How to use a VA Loan to begin investing in rentals
So, recently I have found the bigger pockets podcast and they’ve done a really good job if getting me hyped up to do rentals. I got this idea in my head that there’s a way to use a va loan to start getting rentals.
The plan is:
1. Use the va loan to buy a property for under 150k
2. Live in the property for 6 months
3. Refinance with an IRRRL loan
4. Rent the property
5. Redo until I have enough capital to purchase a property using an investor loan
It seems like a good plan but there are still a lot of questions I need answers to.
Is this possible to do in the same city
Does the irrrl count as a va loan since va back 25%
Will having multiple mortgages prevent me from getting another va loan
If this would work how many time would I be able to do it?
Would this be breaking any laws?