@Kenroy BernardTo acquire a multifamily property in Long Island, develop a VA Loan Strategy, obtain pre-qualification from a lender, factor in renovation costs, conduct market research, build a team with experienced agents, network with investors, strengthen your business plan, expand knowledge through tools, and take action by searching for properties, attending open houses, and setting a closing timeframe.

While I've been able to get out of my W2 after acquiring 30 properties, I've learned that you still need to generate some sort of active income unless most of your doors are completely debt free.

They currently have under $1M in leverage on the assets but are looking to get a line of credit / portfolio loan to encumber these properties or other properties they acquire.

For illustration purposes, it's quite normal to acquire a mix use building consisting of 9 residential units + 1 commercial space for less than a 9 unit multi-family building would trade in the equivalent location because the commercial space is an automatic disqualifier for many investors.

I listened to some of these gurus (including a few people on BP) about acquiring doors to have "financial freedom" and bought 2 Class C properties in Indianapolis, not hating the city just my choice of property purchases - that cash flow on paper has turned out to be -$300 to -$500 a month.

Personally, I’d use it as a down payment to expand my rental portfolio, tapping into financing to acquire multiple properties for better diversification and cash flow.

Acquired 1-bedroom rental property, generating 30%+ cash-on-cash return.

While we currently reside in California, our focus is on acquiring properties outside the state, particularly in Arizona, Nevada, Texas, and Pennsylvania.

Is this for a wholesale deal or are you looking to acquire for yourself? 

HI Abigail,Acquiring a loan, lenders always look into 3 metrics Income/Assets/Credit.