Looking for expert advise on utilizing VA loan to the best of it's ability.

Norfolk, Virginia
First-Time Home Buyer
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Looking for expert advise on utilizing VA loan to the best of it's ability.

Dryden Ray
Rental Property Investor · Norfolk, VA · Member since 2026 · 8 posts · 3 votes

I am on deployment and return the end of this year(roughly). I am readying myself to purchase a small multi-family home when i return and house-hack. I also will probably have tenants immediately, through my coworkers, but they won't be there for long. I want to utilize VA loan and all it's benefits and use the best lender. Also looking for connections near Norfolk for advice and referrals.

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  • Joseph CacciapagliaBusiness Member
    Lender · San Antonio, TX · Member since 2020 · 1k+ posts · 1k+ votes
    1mo

    I bought my first investment property with a VA loan 21 years ago. I used it again a few years later for a single family home that I later moved out of and turned into a rental. Both were great deals for me, but I actually made a lot more money with the single family home. A lot of people will tell you to max it out by buying a fourplex. This advice sounds good in general, but it often ignores the realities of your particular market. In my market, San Antonio, TX, it was hard to find a fourplex that made sense for a few years.

    Also, even though it's a federal loan program, some states have laws that limit certain aspects of the program. I'd recommend finding a mortgage broker in your market. I used USAA for mine in the past, but have since realized that brokers often have better rates and/or lower fees. That was before becoming one myself. Feel free to DM, if you'd like a referral to someone.

    [email protected]979-218-2286
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  • Peter MckernanBusiness Member
    Residential Real Estate Agent · Irvine, CA · Member since 2013 · 2k+ posts · 1k+ votes
    1mo

    I have worked with a lot of Vets getting a VA loan, it is a great option for purchase and so many pieces to it that are so great! Lower rates, no PMI and so much more that it is something to take advantage of for sure! As mentioned by Joseph, make sure you are working with a broker in that state that knows the state regs and also has the most competitive numbers for you too!

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  • Ryan SpathBusiness Member
    Real Estate Agent · Boise, ID · Member since 2017 · 554 posts · 374 votes
    1mo
    Quote from @Dryden Ray:

    I am on deployment and return the end of this year(roughly). I am readying myself to purchase a small multi-family home when i return and house-hack. I also will probably have tenants immediately, through my coworkers, but they won't be there for long. I want to utilize VA loan and all it's benefits and use the best lender. Also looking for connections near Norfolk for advice and referrals.


    Thanks for your service! Using a VA loan to secure a small multi family is a great way to get started! I am not in your market but I have a lender that is an investor that is licensed all over that I can make an introduction to if this will be of any help. Please feel free to shoot me a dm with your email and Ill happily make a connection.

    [email protected]208-600-2814
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  • Gregory AcsPro Member
    Lender · MD · Member since 2025 · 137 posts · 52 votes
    1mo

    You're in a great position by planning ahead while you're still deployed instead of waiting until you get back. One of the biggest advantages of the VA loan is that you can use it to purchase a 2-4 unit property, live in one unit, and rent out the others, which fits well with your house hack plan as long as you meet the occupancy requirements.

    I'd also spend some time comparing lenders based on their experience with VA loans and small multifamily properties, not just the interest rate. The lowest rate doesn't always mean the lowest overall cost or the smoothest closing, especially on a property with multiple units. Since your coworkers may not stay long, I'd also make sure the numbers still work if you have a vacancy for a month or two so you're not relying on every unit being occupied from day one.

    Have you already decided whether you’re targeting a duplex, triplex, or fourplex, or are you still weighing your options?

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  • Hamp Lee IIIPro Member
    Real Estate Agent · San Antonio, TX · Member since 2019 · 1k+ posts · 832 votes
    1mo

    Welcome to BP! It sounds like you’re in a great position to move forward.

    Continue educating yourself about your local market, and start building relationships with an experienced lender and real estate agent. You’re probably already browsing properties online whenever you have time. That's a great way to learn what is available and recognize potential opportunities.

    Most importantly, make sure the numbers support your goals. Don’t become so focused on purchasing a multifamily property that you overlook a better opportunity simply because it doesn’t fit your original plan.

    When I was stationed in Montgomery, Alabama, I was determined to purchase a multifamily property. However, many of the available duplexes were located in C- and D-class neighborhoods. I adjusted my strategy and purchased a small, newly built single-family home using my VA loan. Today, that property cash flows nearly $500 per month.

    Stay focused on the goal, but remain flexible about the path. Sometimes the best investment is not the property you originally planned to purchase.

    I wish you all the best.

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  • Dryden Ray
    OP
    Rental Property Investor · Norfolk, VA · Member since 2026 · 8 posts · 3 votes
    1mo

    Thank you.

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