18 years old need advice and tips

7 Replies

Hello guys. My name is Ian Pallasigui and 18 years old. I've been wanting to have my own business since I was a child. This June 04 I am living for bootcamp in the navy. I'm going to make the navy my stepping stone to have my own business. I'm pretty sure to have a steady income every month but I really want to have my own business. Any advice and tips on investment? Which is better, Real state, stocks, or do you guys have any suggestion on better investment? I also read the "rich dad poor dad" book. I have experience on selling items online but investments is a new level for me. Any advice?

@Ian jayne Pallasigui Welcome to BP and thank you for serving out country. While in boot camp you may be to tired to learn after long days of PT and learning how to receive your next promotion. You can read the Beginners Guide to Real Estate Investing up on the learn drop down tab. I commend you for getting started at this at an eary age.

Congrats on joining the Navy. I'm a SSgt in the AF in VA. I'll be looking to buy a property when I get home from deployment. Not sure if in VA or up in Pittsburgh where I'm from yet.

Since you're leaving for the Navy, I'd try to save up as much cash as you can and gain as much knowledge as you can in the next year or 2. You can also qualify for a VA loan being in the military, which can allow you to buy a home with no down payment. You will need to make the home your primary residence within 60 days of closing and will need to be in the home for at least 12 months, unless you get orders. I know people who have bought multi-family homes with it and moved into a unit of the home. Others will try to buy a new SF home every year and s half to 2 years.

Do you know where you will be stationed yet?

Thats a good avice SSgt Aaron. I will try to look up the VA loan. I don't know where I'm going to be stationed yet. My recruiter told me that I will know that in A school or after A school.

Great move young man! And thank you for serving! I have a son that is going to be 18...and I went to a VA loan seminar today...yes Aaron C is correct on the benefits. In fact my fiancé is in the process of purchasing his first home via VA loan and we are going to use it build our real estate portfolio. :)

Here's some awesome things about VA loans:

Must be eligible dependent on time in service- no dishonorable discharges allowed for the benefit

0 down payment

0 Mortgage Insurance

less than perfect credit accepted

VA loans are assumable

Cash out re-fi at 100% appraisal value

Can hold multiple VA loans up to the loan limit in your area but you must occupy the home for 1 yr.

You can use VA loans over and over as long as you are within your loan limit for the area.

One of the strategies I learned today: Buy w/ VA 0 down. Live in for 1 yr. Refi and rent out, this released your VA benefit to be reused to buy another home and move into that home.

There are other strategies...like split the loan limit up and hold multiple VA mortgages.

There is more I am sure...check on how to apply your BAH to your mortgage.

Veteran Hawaii Home Loans Hawaii. Trusted lender. Call them and ask for a referral to a good lender in your area.

http://localvaloans.com/branch/hawaii/

Good luck!!

You're very welcome & Aloha!

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