Hey guys, my name is Matt. I've never purchased real estate before. I'm 25 years old, work a full time job as a voice and data engineer for a multi-national corporation, and currently rent. I've lived all across the country, in many forms of homes ranging from luxury condo's, hole in the walls, town houses, a full blown house, (not to mention cement floors, sand, the middle of the woods, and cots....). I served in the US Army. My plans are to buy a 4plex or larger, as big as I can possibly get funding for. I plan to live-in on the facility that I buy. I wish to buy cheap and invest my own time and money to bring the level of living up in them. I am skilled and experienced, and have close family that I will pay under the table to utilize their incredible skills.
I've got 3 college degrees, a great job thats steady that I plan to keep, I'm stubborn, and have an impeccable skill known as researching and studying. I'm not an expert and I'm not the smartest person around, but I like to think of myself as above the average cookie.
So thats my basic bio. I know where I'm looking to buy, how much I'm looking to spend, and who I plan to market to. I know what to look for in repairs.
Heres where I need help. I will have hopefully $30-33,000 cash. I plan to spend $60-100,000 on a 4plex or larger. Yes, this is feasible in the areas that I'm looking. I will qualify for a VA loan. My credit has been trashed by my ex wife; 2 months ago I had a credit score of 555. I have since been working terribly hard to build up my credit again. I will be purchasing in 1-2years TOPS.
I will have $30k cash. I will need funding for a new complex. Do I put down a huge downpayment? I think i'm going to get a 30year fixed rate, but pay it off at a pace quick enough to be owner within 5 years. I'm no worried about cost of rent; I can handle that end of the math. What I need help is where do I invest my money (down payment... or "improvements"). Who do I talk to, to get the ball rolling with owning a property. Also, how will I get a little extra in the mortgage to help out further with repairs, if you suggest I use all $30k for a downpayment.
