Strategy for first REI deal, Multifamily vs Single

[Stylianos Kalamaras]

Hi,

I would like to get some feedback on investing in my first real estate property. I've been listening to the podcasts and reading up as much as I could on strategies and the idea of buy and rent seemed the best fit. My plan was to use a 0% down VA loan and buy a 2-4 family in the Cincinnati area in a nicer neighborhood where the people I believe would be easier to deal with. The broker that I'm working with dismisses the idea of going multi family and getting a single family instead. My assumption is that she only deals with certain areas where there aren't any multis. So my questions are,

Is the 0% down on a multi a feasible strategy (considering there is a low rental vacancy rate in the area and the property covers the expenses) ? Also is it worth getting involved with a different broker?

Maybe I missed some things but any information would be great, thanks!

[Tim Herman]

@Stylianos Kalamaras for owner occupied mortgages you have to agree to stay in the property for 1 year. During that year you save up enough to put 5% down on your next small multi family. You are allowed 10 mortgages if they are sold to Freddie or Fannie. You need to learn to use a calculator. Just buying a multifamily does not make it a good deal. BP has a rental property calculator that you can use up to 5 times or upgrade to pro and have unlimited uses. A quick way to determine if the property will cash flow is the 1% rule. Monthly rents divided by 1%. 4 plex with $3600 monthly rent/.01=$36000 maximum purchase price.