Seeking advise purchasing first multifamily property in Chicago

[John Jeffrey]

Hello I'm a military veteran in Chicago very interested in purchasing a multifamily property and being a owner occupant. I am a first time home buyer and I'm also VA Home Loan qualified.

With the VA Loan its 0% down up to the loan limit in my area. My question is I was thinking about saving this benefit for my second property and using either a conventional or fha loan for my first property once I learn the business is this a good idea or should I just use the VA loan to get the best property I can?

And FYI my annual income is $84,000, dti is 17%, and credit score 735.

[Eric Upchurch]

John, check out our recent book “Military House Hacking” on Amazon. Glad to talk to you offline. Find me on FB or look up our closed group Active Duty Passive Income.

To answer: what I would do is buy a 4-plex with zero down, roll in closing costs and VA loan funding fee (if you don't have a VA disability rating it's between 1-3% of PP). Then live in one unit for a year. Use all the cashflow to pay down the principal. Do this aggressively for a year. As soon as you are close to 80-85% LTV on that 4-plex, you refinance it to a conventional loan. Then the best part is that now you just DO IT ALL OVER AGAIN WITH ANOTHER 4-PLEX!

We have this incredible benefit that allows you to buy up to 4 units for freeeeeeeeee! Hit me up. Glad to talk more. Vets helping vets!