House hacking for the long term

[Damon Aniton]

I am looking at pulling the trigger on my first home purchase this week.  Possibly as early as tomorrow.  Just waiting on confirmation of a few more things.  The details are as follows.

4 unit 8 bed 5 bath total new construction. Purchase price of $899,999. No down, no closing and no PMI.

Unit 1: 3 bed 2 bath 1200sft currently rented for 2300

Unit 2: 2 bed 1 bath 884sft currently rented for 1500 

Unit 3: 2 bed 1 bath 890sft currently rented for 1400 

Unit 1: 1 bed 1 bath 700sft currently unrented

I will be using a VA loan and make the 1br my primary residence to fulfil the VA loan residency requirement and likely just AirBnB it from time to time. Being a fully remote IT person my income is well into the 6 figure range and I already have very low expenses. And this is before my VA disability pay.

I am not worried about the property cash flowing anytime soon.  I figured in a year or 2 if the if the interest rates finally come back down some I can refinance and cash flow then.  I am most interested in equity paydown than any monthly income.  For the near future anyway.  Even in the worse case scenario of a 0 occupancy I could carry the full mortgage.

I know this is a pretty big leap from nothing to home owner.  Is there anything I missed or anything that would make this a bad investment?

[Sara Levy-Lambert]

1. Remember that real estate is a long-term investment. Don't let short-term market fluctuations discourage you from making a sound investment decision.