-Current VA loan Usage -Down payment available -not sure what to do… -East of Reno I have the major steps down but I don't know where to start or how to execute them, have draft rental agreements, home not available to rent for a few months but I have cash to put on down payment for something else but don't know if I should or dump it into the house for backyard remodel and paying mortgage early to refinance when rates are better to get better profit/cash flow. Using VA loan benefits currently.
Daniel, sounds like you've already laid some great groundwork with your VA loan and savings. A lot of new investors run into the "what's the best first move?" question. One approach is to keep your VA loan property as a strong foundation and then use your available cash to pick up a second property that cash flows—this way you're building your portfolio rather than tying more money into one place. I invest in the Midwest where properties are often under $150k and cash flow stronger, so sometimes diversification outside your local market can help speed things up. Have you thought about whether you want to stay local to Reno or branch out to other markets?
@Arman Ahmed I was planning on satisfying the primary residence requirement for one year and then refinance into conventional, after this I would begin the rental process and use my VA loan benefit again and repeating this process until a I create a strong foundation. With this however, I wouldn't be able to purchase that great a distance from my primary work place. I have thought of investing out of state but I'm not sure if I should start that way because I have no practical experience yet.
It sounds like you're using a VA loan on a property that's still under repair. It's usually smart to stabilize one property before moving on to the next.
The low VA interest rate is great for cash flow, but keep in mind VA loans are intended for primary residences. If you’re planning a house hack, you’ll likely need to refinance or switch to a conventional loan for your next property.
Landscaping is a good move—it can boost value and reduce ongoing maintenance.