I’m getting started on my real estate journey at the ripe age of 22 and need your help!
Knowing that I do have time on my side, I am struggling to figure out where to start. I have the incredible opportunity of being able to use a VA loan to purchase a property for 0% down. That being said, I have been pretty set on house hacking a multifamily home. I've noticed that any multifamily home in my price range is in every part of town that is either out right dangerous or aren't allowed through VA lending because of their condition.
Now, knowing that I am looking at doing this until I’m 6 feet under, should I just purchase a primary residence with the intent of turning it into an invest property later down the road or should I wait and keep renting until an opportunity eventually presents itself in the multifamily/house hack area?
Thanks for your time!
@Christian De La Fuente I recently used the VA home loan to buy a multifamily property as an owner occupied property.
Checkout how much “bonus entitlement” funds you have in your county. 👇🏾
I plan on putting a tenant in my unit after 1.5 yr or so to leverage my personal + property income to buy a second “owner-occupied” property all in less than two years.
💡 secure a roof over your head first which will pay for itself long term but enables you to leverage it as an asset to fund your next property acquisition.
@Christian De La Fuente How long have you been looking? The housing market is pretty hot right now so it may just take time to find that right property. If you are set on house hacking, then it may make sense to try and stick it out for a little while and keep looking. What about broadening your radius more?
@Aubrey Tatarowicz It has only been since the beginning of January so maybe I do need to give it more time. Being that it’s my first time even being apart of the market, I don’t even really know how to distinguish the difference between the market now and I guess a “normal” or “stable” market.
@Naji H. Kelley That makes total sense really thinking about it that simply. I may just be getting too into my head about it. Thank you very much for the input!
@Christian De La Fuente no problem! Google/find out a VA loan officer and reach out to them. Have them break down the entire loan process to you so you know exactly what you need to get a deal done.
I thought I should have waited to get a pre-approval because I wanted to have more things in order like my credit but after speaking with a VA lender, he gave me the kind of insight to help me make the best informed decision a that time. I would have missed out on the property I have now if I would have waited.
Keep asking the right people (realtor, loan officer, accountant, etc.) all your questions to help build your confidence and arm you with the necessary intel to help you move forward.
When you complete your first deal, you’ll be excited about your future in real estate.
@Naji H. Kelley I definitely will do that!
Thanks again for the input and when I get that first property I definitely hope I’ll feel the same way. 😅