Using the VA loan to buy a 3 unit MF in Gary

Member since 2024 · 2 posts · 0 votes

Hello, born and raised in Gary. What are your thoughts on using my VA loan for the first time to purchase a 3 unit multi family in Gary Indiana. Two of the units are occupied by cash paying tenants at 1500.00 a month. I would live in the vacant unit. My realtor did a walk through via FaceTime and the property seemed to be in great condition. Thanks!

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Jonathan GreeneBusiness Member
Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
2y
If you know Gary then you are ahead of that game on a competitive advantage. I think your appreciation there could still be stifled. What's the price point and when can you see the units in person if you are deployed?
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Christina Thomas
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Member since 2024 · 2 posts · 0 votes
2y
Quote from @Jonathan Greene:

If you know Gary then you are ahead of that game on a competitive advantage. I think your appreciation there could still be stifled. What's the price point and when can you see the units in person if you are deployed?

290,000. I am going this weekend to check it out.
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Jonathan GreeneBusiness Member
Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
2y
It's $290,000 with $1,500 each in two of the units? So, $3,000 rent plus the use of your unit as the 3rd? In Gary you should be at almost 1.5x to 2x rule.
[email protected]Podcast Guest on Show BiggerPockets Daily 667: 5 Amazing Benefits Multifamily Investments Offer (That Single Family Homes Don’t) by Gino Barbaro
Zen and the Art of Real Estate Investing59 Reviews
Website View Page
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