Updated 3 months ago on . Most recent reply
New investor needing guidance
Hi everyone. My husband and I are veterans and first-time buyers looking to use a VA loan to house hack a duplex near Charlotte, NC. The plan would be to live in one unit and rent out the other.
Our combined income is about $9,990 per month. My husband receives 100% VA disability, I receive 90% VA disability, and I also work full-time. Our current debts include two car payments totaling about $870 per month and credit card minimum payments around $550 per month.
We’re trying to figure out if we are truly in a good position to do this right now or if there are things we should improve first before moving forward. For those who have bought a duplex with a VA loan, based on these numbers, do you think we are ready? If not, what would you focus on fixing or preparing before making an offer?
Thank you so much for any guidance or advice.
Most Popular Reply
Get rid of the credit card debt before any purchase and have some reserves. That is where you need to start. Forget talking to lenders, there is no point until you have some reserves and no credit card debt. The lender will not tell you about the stove breaking in the rental unit, vacancy, plumbing backup caused by tenant, etc. etc. You have to be ready to handle things financially and starting with debt and no reserves is a bad idea. Just because you can does not mean you should.