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Using the VA loan to buy a 3 unit MF in Gary
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!
#2 Starting Out Contributor
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- Mendham, NJ
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#2 Starting Out Contributor
- Specialist
- Mendham, NJ
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?
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.
#2 Starting Out Contributor
- Specialist
- Mendham, NJ
- 6,000
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- 5,185
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#2 Starting Out Contributor
- Specialist
- Mendham, NJ
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.