So I came across a property that I’m interested on purchasing however, it does need some fixing up but I feel like is livable till all repairs are done.
I got pre qualify for a VA loan and I'm a bit concerned that the VA might not want to lend me the money with the conditions of the property. So I was thinking, why not use the BRRRR strategy but I noticed that private money, hard money, etc their terms is not for me to live in the property... Why?!
My plan is the same as if I would rent it (for me) and refinance it with the VA loan in order to pay off the hard money/private money. I'm just trying to wrap my head around it and see if I need to reconsider my strategy.
Please advise, Thank you!
Have you talked to Habitat For Humanity? They have a program for veterans that help rahab housing.
@Mike Sedlacek I didn't know that but I'll be looking into that. However, I can finance the repairs with no problem and i wanted to use my VA loan right from the beginning instead of going all the away around with separate lenders and remodel it while I live there but I'll be taking the chances that the appraisal won't approve it for a VA.
There are VA renovation loans and this sounds like it would be a great solution for you with the least amount of money out of pocket.
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