Property 2&3 Advice!

[Brandyn Dietman]

Hey everyone! I purchased my first property last May, which is a 3 unit. I occupy the lower unit, and used the VA, so I have a 1 year owner occupy clause. I have good cash flow, and want to expand my mini empire. Question is- I plan on purchasing another owner occupied 3 or 4 unit in May here in Milwaukee. I can either possibly qualify for a second VA or I'll use the FHA. However, I also just found a good deal on a 3 unit, back home in Door County which would have great cash flow. It's been on the market for over a year so I suspect there's something wrong with it, and I'm planning on seeing it over Christmas break. If it seems doable, I'd like to talk to the owner about owner financing over a 3 year period with a balloon at the end. If it did go through, I already have a property manager set willing to take it on. So, would anyone advise against doing a deal like this so close to purchasing another owner occupied here in Milwaukee? I'm worried about DTI when it comes time to buy the next property here in May (mine is pretty low now), or The underwriter worried about me buying too quickly. I do have a good paying full time job (I haven't had to use my money yet), and roughly $35,000 in reserves now. So I'd love to hear good or bad if you think I'm moving too fast, or should alter my plan! Thanks for your advice! Brandyn Milwaukee, Wisconsin, mortgage, financing,