Buying First 4 Unit Investment Property With No Money

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I am new here but I would like to share my story. I am 28 years old and have never owned any property before. I am scheduled to close on a 4 unit property real soon. I did my time in the military and am now eligible for a no money down loan.

I was scheduled to close on a brand new home two weeks before I backed out. The reason I backed out was because a saw the opportunity I was waiting for. The house I was going to buy was a cookie cut house 3 bed, 2 1/2 bath for 149K. It was a fairly nice house for the price.

So I was Drawing closer and closer to closing when I saw this place. It was a 4 unit older, much older place. I thought about it over the weekend and could not believe what I was about to do, I was going to pull back and go for this 4 unit place.

I called to see the place. It was very clean and very well maintained. I did not expect anyone to be living in the place but there were already three units renting! Quite a pleasant surprise. I knew this was the place I neded to get.

I had the place inspected and put an offer on it. I offered 165k with 4% from seller's for closing costs and they accepted. So now I am scheduled to close in a few weeks.

So here are the numbers:

New house
Built on May of 2012
Price - 149k
Mortgage $1,000 including insurance and taxes.
Apr 3.35%

4 Unit Place - Much older place
Price 165K
Mortgage - $1,100 including insurance and taxes. Taxes are high in this county.
Each unit renting for $550.

My plan is to owner occupy this place and rent the other units. If and when the other units are rented all my bills will be paid including mortgage and utilities. I plan to "pay rent" the first year and keep that money in a account to cover expenses for surprises and anything that needs fixing. After that use all the money I will save for three years and purchase my next property and rent that place for $750 - $1000 a month. After that keep saving and every 2 to 3 years purchase another property, keep doing that for about 15 years until olI can retire with the rent money I receive.

Let me know what you guys think of this plan. I am interested to hear what you guys have to say. Iam also open to networking.