Buying My First Multi-Family Units
Hello,
I'm a complete newbie at this so forgive me....but I just want to clarify something as I'm making a slight switch in my strategies and I'm heavily considering looking in buying multi-family units......I was on the most recent webinar that Brandon Turner conducted regarding newbies buying duplexes, triplexes, and fourplexes.......(12/13/2017)
I want to clarify something he said...and that was you can...once the numbers make sense....if you don't have any money...you can possibly use short term lending (private money, hard money, etc) to put up the money for the deal if the numbers make sense....then after purchasing the deal....after a short hold period which I think he said is about 6 months or so....re-finance the property and then use that money to pay of the original lender and now re-financed, it's under a legitimate mortgage and from that point forward you can do it again.....rinse and repeat.
Is that correct?
It seems too easy to be that simple.
Is there something else you need to do...obviously due diligence is required....but for example, would you get the property appraised first before doing the deal so you know once you get it refinanced you will be able to the the amount you purchased it for?
Is there something else I am missing?
Or is it that simple and I'm over analyzing?
Any confirmation or additional advice would be truly helpful....I already have two of my realtors put me on NEW auto-emailers so I'm getting emails already as of today (and the webinar was two days ago) so I'm looking at properties right now....
If there is a small detail I am missing please advise but at this point I think I'm ready to run full force to get my first multi-family properties before the end of January.
Thanks so much in advance.