All Forum Posts by: Davonn Youngblood

@Lamont Chen Do you think it is possible to just add to the existing structure vice building a entire duple?

Good Evening BP! A few months back I purchased a 4 Plex and I was informed by the city that my property is eligible to build another two units on the property making it a 6 Unit property. Not sure where to start but it would increase my equity by a lot. I purchased it using VA financing and I am not sure if I would have to refinance out of that prior to starting construction and I am not sure where to start in the process of building. Any advice would help!

What is the best way I should go about starting a real estate syndication? I am looking to set up a fund to fund medium sized multifamily deals.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Tacoma.

Purchase price: $699,000
Cash invested: $2,500

4 unit apartment building

What made you interested in investing in this type of deal?

The opportunity to scale my real estate portfolio and reduce my expenses so I can essentially live for free house hacking.

How did you find this deal and how did you negotiate it?

I cold called FSBO's and Cancelled listings

How did you finance this deal?

Cold Calling

Lessons learned? Challenges?

Ask for more in closing cost I only asked for 3k during closing

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Davonn Youngblood

@Mac Boeve Thank you for your insight! I tried to call the VA and get my entitlement back but I don't have any eligibility left due to the high cost of living in Seattle I used all my VA entitlement. But thank you I just recently found out that you can have more than one VA loan at a time and I called VA right away to figure out my next move lol. But I will dig deeper into finding a way to use a FHA loan on my next 4 Plex. Thank you!

@Brandon Rush Thank you for the assistance yes I intend to be abiding by the occupancy requirements. I have about 36k worth of equity after the purchase. And it would cashflow if I wasn't owner occupying the unit. My plan was to use the FHA and then transition to bigger multifamily deals I will let you know how my journey goes! Thank you for your insight I wish you nothing but success in your future!

I highly recommend investing in your own back yard if Milwaukee is where you are from it would make sense. I think you should find an area that is on the rise and start there but only invest in areas you understand.

Hello Bp! I have recently closed on a 4 Plex in the Tacoma WA area a few months ago using VA financing and owner occupying one unit. My question is would it be possible to Use my VA loan this year as a house hack, and then next year use FHA financing 3.5 down or 5% down financing to purchase an additional 4 Plex to house hack? I understand some may see this as being over leveraged but I would like to use all my low down payment options before I scale to larger deals.