Pricey Market, low money down, with a VA or FHA

[Kyara S.]

I’m new and working on my start up strategy. I currently rent and can get my fIrst purchaae with a VA or FHA loan. This is ideal as I have about 15k cash to purchase. Making my purchase with the VA or FHA requires me to live there for a year, correct? So my plan is to buy 2-4 multi family home and rent out the units while living in one. Living in the Tacoma area makes this a pricey strategy. Can anyone with experience in expensive areas starting on their first purchase offer advice? Is it ok if I’m not making money off the rental so long as I can make large payments and then cash out refi after a year? I have a job that gives me a decent surplus of savings so I can afford to expensive than I currently pay, I will also being doing this with my partner.

[Adrian Chu]

I helped a client get a 4 plex near Downtown Tacoma using a FHA 203k loan with 3.5% down. They completed the renovation and refinanced it and that building is cash flowing like crazy.