All Forum Posts by: Justin Hansen

@Account Closed So long as the fourplex has a decent cash flow, that would be the ideal plan. Ideally having the PITI covered by two of the units, or at mostly by two and the last portion covered by the third. If I was fortunate enough to find a deal like that, I would simply rent out the rooms in the fourth unit to other soldiers in my unit, and make money rather than simply living for free.

@Account Closed Regarding the VA loan, yes, you can definitely qualify, however, it needs to meet certain standards in order to qualify for financing. Many of the properties I would be looking for would be properties that may not be initially move in ready, and possibly require some work to be done first. VA loans prefer move in ready houses, and some of the requirements are a bit more stringent than FHA or traditional loans. I actually learned this the hard way about two years ago when I attempted to purchase a duplex that met my requirements. Due to some of the minimum property requirements the VA has, as well as the required VA appraisal, it was not up to snuff.

@Jeff F. If they mark the requirement satisfied as good faith and intent, then I guess a gray area argument could be made. It is definitely something I will look into further. However, a concern of mine would be my orders coming online before closing. I feel that may be playing with fire. I will absolutely take a little bit here shortly to read through some of the documentation surrounding the FHA loans more closely.

@Jeff F. 

I absolutely agree with you. However, due to the nature of my work, I don't have that option at the present time. I am currently preparing to PCS to Washington DC within the next six months, and I am not super clear on if PCS orders will negate the FHA residency requirement to get the owner/occupant financing. I have already looked at Real Estate in DC, and it is abhorrently expensive. I would love to get a fourplex on a 203K loan, that was intially my plan about a year ago, but I could not find a fourplex in the area that penciled out persay. I may be too picky with how much I expect it to cash flow, but I really like to err on the side of caution, especially for my first foray into RE. The biggest piece of advice I have absorbed from my family, who also have their own rentals, is "walk away if it doesn't pencil out at very conservative estimates."

@Danielle Fattizzi Thank you! My fellow NCO's always tease me about being a cheapskate, and boring, but in a good way. I enjoy living simply, and even with maxing my tax deferred accounts, I end up with much more cash than I can really spend. Real estate seems like a place where my energy and attention would do well, I think the first real hurdle is finding myself an affordable deal.

How did you start out, if you don't mind sharing your first purchase? I find I learn a bit from every first deal scenario people post.

Hello BP!

I've been tuned into the idea of early retirement, and I was pointed in the direction of Bigger Pockets by some of the posters on the Early Retirement Extreme and Mr Money Mustache forums.

I am 24, currently enlisted in the Army, living in San Antonio Texas, and planning to be financially independent by my mid thirties. Sooner is always better though.

My background in real estate is assisting my Dad with fixing his rentals, repairing damage from tenants. I honestly hated it, and saw it as a chore for the longest time. Now that I am a bit older, and wiser, I definitely see why he did it.

Ultimately my goals are to have my first purchase a 4 plex multifamily, and buy a few of those after I get into the swing of things. I definitely will need to overcome the hurdle of procuring financing, and intend on researching more of that on this forum. I have a decent amount of capital saved, (roughly 27K) but not enough to purchase a fourplex in my area. I plan on investing for cash flow, not appreciation.