
  • Melvin Walker
    OP
    Rental Property Investor · Washington, DC · Member since 2020 · 10 posts · 1 vote
    5y

    @Ike Okonkwo

    Did you have a realtor you used. I'd like to meet them if so. I'm back at it looking again.

    0Reply
  • Melvin Walker
    OP
    Rental Property Investor · Washington, DC · Member since 2020 · 10 posts · 1 vote
    5y

    @Russell Brazil

    Do you have any Multifamily properties

    0Reply
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