New motivated Investor

[Jermaine Riggs]

Hi Everyone,

My name is Jermaine, and I'm a new investor who will be moving to the DFW area next week once my military contract has ended. I am currently looking to establish connections with people, and learn as much as I can about the DFW area and people.

 My goals:

- To own 2 small multifamily properties, preferably duplex or triplex by June 2019.

- In order for me to reach my financial goal of $50k so that I'll be able to purchase those particular properties, I will be starting in rehabbing projects to obtain the funds required. I'll be honest, I don't have the funds I need to get started in either field, so I'll be utilizing creative financing, through a partnership I'm currently working on establishing. If that doesn't pan out I'll look toward other willing to do a partnership 50/50. I really want to use this as a way to learn as much as I can within the field.

I've already established a criteria and market, etc.

[Robert Pfenninger]

@Jermaine Riggs to kind of add to what @Craig Clark is saying, I used a VA loan on my primary residence and went through a Veteran Land Board approved lender in my area and got another .5% off my already low VA loan rate through the VLB. Also another little known fact that most veterans don't know. You can have multiple VA loans at the same time so long as the total of those loans doesn't exceed the maximum allowable VA loan benefit in your area. So for example, this is also what I'm trying to do, if the max benefit in your area is 455,000 like mine you could buy one duplex for 225,000 and house hack it for a year and then keep that one and buy another one for 225,000 and house hack that one for a year until you are ready to move out and then you will have two duplexes in your portfolio for little to no money out of your pocket and no PMI. Just make sure you get a deep discount on the properties so you are able to cash flow since you will be financing them 100%. Hope this helps!