Updated over 6 years ago on . Most recent reply
Looking to buy two homes one property, financing?
Hey Bigger Pockets crew! The wife and I are looking to buy an investment home as our main home, duplex, multiplex, in-law,etc. I am active duty military and plan to purchase using a VA loan. A dilemma we recently came across was two homes on one .76 acre lot. We liked the homes, killer location; schools, down town, stores, etc. Both need some updating and work. However, the dilemma is the finance part. The VA loan will let us finance up to 4 homes on one lot but only if if is 1 lot #. This property we are looking into has 2 lot #'s therefore we cannot finance it with a VA. We would consider FHA or other form of finance if we could buy the houses for the right price and leave room for rehab. What are options we have to finance these houses and make out well? We do not have a lot of DP money at this time. Really need input! We are stuck here and have been searching for the right investment a while. Also, what are signs that we should pass on these homes? Or go ahead and see who will lend money$ for two "separate" homes? Really appreciate any input or similar situations/ experience. Thank You!! -Vinny