Analysis Paralysis Help: Househacking with my VA or a line of credit?

[Jose Quinones]

In the market to house hack. Looking for suggestions. Torn between using my VA loan or use my investment property below to help fund my deal.

Been losing deals left and right due to the owner occupied rule with VA.

I have about 30k in savings, 30k retirement fund, no debt, low expenses (living with parents until find a place)

I Own (under my name) a 5 unit mixed use building (4 residential, 1 commercial) fully occupied. Loan balance is 280k, value is over 500k, cash flows about $1300…went to apply for a business line of credit thru my operating LLC and was denied due to losses in last years schedule E…the idea was that I use the LOC to help pay for a down payment. They did offer a cash out refi though.

I know I have options. ****ing analysis paralysis here 😪

[Jonathan Greene]

Quote from @Jose Quinones:

Quote from @Jonathan Greene:

If you are in the market for a house hack, wouldn't you intend on living there and using the owner-occupied? A lot of realtors don't know how to present the VA loan (especially if you are putting zero down). You have to explain it to the listing agent who doesn't get it, who then sends that to the seller, by telling them it's not that you have no money, but this is a right afforded to you based on your service to the country and you can also show proof of funds that you have money, but are choosing not to use it as a downpayment because you want to do reno with it.

I would use your VA, that's what it's there for. You VA allotment can cover more than one property so not all of them have to be owner-occupied.

Thanks for your post John. It's more so the amount of competition and offers being place on properties I'm looking at. For whatever reason my agent seems to think that my offer won't get accepted cause "most buyer prefer and will chose non VA" Idfk. We've only placed an offer on or two properties cause her "knows" that my offer won't get accepted.

That is bad presentation then. A VA loan is rock solid and it has to be presented the right way, with an explanation of why you are entitled to use a zero down loan because of your service. If it turns out the seller is a vet, you move up quickly. Of course, your offers also have to be competitive.

A lot of agents think FHA and VA are the same or are for people without a lot of money. A lof of agents don't much about real estate to be honest. It's all in the presentation and of course, the offer price. I hope that helps.