Norfolk, VA · Member since 2019 · 13 posts · 3 votes
My husband and I just recently finished our enlistments in the Navy and are going to school using the GI Bill. We are using our BAH that we receive to save up enough money to invest in our first property in 2022. We currently run a small Airbnb in our home but recently we have heard that we are operating illegally because of the crazy regulations in Virginia. We were planning to move to Florida once we graduate- but now we’re getting cold feet because of all the STVR’s regulations going up in every city- some even banning Airbnb all together! Should we not allow this “set back” to make us hesitant? Also- tips on buying first investment property (looking for apartment or small single family home to purchase) what type of loan would be best for this? We won’t have a lease either so how can we get a loan for a short term rental? Any guidance would be greatly appreciated!
Thanks to you and your husband for your service!! Without the sacrifices you all make, we wouldn't be able to do what we do.
If I had VA eligibility in my pocket, I would hold it for a truly great property. Buy your first house with an FHA loan. Get a 4 unit if it's available. Then do it again in a year. Use the Fannie Mae equivalent for 4 units with low down payment and live in that one. You can do it the next year with VA or buy the be all to end all house with the VA eligibility and then get another property with units using conventional financing.
@Stephanie P. Thank you! The great thing about the VA loan is we can use it as many times as we want up to a certain dollar amount but I see what you're saying. We were thinking of doing a duplex but we don't want to live in either part of the duplex. We were not planning on using our VA for STR, we will have enough saved for a down payment for the investment property. Thank you for the great advice
Right, but every time has to be owner occupied and your eligibility is capped. Use the other owner occupied products first and the get the big one with 100% financing to keep more in your pocket.