House hacking using va loan.

[Jaron Sherwood]

Listening to the BP podcast the other day I came to the idea of using my VA benefits to get a no money down loan for up to a fourplex. Has anybody here used the same strategy? If so, how did it work out? I'm thinking to fix it up a bit while I live there and as tenants leave, be able to refinance with a conventional loan in a year or so and do the same thing again.

[Brent Coombs]

@Jaron Sherwood, there are a couple of reasons I've come across as to why your idea may be harder to put into practice than intuitively it should be:-

1. If it's not costing you anything up front, you'll likely NOT try as hard as you should for bargain/s!

2. I understand that the VA Loan conditions might be more stringent regarding property condition*.

* (Which has the flow-on effect of making it harder to find the bargain/s that you NEED!)

The reason you NEED bargains is: how will you be able to refi anyway, if you start with zero equity?

Thank you for your service. There's nothing intrinsically wrong with your plan. All the best with it...