Multi-family Financing Question For Newbie
Learning more about my V.A loan benefits, im heavily leaning towards buying a duplex. Duplexes here run from 97-125,000 range. Rent the other side and have a roommate, I will be getting paid to live there plus the nice decrease in my taxes and increase in equity. My ultimate goal is to incorporate and harbor 5 duplexes in 6-7 years. My only internal strife is how I want to run through the Financing terms. On the one hand would rather have 15 year mortgages to get my equity back faster, but on the other hand might need the 30 years,at least initially, to get best cash flow to finance subsequent duplexes. Any advice or experience would be greatly appreciated.
I would suggest the cash flow option of a 30 year mortgage. Set the extra monies aside for both a down payment on the next venture and back up monies in case the water heater or a/c breaks. If you are doing so well that the money is just piling up, buy another as you are obviously doing something right.
Good Luck,
Kyle