Strategy to buy first multi-unit

[Daniel Courant]

Hi - just looking for a sanity check as I strategize to buy my first multi-unit building.  My daughter is a freshman in college, so plan is to buy a 3 - 4 unit building near her school to owner occupy for at least the first year. That way, I know I have place for her to live cheaply for at least 2 years as I build equity at same time.

Apparently, I can use my VA Loan for up to 4 units, which is for max of $417K. As I have a VA loan on my primary residence already, am planning to re-fi into conventional loan and then take out new VA loan up to the max for apartment building. Prices in best locations near campus look to be $270K - low $400K range, so it seems like a fairly viable strategy.

Any thoughts or flaws you see in my plan? Your feedback is much appreciated!

Thanks,

Dan