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Updated almost 10 years ago,
looking to invest in a fourplex
I am 21 years old and looking to invest in a fourplex property. Currently my wife and I manage storage units where we also live ( in the apartment above the office) we pay very little for rent and are happy where we are at for now. We have always talked about owning rental properties and it is something I am interested in. I am currently in training for the national guard and when I get home I want to utilize my VA loan on some type of rental property, Preferably a fourplex. We don't have alot of money and are hoping to get started with 0 down and go from there.
I have no idea what a good price would be to borrow at my age and experience, as well as what the best route would be on the type of loan I can get.
My goals are to start out with a fourplex that has all units rented out,and hopefully make enough money off all four to pay the little rent my wife and I pay. and put all of the rest towards slowly fixing up the property if needed and paying down the principle of whatever type of morgage we get. and from there I would save whatever I could and in a few years move on to another proper and hopefully retire off of them one day.
My wife and I can handle where we live the next couple of years but eventually would want to move into a rental if we own it or hopefully a house depending on how we are doing financially.
I am looking for answers on the best rout to go in my situation. Would it be smarter to use the loan on a house for my family that we pay into or a property that we can potentially make money off of Being paid for by the renters.
I am also wondering how I can do this with no money down. Supposidly with the VA loan I can do it for 1$ down but I'm not sure on how loans work and if I could use the va on a multifamily unit.