Hello all, I'm looking to get into real estate. Investing and owning, I'm still currently in the military and have yet to use my VA loan, any advice on how to start generating passive income, thank you in advance
Welcome @Kenneth Grant !
I'm active duty as well. If I could go back and start investing earlier in my journey I would have used my VA to purchase a duplex or fourplex and lived in one unit and rented the rest. If you are without kids, this is a fantastic way to get a jump start in real estate. I have two friends who just did this and are living for free.
My wife and I buy apartments in the midwest. If that’s something you’re interested in, I’d be happy to point you to resources and networks.
Another thing to consider, especially if you are short on cash, could be getting your real estate license for sales. There are benefits for military and spouses in most states and transferability. I just got mine in Florida, and paid no application fee. I’m joining a web-based brokerage so that I can casually do a sale a month or so to raise funds for the next apartment purchase. If that’s something you’re interested in, let’s chat!
Best of luck!
Thank you for the reply. It is just me, so a duplex or something of that nature would truly work. I’ll be moving the Ft. Bragg area this December, I am looking at places that are there now. I’m also looking at investing in rental properties in Florida, that’s home for me and where I will eventually retire. Where do you suggest i start looking at potential places at?
@Kenneth Grant Do you have a Facebook account? @davidpere has started a military investor group. FromMilitarytoMillionaire he also has a podcast with various military it veteran investors as guests. I would start there.
Just joined them. Thank you
@Kenneth Grant Definitely link up with a folks from the Ft Bragg area. See what networking events are happening there and try to make it to one. The investor community is full of incredibly helpful people. I can hook you up with a realtor/agent as well or you can source one on your own if you prefer.
House hacking is a great way to start for military since you can do it for no money down, live for free, learn how managing works, and then turn it in to a cash flowing rental after you move.
I also suggest reading a book or two (the bigger pockets rental property investing book is where I point people first) and crushing podcasts related to house hacking (search for the term).
As far as Florida goes, there are lots of cash flowing short term rental markets. I’m in the Destin area, but there are plenty of other markets. Is there an area you prefer? Close to home? Did you want to use the property for personal use a few days a year? Message me, I’d love to chat more and see how I or someone I know could help.
@Eugene M. just bought a fourplex outside Ft. Bragg and had a pretty good agent help him out with negotiating a purchase price. Maybe if you PM him, he'll send you his info.
@Bryan, thanks for the shoutout! @Kenneth look up @Shelby Osborne, and Five Pillars realty (let them know I sent you) they are all former military, and active investors. More importantly, for you, they host a meetup called Pints and Properties where they do educational content, and networking!
@Kenneth Grant I just bought a 4-plex outside of Fort Bragg, just as @Frank Geiger mentioned. Send @Daniel Kidd or @Shelby Osborne a message (private message me if you need help!) and they will get you on the path with a lot of enthusiasm. @David Pere has great content for military investors...and if you're not using your VA loan for a small multifamily you're wrong! (Well, I think you are and that's all that matters)
@Kenneth - Charlie nailed it earlier. As a person in your position, I would definitely get a fourplex is able. Another option is to buy a SFR or condo by downtown Fayetteville and AirBnB your extra rooms. I've had plenty of single friends who have done that successfully. Best of luck!!
Thanks @DavidPere, much love fam.
@Eugene M. Thank you!! MVP
@Kenneth Grant I hit you up with a PM. Looking forward to connecting!
Perfect and thank you
Perfect, looking forward to meeting them
Truly appreciate the connections and advice... Looking forward to connecting with you upon my return to Ft. Bragg
Hello @Kenneth Grant
Exciting time for you! I’m active duty Marine and currently invest in Jacksonville, NC and now in Fayetteville, NC. I have a rock star realtor that is also an investor and a veteran in Fayetteville area so if you need the contact let me know.
But like @Charlie Cameron said the best way to use ur VA is to buy a 4plex and just live in one side and rent everything else. Now if u can also get a room mate in the property you are living at the you really going to be killing it. Take advantage that you are single and can take a little more risk/sacrifice so you can achieve Financial freedom faster. Good luck and let me know if you need anything.
Yes yes yes! Bryan is correct. @David Pere is the best you need to joint is IG and watch his you tube channel From Military to millionaire.
I have been a follower for almost a year and due to his content I have been able to acquire more properties. He also very connected to Vet investor/ realtors that can help you.
That's great thinking. Buy a fourplex with your VA loan- don't let the lender steer you into other loans (they often don't like VA, too much paperwork).
Live in one of the units for one year, then look for another fourplex 10-15 miles away- work with lender to find an excuse on the VA application.
Repeat as many times as you can get away with it.
Inbox me if you have more questions. I’m a Broker and US Marine.
@Charlie Cameron Hi Charlie! Sorry to jump in here on your reply, but I am very interested in the brokerage you would like to work for! I am military as well, and have been considering getting my RE license.
Could you send me the info you have on the discounts and brokerage you are looking into?
Thanks in advance!
@Alvaro Soto Thanks for the kind words brother!
Don't use your VA Loan yet...If you are PCSd to an arena some banks will allow you to put 3-5% down for a property.
If you are going to pay rent, you are going to pay a deposit, first month’s rent...For some places in NC you can put down that much for a house.
Keep you VA Loan for when you get ordered to an area with a high VA limit like DC/MD/VA or Hawaii.
So you’re saying apply the traditional way through a bank. Save the guaranteed for a place with higher cost of living?