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Updated about 5 years ago on . Most recent reply
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Newbie seeking to obtain 10k/mo net rental income within 3 years
Hi Everyone!
I am a newbie with over a decade in sales experience who is ready to move on from the grind as soon as possible. I have cut down on the majority of my expenses and am seeking direction on how to properly obtain multi family rental properties and flips. I do have some construction knowledge and experience, and family in real estate. I've lived all over the country, but now live in California where I am not finding many deals within my price range.
I have been extremely cautious in purchasing my first MFH and am getting very close to a great option I just stumbled across. My biggest issue/weakness moving forward is lack of knowledge on financing. I am eligible for the VA loan and have a strong understanding on that, but I did just stumble upon a nine unit opportunity that would be phenomenal for my plans! VA loan of course will not cover 9 units, it will cover up to a quadplex. This 9 unit property is a 3 unit and a 6 unit side by side in an area I have family, support, and possible property management in. The 3 unit originally drew me in, as I was thinking I could afford this just fine on my own. Problem with the 3 unit is it will not currently qualify for the VA loan due to needed repairs and it being out of state- unlikely I would move and claim residency per VA requirements. When having my realtor and GC review the property, they were approached about the additional 6 unit building that is not listed for sale anywhere.
What is the best way to secure financing for all 9 units with the least amount of money down? What is the best resource for a possible "construction loan" type mortgage to rehab the triplex with and fix the lot/landscaping issues for minimal out of pocket expense? I would be an absentee landlord, so it does appear that limits quite a few options per my research. Tips and tricks are much appreciated!
Thanks in advance!