My first [MFH] deal...yikes!

[Lee Burns]

So I'm looking to engage in my first deal as early as June! I've made a small business plan, browsed for properties and lenders and ran across a few, but I don't have much capital except for a tiny savings and a small 401(k) that I plan to convert to self directed. I plan on using a VA home loan since I'm a veteran. Should I wait until I save up more capital or get the ball rolling now?

[Jarid Apfel]

Originally posted by @Jaysen Medhurst:

@Lee Burns, if you have identified a good property, done a thorough analysis, and have enough for your up-front costs and reserves, get going!

No need to wait.

I second this. Get your pre approval and make an offer if the numbers add up. DON'T WAIT! I bought my first property using a VA loan (duplex). Closing time was about the same as a conventional mortgage lender. I didn't want any money out of pocket up front so I had the seller pay closing costs. I suggest going this route if you're light on capital. Chances are you can get into that first property with zero money out of pocket saving what you have for reserves/repairs/updates etc. It's scary now but once you close and move in you'll realize how easy everything was, don't stress about it and good luck!