New investor! Point me in the right direction please

New investor! Point me in the right direction please

Real Estate Agent · Brandenburg, KY · Member since 2015 · 277 posts · 68 votes

A little about my...I'm 36, married with children, active duty soldier and expect to retire from the military in 3 yrs.  My RE experience is limited but I've been poking around for yrs.  I purchased my 3rd home 2 yrs ago and we currently reside there.  The first 2 homes, we lived in and sold when departing the area.  One of those I rented out for 2 yrs before selling.

I WANT TO BECOME DEBT FREE, eventually.  Thats the end-state, the goal so to speak. 

I don't have much cash in hand since I've been paying off debt.  I have the ability to sell off some toys to generate cash, but haven't committed to that yet.  Hard decision for the wife and I.  :)  My credit is great.

I have about 30k in equity in my current home.  Not a sellers market in the neighborhood right now, but rental houses in the area rent immediately.  My mortagage is $800 and I could easily get $1000-$1100 monthly for rent. 

I'm going to a local REI meeting in a week or so. I've recently started to network and find other investors. I'm in contact with a few realtors, trying to find the right fit. I lose sleep at night because I'm listening to podcast on BP. LOL

My wife said she would consider a move in flip, where we live in and do a portion of the work ourselves.  I've also contemplated a lease option for my current house.  And I'm kicking around the idea of wholesaling.  I think I'd even consider bird-dogging just to gain the experience and learn the ropes.

So many directions to go! 

What guidance do you have for me?

Thanks in advance.

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  • Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    11y

    @Jeremy Jackson 

    welcome to the site.

  • Real Estate Broker · Tucson, AZ · Member since 2012 · 410 posts · 337 votes
    11y

    Congrats! 

    Former military guy myself.  Got out, got my license, and sold real estate.  Learned later on that Wholesaling Real Estate is far more profitable, and does not require a license.  

    You could do both (licensed and wholesale) as I do.  

    Or simply wholesale.  

    Here is a podcast interview of a guy who was 24 and in his first year wholesaling closed over 17 transactions and made 135k with next to no experience and very little overhead. 

    He did it by following a system, sticking to a plan, and not spending thousands of dollars on worthless mailers. 

    You can hear it here! 

    Hope it helps, and let me know if I can help!  I have an absolute TONNE of Resources that are free to wholesalers and Realtors® who invest.  Including scripts, objection handlers, and more!    

  • Architect · West Monroe, LA · Member since 2014 · 137 posts · 16 votes
    11y

    @Jeremy Jackson 

    Welcome to the BP community, and thanks for your service to our country. It sounds like you have a start up plan laid out. Go to the REIC meetings and start that network growing, and continue your education here @ BP on the forums, blogs, and podcasts. This will help you determine which path you want to travel in your real estate investing. All the best on that path.

  • Miami, FL · Member since 2012 · 612 posts · 189 votes
    11y

    If you qualify, VA offers loans with no down payment or mortgage insurance which can accelerate your return on your investment. There is never a pre-payment penalty and VA loans are assumable.

    But, when it comes to investing in real estate and VA loans there is a problem. VA does not write loans for investment properties. You must live on the property. How can you get around this? VA will finance properties with up to 4 residential units and 1 commercial unit. This means that you could buy a 4-plex, live in one unit, rent out the other 3 AND get some awesome funding.

  • Real Estate Agent · Brandenburg, KY · Member since 2015 · 277 posts · 68 votes
    11y

    Great advice so far.  I've used my va guarantee on all three previous purchases.  I recently read on a post where you can borrow using va on multiple loans up to x amount.  I need to get more info on this. 

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