Updated almost 13 years ago on . Most recent reply
First time investor. owner occupied 4 plex questions
My name is Jared and I am new to BP. I recently moved to Alaska to fly. I have been wanting to invest in real estate for a while and I am actually at a point where I can seriously consider it. I am wanting to buy a 4plex and live in one unit.
The dilemma I am having is the price, they range from 360k to 500k, and rent is $1,100 to $1,400. I am wanting to use a VA loan and put 0% down. I want to put my money into equity and not pay someone else's mortgage. Flying here also keeps me away for 2 to 2 weeks at a time so i will have a roommate to pocket a little extra cash. What I am thinking is to live in the property for 2 years then move out, and reuse the VA loan to buy another property.
I am just concerned with the price tag for my first investment. It seems like everything I read people at paying in the mid 100,000s. Does anyone have any advice for a first time investor in an expensive area.