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John Lagrimas
  • Virginia Beach, VA
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I want to get into the game, but I need advice!

John Lagrimas
  • Virginia Beach, VA
Posted May 25 2015, 19:54

Hello everyone, I know my title is a little vague, but it is as it sounds, I want to get into the game of real estate investing, but I need advice! 

My name is John, I'm 23 years old and I'm in the navy, and I'm new to the idea of real estate investing but am very intrigued by it. There are a few reasons I want to get into the "game" of real estate investing. To name a few, I want money for my my daughter's future, I want to help get rid of my parent's mortgage as fast as possible, and I want to give my family the financial freedom they deserve. I know it sounds a little cliche, but realistically, who doesn't want these things right? 

Now, being in the navy I have a great option called a VA loan. I've read a few posts, blogs, books, and listened to a few podcasts here on biggerpockets along with a few books on investing.

My plan as of now is to buy a piece of property every station I get assigned to and use it as rental property when I leave that said duty station. Here is where my problem resides. I want to get started into real estate investing now but I only have 18 months left here (in Virginia Beach) but I don't know if it is wise for me to buy a house to rent now, or if i should wait until I get to my next duty station. 

The VA loan is good for use once at a time until I am able to pay it off or refinance with another company. My intentions are to use the VA loan to buy a house, maybe live in it a few months, refinance with another company and rent it out when a move.

What I'm worried about is not being able to rent out the house as fast I can move. I'm not sure if I should be worrying about this since this city is a majority military personnel who are always moving in and out of the area. My wife feels like we would be paying two major bills (rent and mortgage) if I'm not able to rent the house out before we move. What are my options here? I feel like I have a pretty basic, but decent plan. I don't currently own any properties yet, but I feel like this is a good but cut-and-dry plan. I've been doing a lot of reading on 'why it's not a good idea to buy a first home if you're not going to be living in it for a few months' posts from sources like CNN Money and the like,  but again I'm not looking to settle just as of yet. 

Should I take the risk or is this something I shouldn't even be thinking of? 

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