US Air Force Newbie in need of some assistance

Member since 2022 · 8 posts · 8 votes

Hi Everyone!

My name is Nicholas, I'm new to Bigger Pockets. I'm active duty Air Force about to separate very soon. I'm looking to purchase my first investment property (Particularly a small multifamily) using the VA Loan. I'm just not sure where to begin to look, or when the deal is sealed how I find tenants. Could use a hand. Thank you guys and looking forward to hearing from you all!

- Nicholas

2 Reply

23 views

Most Popular Reply

Andrew PostellPro Member

Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes

@Nicholas Otero thanks for posting! @Joe Funari thanks for the mention. Sometimes our benefits as a veteran might be a little short of expectations but at least we can go into debt easily! A small joke but a lot of what you are asking is just like Uber - you need to know a destination first. So where will you be living (what part of the country), what income will you have (the VA will require you to show income in order to pay back the loan), and then finding out what you can actually qualify for (we call that getting prequalified). As mentioned above there are lots of people who can help you AFTER you know the "destination" (real estate agents help you find the home, loan officers help you qualify, and property managers help you screen tenants) so once you know that answer, then we can kind of guide you on who to connect with in that market.

Anyways, I hope this helps in some way. Keep posting and keep learning!

2 Reply

See this reply in the discussion

13 Replies

Jump to latestLatest

Sort by

Lara White
Rental Property Investor · Oklahoma City, OK · Member since 2020 · 309 posts · 184 votes
3y
Hi @Nicholas Otero Welcome to the BP forums! Using the VA loan to get a small multi is an awesome way to start.
Where are you going to be living? One way to start might be to find an investor friendly agent in the area where you will be living, who is familiar with VA loans. They can help guide you in the VA loan process, hook you up with a good VA lender and then if they are investor friendly (especially if they own rentals as well) - they should be able to help point you to some resources where you can get leases, and advertise and screen possible tenants. Do a search here in the forums, or using the BP Agent Tool to find one! https://www.biggerpockets.com/...

1 Reply
Nicholas Otero
OP
Member since 2022 · 8 posts · 8 votes
3y
Thank you so much! @Lara White
1 Reply
David Gunther Jaklitsch
Banker · Corpus Christi · Member since 2017 · 3 posts · 1 vote
3y
What is your ETS date? If its within the next year, most companies (Navy Fed included) will not allow you to use your military income to qualify. Need to have 12 months left per LES in order to purchase. They do have some ways around this, DM me if you want more details.
1 Reply
Joe FunariBusiness Member
Real Estate Agent · Keller, TX · Member since 2017 · 850 posts · 825 votes
3y

@Nicholas Otero Congrats on your soon ETS. I am a fellow veteran/investor/realtor working in the Dallas/Ft. Worth area. I take priority in helping fellow veterans purchase rental properties. I would first recommend you get with a VA approved lender that knows how to get the right VA approved loan for a mulitfamily property. If you decide on Texas I recommend you reach out to @Andrew Postell. Not only is he a fellow veteran but a fellow investor and has helped many clients buy multifamily using a VA loan product here in Texas. So reach out Andrew first and discuss what you qualify for. This will help you get off to the right start in your search.
2 Reply
Andrew PostellPro Member
Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
3y
@Nicholas Otero thanks for posting! @Joe Funari thanks for the mention. Sometimes our benefits as a veteran might be a little short of expectations but at least we can go into debt easily! A small joke but a lot of what you are asking is just like Uber - you need to know a destination first. So where will you be living (what part of the country), what income will you have (the VA will require you to show income in order to pay back the loan), and then finding out what you can actually qualify for (we call that getting prequalified). As mentioned above there are lots of people who can help you AFTER you know the "destination" (real estate agents help you find the home, loan officers help you qualify, and property managers help you screen tenants) so once you know that answer, then we can kind of guide you on who to connect with in that market.
Anyways, I hope this helps in some way. Keep posting and keep learning!
2 Reply
Nicholas Otero
OP
Member since 2022 · 8 posts · 8 votes
3y
Thank you so much! @Andrew Postell I reall appreciate it, If I have any questions I'll definitely ask you!
2 Reply
Nicholas Otero
OP
Member since 2022 · 8 posts · 8 votes
3y
Also thank you so much! @Joe Funari
1 Reply
Brian Ellis
Rental Property Investor · South shore, MA · Member since 2017 · 1k+ posts · 1k+ votes
3y
Welcome to BP. And thank you for your service!
VA loan house hack is a great option. You will get some really good terms going that route.
The challenge will be finding something of value that isnt in need of repairs. VA loans are very strict with the condition of the property.
Try not to look at it like a homerun investment, especially for the first one. You will be pretty much relying on Appreciation and cashflow alone. Look for places where you can get creative: Adding a bedroom, finishing the basement, adding square footage, etc.
My advice here, is not to be too picky so you can get your feet wet. Just make sure you will cash flow when you move out.
0 Reply
Nazanin Boojar
Member since 2022 · 50 posts · 24 votes
3y
Quote from @Nicholas Otero:

Hi Everyone!

My name is Nicholas, I'm new to Bigger Pockets. I'm active duty Air Force about to separate very soon. I'm looking to purchase my first investment property (Particularly a small multifamily) using the VA Loan. I'm just not sure where to begin to look, or when the deal is sealed how I find tenants. Could use a hand. Thank you guys and looking forward to hearing from you all!

- Nicholas

Have you considered short-term rentals?
Finding tenants is not going to be easy, but you can use already existing platforms as a leverage. Management companies will do the headache job for you, while you're enjoying your passive monthly income.
Feel free to DM me to ask any questions regarding finding & purchasing the right property for you and of course, renting.
1 Reply
Tom O.
Chicago · Member since 2018 · 216 posts · 165 votes
3y
Thank you for your service.
First, can I recommend a book that has done me well? David Lindahl's Multi-Family Millions. It shows you how to analyze deals and what numbers you want to hit.
Second, I have a friend who owns 3 buildings totalling 12 units all purchased using VA loans. It's a powerful tool.
I don't know where you should start but I would suggest two things: 1) buy where you know the area. Maybe where you grew up or where you served. Go where you know the most about the area, the good parts, bad parts and know people. 2) Maybe an area near one of the air bases where you served because you are familiar with the area and you may have an insight in how to get Air Force folks as tenants.
Good luck to you. If you were thinking of around Chicago, I would definitely love to have a beer or coffee with you and help you out with some ideas.
2 Reply
Jonathan KlemmBusiness Member
Moderator
Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
3y
Hey @Nicholas Otero - Talk to one of my brokers @Edgar Barbosa who is here in Chicago and has used VA loans or connect with my buddy @Doug Spence who is currently active duty and mentors other military investors.
[email protected]
Quality Builders4.967 Reviews
Website View Page
2 Reply
Doug Spence
Investor · San Diego, CA · Member since 2016 · 1k+ posts · 975 votes
3y
@Jonathan Klemm Thanks for the shout out!

@Nicholas Otero Welcome to Bigger Pockets! I'm also active duty and I invest in real estate on the side. My wife and I purchased a property in San Diego in 2021 using her VA loan entitlement (she's also active duty) and we house hack the property as well (we rent it out a portion of the home to a tenant).
I'm happy to help you out as much as I can, whether its finding/screening tenants, finding a rock star real estate agent and lender, or anything else you might need help with.
Good luck and keep us updated on your journey!
2 Reply
Edgar Barbosa
Real Estate Agent · Chicago, IL. · Member since 2019 · 25 posts · 26 votes
3y
Quote from @Nicholas Otero:

Hi Everyone!

My name is Nicholas, I'm new to Bigger Pockets. I'm active duty Air Force about to separate very soon. I'm looking to purchase my first investment property (Particularly a small multifamily) using the VA Loan. I'm just not sure where to begin to look, or when the deal is sealed how I find tenants. Could use a hand. Thank you guys and looking forward to hearing from you all!

- Nicholas

@Nicholas Otero separating from active duty can be a challenging time, however you've picked a great community to help with your transition. I've used my VA Loan multiple times and could guide you in your search. Here to help any time.

1 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.