Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 4 years ago,
First investment property, need guidance.
We are a married couple looking to buy a house on VA loan at my spouse's next duty station. We are approved for up to 400K on one income and up to 750K on dual income. Normal single family houses are going over 30K of the asking price and it is getting tough to find a desirable location and home under $350. Area we are looking at is Tacoma WA.
Goal:
Find a house/multi-unit near a military base, live in it/manage it (do basic renovations), until the next move upon which we put it up for rent to other military families. Hire a property manager. Rinse and Repeat.
Option A: Buy a single family and do the above (3Br and 2 Bath)
or
Option B: Buy a 4 unit Multiplex, live in one unit and rent out the rest. (2Br and 1 Bath each). Rent out the 4th unit when we leave
Financial Situation:
We can afford $4000K/month towards PITI, while living frugally until we find tenants. This should be enough to cover a 4 unit building initially. We are also looking for close to turn-key property.
Challenges:
Good luck getting a VA appraisal to match the asking price for a 4-plex
What do you guys suggest? Are we trying to bite more than we can chew? Can we make this happen? I would like to charge between 1300-1500/unit each month on a 4-plex no more than $750K
Background:
I own a home in MD and have tenants ready to move in. Cash flow will be 200-300/month.
No other debt.
Thank you.