My wife and I just moved back to north park and are currently in a position to save up solid capitol over the next year, but are very eager to get a multi family property preferably in OB, Point Loma (work) or in the North Park to South Park area. Any tips, advice, or knowledge on VA loans for multi units?
Andrew & Erika Greer
Hi there Andrew and Erika,
I found some info that you may find useful, although this is from 2018
" if you are purchasing a two-unit property, you can borrow up to $831,800 in a VA loan mortgage. For three-unit properties, the price is even higher, reaching $1,005,450. Additionally, if you are interested in a four-unit property, you can borrow as much as $1,249,550 in VA backed loans. These VA loan mortgage options make it relatively easy for veterans to purchase a top-quality unit and expand their financial portfolio quickly."
@Erika Greer the first thing you need to do is get preapproved with a VA guru loan officer. Not a VA call center, but a rockstar LO that will help you strategize with the real estate investor side of things. So you came to the right place here at BP. Look no further than @Chris Mason who is a fellow Vet and right there in CA. Put it this way...if I were in CA and a Vet, and knowing what I know, that's who I would trust to do my own mortgage.
TYFYS and best of luck!
Just a thought, I do know a VA loan requirement is that the borrower lives in the home being purchased. So make sure you're either planning to live in one of the units, or plan on figuring this out with your lender! Otherwise I think it's a great idea!
Hi Andrew and Erika, I just attended a meetup with @David Pere and @David Campbell up in Oceanside. They're both veterans and savvy investors (and really nice guys!). I'm sure they can provide some advice on this subject. Best of luck!
@Brian Moore ...thank you very much for the shoutout, that means the world to me!
@Erika, I recently published (2) VA loan articles here on the BiggerPockets blog, I recommend checking them out. Also, I'm happy to help in any other way that I can!
@Erika Greer I know a local San Diego VA specialist PM I can give his number
Hi Andrew & @Erika Greer , I help house-hackers and multi-family buyers in the area. Including people using the VA loan. Its true you can put down $0 downpayment on the loan limits mentioned above, if you qualify for a loan of that amount, based on you debt-to-income ratios, and your monthly residuals. On a 3-4 unit, you will also be able to use 75% of projected rents has income towards the loan.
Keep in mind all lenders are NOT created equal, and some will tell you what you want to hear, then come the 11th hour in escrow will not perform. I have learned this the hard way. Choose your lender wisely. I have a few I can refer you. And as mentioned @David Pere is a great resource.
As for your areas of interest, I live in Pt Loma, know OB and North Park very well. North Park, Normal Heights, and those surrounding areas, you will more likely find a property at a better price point with opportunity for good appreciation. I'm currently farming and helping clients in these areas. I know the market well, there's a wide range of opportunity in those areas.
Andrew and @Erika Greer congrats on getting started with your real estate search here in San Diego! I'd be happy to refer you outstanding, experienced VA lenders here in San Diego. You are very wise to plan and save the way you are towards a multi unit property. We have one of the largest sources for off market and coming soon properties when you are ready to start your search and I'd love to help. I live in North Park as well and am very familiar with South Park, Pt Loma, OB, and the surrounding areas having grown up here. If you want to get coffee sometime let me know.