New construction. Multifamily. VA/UNION PLUS LOAN

[John Kelly]

Hello all!

I know that subject seemed very complex. And it absolutely is. So lets get started.  

Newbie to real estate. Closed on my first house last year! Wich also is a multifamily (3 unit) wich is also my place of residence. Basically lucked out bought my property from my landlord who was getting tired of the grind and I basically convinced to sell to me. Beautiful situation worked out for everyone. I guess this would be a "house hack"? I worked my tail off everyday after work remodeling the units in the property as tennants moved out of the building. Insentive for this obviously increase rents for new tennants, make units more appealing to a better crowd etc. ect. 

I'm anxious for my next property.. 

Now my area is south side of Chicago (Bridgeport if your familiar) 

Therefore. Most properties for sale are 100+ years old. Great to very poor conditions. 

Now, I have been offered altimadums of new construction for a multifamily 3-4 units. 500-600k range. 

Been researching and researching on if this is a good or terrible idea. Thinking off the top of my head now. If your going to spend 500-600k. Why not just have something built fresh where I can critique every detail of the building on its way up rather than sitting waiting for a deal that has downsides to it wich u won't be 100% satisfied with. If your going to spend all this money for an investment you mine as well get something you know you'll love. And a brand new modern brick building. You know you'll be attracting top teir tennants. So the downside of this that I have been thinking of is. 

- paying an enormous mortgage while waiting who knows how long until the project is complete. 

-putting down your 20/25%. And closing costs. AND Still having your 6 months of mortgage payments in equity in your accounts. A lot a lot of money I know

But my answer for that is I have a VA loan in my back pocket that can be a savior for no money down. Therefore having 25% saved can possibly cover the mortgage while the build is underway.

Also I am a union member (local 2 chicago Elevator constructors) best damn union in the nation ✊🏼. (Including this for a union plus loan) 

So therefore is this just an enormous pipe dream to be looking for a multifamily new construction/ va / union plus loan? Very complex loan I know but these are benefits I earned and want to take full advantage of to put together a beautiful investment property. 

Is it possible? Has anyone had any experience with something similar?

Very complicated, also very interesting. Any feedback would be greatly appreciated.

thankyou friends.