Newbie with specific questions.

10 Replies

Hey! I am going to try to avoid being like most newbies that just ask "where do i start?" or "how do i begin?" instead i have a few questions and numbers i would like you guys to evaluate for me and let me know if they are realistic or not for the amount of money i have. 

I am currently in the Marine Corps and have about a year before i get out and move on. When i do get out i want to buy my first rental property (single family).  i will have a total of about 32,000 without any other source of income due to the fact I plan on being a full time student to utilize my benefits to their full potential. My benefits will cover my personal expenses as far as living goes until i graduate and begin working, so the 32,000 is strictly savings. 

Is a 60,000 loan too big for that amount in savings ? assuming i put 20% down puts my savings to 20,000 

What does "under contract" mean? 

Are those of you that have multiple properties taking out multiple loans? 

when you sale the properties are you paying off the loan right then or just continually paying on it? 

i apologize if these seem like common sense, i tried to learn as much as possible by reading forums and watching BP just still couldn't figure these things out. 

 Thanks in advance!

@Mike Wright , thanks for the support! 

I will be living with a roommate in North Texas, using my housing allowance from GI Bill to pay rent and savings to pay for vacancy on my property. 

i would like to house hack but i feel like a duplex or any of the sort is just out of the price range. 

How would i go about finding someone who has a VA loan already? and I could take over their loan?

I am a cheap house buyer.  My first house in 2002 cost me $2,900.00. Have bought many houses for les than $20k. Start looking in your area for a steal on a distressed property. Get it rented then repeat. Build some experience.