Closed: 4 Unit Building Off Market Using VA Home Loan

[Erik B.]

Hi All,

First off thanks to everyone for all the help and comments from this community as my family and I went on this journey to acquire our first multifamily deal here in the South Bay.  Secondly, my grammar sucks so I apologize in advance :|.  I just wanted to update everyone on how we found it. 

Basically, I took a look at the demographic of the neighborhood I wanted to be in and reached out to all of the real estate agents who matched that demographic.  I let them know what our goals were, kept in contact with the top agents, and commented on ALL of their social media posts.  With the ones I kept in contact with, I made sure to send them any leads I had and overall, just build a great relationship with.  Again, I just kept in contact and made sure I could do whatever I could to provide some value to them.

So, we did close on the 4 unit. We did use the VA Home Loan but we ended up putting 6% down. We are facing some challenges now because Los Angeles extended the moratorium, but we did close. No competition, we didn't have to drop any contingencies, our escrow went beyond 30 days with no issues from the seller, and all of our credit requests were granted.

In summary, I think what really helped us find this off market deal, with no buying history, with a VA Home Loan, in the South Bay of all places, was because we were just made sure to build great relationships with our local real estate agents, made sure they were appreciated, and that we did everything we could to take care of their needs..not just ours. It's a partnership.

Hope this helps!  

[Erik B.]

@Oliver Burke Thanks! It was on the lending side. The VA would only go up to a certain amount on a 4 unit with zero down. Anything after that we had to pay the difference to make it happen.