People are making money on fourplexes. Location decides almost everything, and a VA loan helps without erasing the math. In much of the country the numbers on a four-unit can still work. In high-cost areas like Southern California or New York, it's very hard to make a fourplex cash flow without a very large down payment, and if you're deploying that much capital, there's often a better home for it at a comparable return. Many of the multifamily deals that do trade in expensive markets are 1031 exchanges, with investors rolling equity from one property into another rather than writing a fresh check. On the VA loan, the genuine advantages: - No monthly mortgage insurance. VA charges a one-time funding fee instead (waived for exempt veterans, such as those receiving service-connected disability compensation), so your payment skips the monthly MI line entirely. - Strong rates, which help cash flow versus a conventional investor loan. The structural catch is occupancy. VA financing lets a veteran buy a property of up to four units, but you must occupy one of them as your primary residence. That means three units of rent are available to offset the payment, not all four. Confirm the current VA occupancy and entitlement requirements when you apply. House-hacking a fourplex with a VA loan can be a strong way in with little down while tenants carry much of your housing cost. Just underwrite on three units of rent, and don't assume the building cash-flows as a pure investment the day you move out. Nobody can promise the numbers work in your specific market, which is why you run them property by property.