Hey everyone I'm brand new to this form, and just getting started on building a solid rental portfolio. So any tips, tricks, or advice means the world to me and cant thank you all enough for sharing your wisdom.
With that said, I currently have two homes. One I purchased for 185k put 11k into it, and rent out for 1800 a month. The home is now valued at 245k. I also just closed on another house for 145k plan on putting 7500 into it and hope to get about 1150 a month for rent. With the new home value coming in at roughly 165k.
Now the challenge I face is growing my portfolio, I'm currently 24 years old, and a E-4 in the United States Air Force. I have used both of my VA loans to buy these homes, and have pretty much spent my savings on renovations. With the exception of 15k I keep put away for a rainy day. My goal is to be able to go full time investing in two years. As that is when my commitment to the Air Force is up. The exciting thing is I have zero idea how to do this! My job really doesn't pay incredibly well, and getting the 20 percent down on a investment loan would take a large amount of time. So I'm searching for an alternative way to grow my portfolio, to make getting out of the military possible.
I'm sorry for the long winded question. Also if this is a subject beat to death here, I apologize. But I appreciate any and all the knowledge you all are willing to share.
Also side note, both homes were a primary residence until I got orders so I am legal to use va loans on investment properties.
@Gabriel Gorman you need to partner up with people who have experience + successful track record in rental properties. Check out Facebook groups or local meet ups to connect with more people. We have a great book that touches that subject “Best Ever Apartment Syndication Book”
@Gabriel congrats on being so forward thinking! I love meeting other military REI guys/gals, and hearing about your hustle! You can actually use the VA loan a third time if you meet the normal criteria (move etc.). You could also sell one of the properties, or refinance into a conventional loan and reuse that portion of your entitlement.
Otherwise seller-financing, partnerships, and subject to (not my area of expertise) can be great ways to acquire property without a lot of capital.
@Gabriel Gorman awesome work thus far. It's a great problem to have. My advice: find people who've gone to the next level and model them. There's lots of folks who have hit this same road block. You just have to find them. I'm sure many on here on BP! All the best man! And...
Thank you for your service.
@Theo Hicks Thanks for the advice! I have been diving deep into books and podcasts to learn all I can. I will certainly add your book to my list.
@Theo Hicks Thanks for the advice! I have been diving deep into all the books and podcasts I can get my hands on. I will certainly add your book to the list!
@David Pere Thank you! I am not eligible for a third VA loan as of now. However do you think it would be wise to refinance into normal home loan and pull some equity out as a down payment on the next house?
Thank you for your help.
@Ivan Barratt Thank you for the advice. My wife and I just relocated here so we are just getting our foot in the door and really focusing on networking. Doing so we have already learned alot about this area. There are several programs we have heard about that assits with down payments.
When networking what would be the best questions to ask that would leave an impression. What topics would help me stand out as someone worth investing in?
Gabriel, my advice. Get more sales training/education.