New guy...and girl...and girl

[Andrew R.]

Hello! 

First off, thank you for contributing to this incredible corner of the interweb.  Amazing to see sincere dedication to helping others in such a competitive field.  I have gained so much from lurking, time to get involved.

A bit about me. 32 years old, married, 7 month old daughter, active duty military (yay VA loan!) currently stationed in Virginia for the next 2 years.

The plan; Buy a duplex/tri/quad in Virginia with my VA loan (can do down payment to ensure cashflow, if needed). House hack and BRRRR multi-families through the rest of my career as I must to move every 2-4 years (for the next 15 years). Upon retirement hold properties that are doing well and liquidate others (if needed). Then, reinvest in the area that we retire (undecided location). Sit on boat, catch fish, die happy.

Action taken; Lots of reading, looked at 10 properties (and counting), ran numbers on 50 properties (and counting), attend every open house we see to talk to realtors, drive/bike/walk for dollars, hired a realtor.  We are starting to figure out what we want and what constitutes a good deal but feel like we will never truly be ready....how do you know? Multi-families on the market are few and far between in our desired area, especially ones that cash flow prior to rehab.  

Best option so far; Quad (2/2, 1/1, 1/1, 1/1) listed for 450k.  

Monthly Rent- $3,575       Expenses-  $3,877 (10% repair, 10% vacancy, 10% mgt fee + taxes, utilities, mortgage, insurance, ect.)  We will manage until we move.

House was built in early 1900's but in a great area, very easily rented and should be able to bring rent up to 4k with little rehab....With a good home inspection and hope that negotiations go our way, I'm very interested....but is this biting off more than I can chew for a 1st deal? 

Thank you BP community,

Andy