All Forum Posts by: Shaquille Turner

Hello Bigger Pockets, 

Quick Question: What strategies are you using to obtain ROI via the VA Loan?

My wife and I plan on using the VA loan to fund our first rental property. We live in the Fayetteville, NC area and we want to house hack (i.e. purchase a small multifamily property, live in one side and rent out the other). We are running into two issues: first, there aren't many small multifamily properties on the market in the Fayetteville area, and second, the properties that we are finding require lots of work that the VA Loan may not cover. We don't have much capital available for a down payment, and thus the appeal of the VA Loan.

We are about to tailor our searches, given the constraints of the VA Loan, to single family homes that are more move in ready. Good idea or nah?

Have any of you had success using the VA Loan to get ROI in a house un-hackable environment? If so, can you describe it? Am I stretching the facts by saying this environment is house un-hackable? Should I keep searching for small multifamily?

Alexander Felice that is really helpful information! I'll do some research and adjust strategy as needed. How do you feel about the ability to drive up equity in a property through rehab in the Fayetteville area? Is that something you have experience in? My question is mainly because I want to do an owner occupied investment property to start, and I want to find ways to make money on the first deal. Thanks for your input!

Alex, Can you elaborate a bit more on why small multi family in Fayetteville is brutal? Anything specific I should be in the lookout for? As always, looking forward to any constructive input!

Thanks for the response Chris! 

Your comment pointed me towards a lot of great resources. I believe all the information you gave me above is accurate barring one piece: it is not the FHA loan limit that sets the standard for the VA loan, but the FHFA loan limit (http://www.benefits.va.gov/homeloans/purchaseco_lo...). 

One question that I do have, now that I looked at both the FHA and the FHFA one unit loan limits for Fayetteville, NC, is why are the two numbers so far apart? The FHA one family limit being $271,050 and the FHFA one unit limit being $417,000.

Again, responses are much appreciated.

Hello Bigger Pockets!

My name is Shaquille Turner. I am a recently married Army Lieutenant and will be moving to Fayetteville, North Carolina in January. I am here on BiggerPockets guided by a recommendation from The Book on Investing in Real Estate with No (and low) Money Down, by Brandon Turner.

I have not yet invested in real estate, but I want to purchase my first property within the next year. My plan is to use the VA Loan to purchase an owner occupied, multi-family investment property. I'd appreciate advice from anyone who has already taken that path (or a path similar to it): is there anything I should be looking out for? Where is a good place to search for housing in the Fayetteville area? Are there any property managers that you'd recommend? Is it wise to get a property manager for an owner occupied investment property, or should I do it on my own?

Any advice would be much appreciated! 

I look forward to the feedback. Glad I found such an awesome forum.