Separated in Jan 2006, have never used my VA loan to date! I live in the Roanoke, Va market. The city has exploded in the past 5 years due to local health system, Carilon expanding hospital and building new Medical school with Virginia Tech which has brought a lot of out of towners here for jobs and school. There is a housing shortage here and lots of new apartments are being built. Best advice to use my VA loan to get my foot in the game and get on this growth here .....
Thanks for your service. I retired in 2008.
You can use the VA loan for your primary residence, up to four units. If I were single or without kids, I would buy a nice four-plex. Live in one unit, rent out the other three. You can only have one VA loan at a time so you couldn't do this a second or third time but it's a great way to start.
If you have a family and prefer living in a single-family home with more space, consider a larger, nicer duplex. Or maybe a single-family with an accessory dwelling on the property that can be rented out.
This is referred to as a "house hack". There's a book in the BP bookstore that explains it in detail.
@William J. Morgan hey William, first off, thanks for your service! The VA home loan benefit is one of the best loan programs out there for qualified Veterans. My recommendation would be to buy (if they are common in Roanoke) a small multi-family property (2-4 units) and rent the spare units or a single family and rent the spare rooms/in-law suite if it has one. Happy to answer any additional loan related questions if you have any.
Best of luck!
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