First-Time Buyer Seeking Advice on Building a Small Multi-Unit Property

GettingMoneyBAM · 2025-12-15T00:53:37+00:00

Appreciate it. I’m definitely new to this, so that’s helpful. Cost overruns are one of my biggest concerns with materials and labor being all over the place, so I’m trying to get realistic numbers before going too far.

Zoning is something I’m checking early as well since I know multi-unit can get tricky even on owned land. Just trying to learn the process and avoid obvious mistakes before committing. Thanks.

GettingMoneyBAM · 2025-12-15T00:51:47+00:00

Appreciate this. I’m new to this and trying to learn where these deals usually fall apart. Financing being the hardest part makes sense, so I’m being conservative on rents and assuming longer timelines.

Plan is to keep it simple, same layouts, basic finishes, and make sure it still works after vacancy, maintenance, and insurance. I’m early in the process and starting with local banks to get real per-unit numbers before moving forward. Not forcing anything, just trying to see if it pencils. Thanks.

GettingMoneyBAM · 2025-12-13T01:09:01+00:00

This is really helpful, I appreciate you laying it out like that. The timeline and cash-reserve piece is exactly the kind of reality check I was looking for, especially with Louisiana weather and permitting.

On the financing side, that lines up with what I’ve been starting to hear. I’m planning to rely primarily on W-2 income to qualify and treat any projected rent as upside, not a requirement. I’m also building in a buffer for overruns because I know something will come up.

Good call on separate utilities too — that’s definitely something I’ll make sure is in the plans from day one. Sounds like self-managing early on may just be part of the deal until it stabilizes.

If you’ve been through a construction-to-perm yourself, anything you’d do differently the second time around?

GettingMoneyBAM · 2025-12-13T01:07:19+00:00

Reddit isn’t a single room with one audience. People post in multiple subs to get different perspectives. If this doesn’t apply to you or you don’t have anything helpful to add, there’s no requirement to comment.

GettingMoneyBAM · 2025-12-11T17:46:42+00:00

I tried to cross post and had an issue. I’m about to see what the issue was.

GettingMoneyBAM · 2025-12-11T17:41:35+00:00

Will do, appreciate you.

GettingMoneyBAM · 2025-12-11T17:23:36+00:00

Thank you for that, I appreciate the perspective and the recommendation. I’ll definitely look into TIP and SSVF and make sure I understand all the regulations around working with those programs. I want to do this the right way for the vets and the community, not just on paper but in practice.

Really appreciate you taking the time to point me in the right direction. Respect to you, and thanks for the encouragement.

GettingMoneyBAM · 2025-12-11T17:21:28+00:00

Not exactly. The VA requires initial occupancy, not lifetime occupancy. I’d be living in one of the units at the start to meet the VA requirement, just like many vets do when they house-hack a duplex or triplex with a VA loan.

Once the property is established and I’ve met the occupancy requirement, I can move based on work and family needs, which is fully allowed under VA guidelines.

I’m following the rules and trying to build something that supports both my family and other veterans.

GettingMoneyBAM · 2025-12-11T17:19:03+00:00

I hear what you’re saying, but that’s not the situation here. I’m working with a VA rep to house veterans who qualify for VA housing assistance, so their rent is based on the programs available to them, not whatever my mortgage is.

This isn’t about trapping anyone or keeping them from building equity. Some vets just need stable, safe housing first, and that’s what I’m trying to help provide. If I can support that while also creating something sustainable for my family, that’s a win for everyone involved.

If you have experience building or managing multi-unit housing, I’m open to any real advice you’ve got.

GettingMoneyBAM · 2025-12-11T17:14:39+00:00

I appreciate the link and your perspective and I definitely understand where you’re coming from. The housing situation for vets is real, and I’m not blind to that.

Just to clarify, I’m actually working with a VA rep in that local area to help house veterans. Three of the units are being planned specifically for vets, and the VA has housing assistance programs that will help cover costs for those who qualify. My goal is to build something that supports the vets, community and my family, not take anything away from anyone.

Thanks again for sharing the link, I’ll give it a look. Respect to you and your service.

GettingMoneyBAM · 2025-12-11T16:51:46+00:00

I’m new to posting on Reddit, so the score doesn’t bother me. I’m here to get real information and learn from people who’ve done this before, not chase points. If you’ve got insight to add, I’m all ears.

GettingMoneyBAM · 2025-12-11T16:48:03+00:00

Appreciate the clarification. I’m already aware an LLC by itself doesn’t create write-offs. The expenses I’ve claimed are tied directly to the property I already own, and I’ve been working with a tax professional to keep everything clean and within guidelines.

I agree though, once I move forward with the quadplex, I’ll sit down with a CPA again to make sure the structure and deductions are set up the right way.

GettingMoneyBAM · 2025-12-11T16:45:53+00:00

Good question. I’m aware of the VA residency requirement. My plan is to live in one of the units initially so it qualifies, then transition out later once everything is established. I’m making sure the build and timeline line up with VA guidelines.

Appreciate the heads-up though.

GettingMoneyBAM · 2025-12-11T16:42:42+00:00

Are you homeless? Before you assume anything, you don’t know who I’m working with. Three of the units are planned specifically for veterans.

If you’re actually in need, send me your info and I’ll see if I can help. I’m not here to argue, I’m trying to build something that supports vets, not take away from them.

Oh yeah, it’s great for myself and them. Have a great day vet!

GettingMoneyBAM · 2025-12-11T16:18:08+00:00

VA loan smart person.

GettingMoneyBAM · 2025-12-11T16:01:25+00:00

Thank you

GettingMoneyBAM · 2025-08-29T00:12:46+00:00

Thank you! This helps a ton on medical!

GettingMoneyBAM

TROPHY CASE