Just Excitingly Starting Out...Help, Suggestions?

6 Replies

Hello BP,

My name is Jahmar Childs, and I am anxious to start real estate investing. I am 25 years old, I have a beautiful wife and a amazing child on the way. My goals for real estate is to be able to provide my family with a little more than comfortable lifestyle without worrying about money at all. I am active duty military in Salt Lake City for 2 more years but my place of residence is Lindenhurst, Illinois (40 mins from Chicago). I have recently purchased a home in Lindenhurst, not for investing but under circumstances this might be a good way to start gaining some experience. I would like to buy a units in the Salt Lake City area and when I get home (Chicagoland) buy more. Ultimately I would like to start in 6 months to a year. Giving me time to get my credit it order, network, find deals and hard lenders. I'm very pumped about this but just don't have any money to put down on another house now. I want to get in multi family units and buy, hold and trade up. Eventually I will want to also flip houses in between finding the deals for the buy and hold properties. Does anyone have any advise. I want to keep this motivation going. Thank you all again.

Very Respectfully,

Jahmar D. Childs

@Jahmar Childs  Hello Jahmar.  Since you're active duty one of the things you may want to consider is to network with other active duty investors.  Some who you will find here on BP.  We're actually working with some active & retired veteran investors in Chicago.  

@Jahmar Childs welcome to BP! I'm an Air Force guy myself and just got started investing back in April. If I was you, I would definitely consider using your VA Loan to purchase a multi-family house in SLC. Live in one of the units, and rent out the others. It's a great way to get your foot in the proverbial real estate investment door...especially since you have two years left there. Feel free to send me a message if there is anything I can do to help. Best of luck!

@Jahmar Childs  welcome to BP and (seriously) thank you for your service to our country.

Because you're active duty military you have access to VA loans. These can be awesome for flips and rehabs. You should check out BP Podcast Episode 103 where Elizabeth Colegrove explains how she and her husband have built up an army of rental properties using just VA loans and creativity.

@Jahmar Childs    I like your mindset.  That's exactly how I got started in real estate.

Like everyone else already suggested, your best option is using the VA loan to get a multi-family, which means no downpayment necessary (up to $417,000 or higher depending on your location's classification), you get the lowest interest rates regardless of credit score, no PMI necessary, you might not have to pay any funding fees, etc. I don't think anything beats living in a house and having someone else pay for it for you!

Good luck!

@Jeff G.   thank you for your kind words!

Welcome to Biggerpockets!

My husband is active duty navy. while this lifestyle certainly has its challenges it can be an awesome source for investing. While we are more successful than I ever dreamed we are not on the path I would have ever predicted. Be open for the crazy and before you know it other opportunities will open ;)

Let me know if I can help!

Thank you all for the fast responses. I am currently renting out my home that I used my VA on. This was so my wife had a place to stay before she came up here to me. Closer to family and hometown. We plan on going back to the home once my time here is up. Again the house is in Illinois and I'm stationed in Salt Lake City. I know stuck in a hard place. But I refuse to give up before I'm started.

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