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Updated almost 8 years ago,
Waiting until later to buy my first multi?
Hey folks, I'm trying to buy a multifamily house in Austin. After ep#25 I got interested in this after hearing one guy who got a tri-plex and ended up not paying rent after expenses. He was in Boston and got approved for something like 385k. I just got approved for 350k, but I expect this may only be because it's going to be my first house and I don't have a heck of a lot of capital to start with (25k after cashing in a 401k rollover from a previous job). So I started messaging realtors in the area telling them I would like a 3 or a 4-plex if possible. Many just put me straight out and told me it's impossible with no further communication. One guy seems fairly interesting though:
Because this is the first guy who didn't write me off, I asked him if he could imagine a way for someone like me to do it the way I'm envisioning. This is what he said:
What do you all think about this? Should I just keep saving as much money as I can, or should I reduce my requirements and just see if there's a duplex that's not a death trap? Is there any way I can fact check what he's saying? Or maybe some way to get a multiplex much cheaper than the average MLS listing?