My Next Investment Strategy in Chicago, IL (Military Veteran Ideas Welcome)

[Quincy Mingo]

I am looking to identify my next investment strategy to acquire another 3 or 4-unit property. I would like thoughts on what makes sense based on my situation.

Current Properties:

1.) 4-unit purchase in 2021 using my VA loan. Benefit is all used up on $550K property. Cash Flow is $1,500 Monthly. Property in McKinley Park

2.) 4-unit purchase in 2022. Using FHA. 4-unit in Bronzeville, two blocks from Hydepark area. Purchased for $740K. Cash Flow $500 monthly.

3.) 3-unit in Woodlawn. Purchased with a business partner in March 2019. Property in business partner's name. $500 monthly Cash Flow. Most likely a good amount of appreciation.

My Situation:

• My location is Chicago, IL
• I work 9-5 in the Tech industry
•  Military Veteran
•  Strategy is Buy and hold in up-and-coming neighborhoods.
• Currently planning for a wedding occurring early in 2023, so paused on any major purchase with my cash.

My initial Idea:

• Use a Navy Federal mortgage program to (0$ downpayment and no PMI benefits) purchase a Primary residence single-family home in early 2024. Rent out some of the rooms.
• Purchase a 3 or 4-unit in my partners name using FHA, after the wedding in mid 2024
• Any creative ideas?????

[John Warren]

@Quincy Mingo congratulations on your success thus far! That is really impressive that you have found that many deals that quickly. 

I used to work for the Navy Federal in the Great Lakes Naval Training Center. I would make sure they will allow you to use that 0% down loan even though you own other real estate. They were really, really conservative and have a lot of restrictions that other lenders might not have. Also, the mortgage officers are essentially just tellers who got some training. At least when I was there, they didn't pay us to originate mortgages so there wasn't that same incentive to master the craft as you will get from a broker. Make sure you ask a LOT of questions before you go to far down that road. 

Why not figure out a way to reload that VA loan? You can cash out refinance and use it again if you have enough equity. @Alejandro Calixto has pulled that one off I know, and he used @Joshua Jones to help him on the loans.