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Unlocking VA Loans Maximizing Multi Unit Property Investments
You're a VA buyer Thank you for your service I did 20 years myself and I've used my VA loan 6 times to buy 6 different properties So let me tell you right now the best use for your VA loan has got to be the multi-unit property I personally have not done it but as a realtor I have helped several people do it And let me tell you how to qualify It's a difficult qualification process but it's not impossible So first you take how much you're pre-qualified for to go buy a single family home Let's call that six hundred thousand dollars right That qualifies you for 600000 So if you can find a duplex a triplex or a quadplex is six hundred thousand dollars or less then you can go buy it right The intention is that you're going to live in one of the units You must must must live in one of the units Remember the VA loan is a primary residence loan You will call that your primary residence You don't have to keep it as your primary residence forever but when you make that purchase it has to be as your primary residence That's qualification number 2 Qualification number 3 If you're going to buy a multi-unit property that's over that six hundred thousand dollars then you use 75 percent of the rental rates for units 2 4 So if you're collecting What is it Ten thousand dollars in rent for the other 3 units and living in the 4th Seven thousand five hundred dollars is added to your income when you go debt to income which then opens you up and those numbers right now today would open you up for another million dollars So now you can buy a four on one for one point six million dollars Now here's the trick That everybody has a hard time with especially us veterans And I'll tell you from my own personal experience having the reserves is the hardest qualification to meet especially when you're young So the reserves must be seasoned for 2 or more months Can't be a gift Down payments and closing costs can be a gift But the reserves is 6 months worth of your payment So if you're at one point six million dollars in 6 percent interest and I'm just going to throw it out here it's call it fifteen thousand dollars for easy math per month They want to see the V and the lender both need to see that you have seventy five thousand dollars of liquidable Money That's money that you can pull out So if it's a four oh one K and there's penalties a hundred percent of that 4 oh one K doesn't count You have to do the calculation with your lender once you get to where you can prove that you have seventy five thousand dollars that you can go to if you lose your job and Income and the tenants don't pay the bank wants to see that you have 6 months worth of reserves to make that purchase And that is the hardest qualification to make when you're going to make a purchase of a multi-unit property with your VA loan So click down there We can get started on the discussion If you're ready then you're ready If you're not then you're not And let me tell you right now the conversations that I have with the young or with the people that don't have the reserves is you know who does have the reserves The person who bought the condo or the townhouse or the single family home that was inside of their budget and in this scenario six hundred thousand dollars right So buy that six hundred thousand dollar house today and in the future when that house has appreciated then you can have the reserves You must sell the house or open up an equity line of credit and pull that money out and park it somewhere for 2 months in order for it to count but you will have the reserves in the future
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