What is the best way to buy your first Rental Property?

3 Replies

Now that I have more time to study and do some research in Real Estate investing, I'm thinking how can i buy my first rental property? what are the things i need to learn before buying one? I'm 19 years old and I just started in military. I have no experience in REI but I really want to become businessman since I was a little boy. I'm still doing some research about VA loans because I have no idea how it works or if I'm already eligible for it.

what i did @Ian jayne Pallasigui  was i marketed to people that would owner finance me there house 

i did not want to borrow money from a bank but lots of people on this site will 

keep reading,reading and reading then take action

I don't recall content how much the content will help you but biggerpockets.com/show23 was an interview with a guy who started in the military. Might be worth a listen.

Full disclosure, I have no experience. I'm planning my first rental right now too. I will say, the more I learn the more options I realize I have.

You are eligible. Anyone currently active duty for a period of more than 90 days is eligible. First step is to contact your regional VA service center and request a COE, a certificate of eligibility. This is the document you will show to a bank. Next you should go through the pre qualification process with a bank. A bank that is approved to do VA loans in your state. USAA and Navy Federal come to mind. Once you know how much you can get approved for start looking at home and making offers. VA guidelines are stricter than conventional. The home will need to be immediately habitable.

You are in a somewhat unique and beneficial situation. That you may be in a transient career and have great access to no money down loans. Check out the BP blog on transient careers. Familiarize your self with the Brandon Turners concept of house hacking. And start the VA loan process.

Good luck to you

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you