First time buying and leaning towards a multi-family

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First time buying and leaning towards a multi-family

Trevor Preston
Rental Property Investor · Norfolk, VA · Member since 2019 · 6 posts · 0 votes

I'm looking at buying my first property ever and think a multiple family home/building is a good start. My plan is to use my VA loan for the financial. What are something think I should do to protect myself/ any advise on the whole deal is appreciated! Thanks in advance!

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Cory CarlsonBusiness Member
Real Estate Broker · OR · Member since 2018 · 311 posts · 226 votes
7y

Karen hit the nail on the head. Learn how to be a good home owner and landlord. If you dig a little deeper into the forum you will find 100's of threads related to the strategy mentioned. Its called a "house hack" on the BP forums. 

I am currently helping a client perform this strategy with a triplex. From an analysis point, determine your break even points and go from there. Step 1 is talk to a lender to determine you limitations (like loan amount, credit, etc) and step 2 is to talk to a broker familiar with this strategy. 

Good luck  

503-222-0282
Constant Commercial Real Estate Inc543 Reviews
WebsiteView Page
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  • Karen F.
    Investor · San Diego, CA · Member since 2015 · 435 posts · 421 votes
    7y

    I'm assuming you will occupy a unit.  Take some classes at home depot or Loews on basic home maintenance, like fixing toilets and faucets and outlets and such, to save money on repairs.  Read every thread on the pitfalls of investment real estate on this site.  Join a local real estate investors' meetup group in your area.

    It's an excellent move on your part.  Done right, it's the first step towards building wealth.

    1Reply
  • Cory CarlsonBusiness Member
    Real Estate Broker · OR · Member since 2018 · 311 posts · 226 votes
    7y

    Karen hit the nail on the head. Learn how to be a good home owner and landlord. If you dig a little deeper into the forum you will find 100's of threads related to the strategy mentioned. Its called a "house hack" on the BP forums. 

    I am currently helping a client perform this strategy with a triplex. From an analysis point, determine your break even points and go from there. Step 1 is talk to a lender to determine you limitations (like loan amount, credit, etc) and step 2 is to talk to a broker familiar with this strategy. 

    Good luck  

    503-222-0282
    Constant Commercial Real Estate Inc543 Reviews
    WebsiteView Page
    1Reply
  • Richard Santi
    Rental Property Investor · Tacoma, WA · Member since 2016 · 26 posts · 26 votes
    7y

    Four years ago we bought our first fixer using VA and did the live-in rehab. It sucked but not a day goes by we don't benefit from the sweat equity in that property. It's really taking care of us. Looking back, I wish we would have started out with a fourplex and house hacked it. We've done great with our SFH rentals, but after managing them I'm beginning to appreciate the economy of scale MFH properties have. Also note, you can use your VA a second time if you don't burn all of your entitlement. The fee is a little higher but it's still an awesome tool. Food for thought for your second deal. Good luck!

    1Reply
  • Trevor Preston
    OP
    Rental Property Investor · Norfolk, VA · Member since 2019 · 6 posts · 0 votes
    7y

    @Richard Santi a guy I'm currently in school with did the same with the VA loan and that's also my plan long term! Thanks!!

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