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Updated almost 9 years ago,

User Stats

35
Posts
8
Votes
Jeremy Robinson
  • Rental Property Investor
  • Greer, SC
8
Votes |
35
Posts

VA loan on a 4plex in Utah... should I?

Jeremy Robinson
  • Rental Property Investor
  • Greer, SC
Posted

so I'm delving into my first deal, I just got approved for 220k on a zero down VA loan. I have not looked yet, just starting out, but I have a strong interest in multi family housing, living in one and renting out the rest. I am not sure on what kind of numbers I should be looking for, I have heard about the 2% rule, or is it 10%? Also read that I want the rent to equal 2200 a month if I get something for 220k, which in my area I'm not sure is possible especially if I am residing in one of the units. I'm sure there are existing forums outlining what to look for but I'm on the app right now and was going for help outlining how I should run the numbers or links to threads that do so. I am super excited and can't wait for my first deal, I don't want to suffer analysis paralysis, and don't want to flub up right at the start. Also, i have only spoke to one real estate agent, and wondering if u should speak to multiple, or find other venues to also look, or if this would be in bad taste. I have a broad area in looking in, all the way from ogden to salt lake city. I have no experience in this area and feal that after my first deal I should localize and become an"expert"in that area. Thanks everyone! And if you have read my posts before, sorry if I'm starting to sound like a broken record.

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