House Hacking using a VA loan

4 Replies

Hi everyone, I recently got stationed in the New Orleans area and I am looking at potentially house hacking using my VA loan. Anyone have any advice or suggestions? This would be my first home purchase and I have no experience in anything real estate related, just the information from BiggerPockets podcasts and my own research. Thanks !
Just make sure the numbers work. It's tough with 100% financing, but definitely possible. And if you find one that works, no money down can't be beat.

@Nathan Doherty second what @Edward B. said. You can use the deal analysis forum to get a second set of eyes on the numbers. It's usually smart to link up with the local investing community to have someone who understands the area -- especially with multifamily. Those seem to have bigger  gaps between pro forma data and reality, so it's possible to wind up with more problems. A local mentor/buddy can be invaluable.

I was down there last year having some fun in the French Quarter. Used a Airbnb right outside of the quarter so we could still walk to it. Maybe look into Airbnb for your property as well when you find it. Anyway, I was talking with a local guide down there and was told the St. Roch area is up and coming but who knows. Might be worth driving the area at least. Maybe you already know but you can use the VA loan on property up to 4 units. Seems like some lenders will only allow 2. Make sure you shop around.

Do your analysis as if you were a rent paying tenant. Make sure you spend your time there before your next PCS finding a good property manager to take over when you leave.

If you don’t use your entire benefits for the VA loan you can use second tier benefits the next time you move. Then you can refinance your original loans and apply for reinstatement of yogurt benefits (this can only be done once) then if you are able use your reinstated benefits twice again.

Best of luck in your investing journey and check what your insurance policy covers.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here