New Investor still in the Military

Rental Property Investor · Fayetteville, NC · Member since 2017 · 9 posts · 7 votes

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

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Charlie CameronBusiness Member

Investor · Niceville, FL · Member since 2017 · 451 posts · 366 votes

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!

The RAL Room Assisted Living Mastermind

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Charlie CameronBusiness Member
Investor · Niceville, FL · Member since 2017 · 451 posts · 366 votes
7y
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!
The RAL Room Assisted Living Mastermind
Website View Page
9 Reply
Kenneth Grant
OP
Rental Property Investor · Fayetteville, NC · Member since 2017 · 9 posts · 7 votes
7y
@Charlie Cameron
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?
0 Reply
Bryan S.
Rental Property Investor · CA · Member since 2018 · 225 posts · 180 votes
7y
@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.
5 Reply
Kenneth Grant
OP
Rental Property Investor · Fayetteville, NC · Member since 2017 · 9 posts · 7 votes
7y
@Bryan S.
Just joined them. Thank you
1 Reply
Charlie CameronBusiness Member
Investor · Niceville, FL · Member since 2017 · 451 posts · 366 votes
7y
@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.
The RAL Room Assisted Living Mastermind
Website View Page
2 Reply
Frank Geiger
Rental Property Investor · NC · Member since 2018 · 776 posts · 776 votes
7y
@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.
4 Reply
David Pere
Rental Property Investor · Springfield, MO · Member since 2016 · 1k+ posts · 890 votes
7y
@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!
4 Reply
Eugene M.
Rental Property Investor · Fayetteville, AK · Member since 2019 · 40 posts · 41 votes
7y
@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)
2 Reply
Matt "Roar" Gardner
Real Estate Agent · Tampa, FL · Member since 2018 · 464 posts · 452 votes
7y
@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!!
2 Reply
Shelby (Osborne) Johnson
Real Estate Broker · Lexington, KY · Member since 2017 · 135 posts · 139 votes
7y
Thanks @DavidPere, much love fam.
2 Reply
Shelby (Osborne) Johnson
Real Estate Broker · Lexington, KY · Member since 2017 · 135 posts · 139 votes
7y
@Eugene M. Thank you!! MVP
1 Reply
Shelby (Osborne) Johnson
Real Estate Broker · Lexington, KY · Member since 2017 · 135 posts · 139 votes
7y
@Kenneth Grant I hit you up with a PM. Looking forward to connecting!
2 Reply
Kenneth Grant
OP
Rental Property Investor · Fayetteville, NC · Member since 2017 · 9 posts · 7 votes
7y
@Frank Geiger
Perfect and thank you
0 Reply
Kenneth Grant
OP
Rental Property Investor · Fayetteville, NC · Member since 2017 · 9 posts · 7 votes
7y
@David Pere
Perfect, looking forward to meeting them
0 Reply
Kenneth Grant
OP
Rental Property Investor · Fayetteville, NC · Member since 2017 · 9 posts · 7 votes
7y
@Eugene M.
Truly appreciate the connections and advice... Looking forward to connecting with you upon my return to Ft. Bragg
0 Reply
Alvaro Soto
Rental Property Investor · Jacksonville, NC · Member since 2015 · 44 posts · 21 votes
7y
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.
1 Reply
Alvaro Soto
Rental Property Investor · Jacksonville, NC · Member since 2015 · 44 posts · 21 votes
7y
@Bryan S.
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.
2 Reply
Albert Marinas
Investor · Newark, NJ · Member since 2016 · 3 posts · 1 vote
7y
@Kenneth Grant
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.
1 Reply
Amrie Kleinlein
Member since 2019 · 2 posts · 1 vote
7y
@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!
1 Reply
David Pere
Rental Property Investor · Springfield, MO · Member since 2016 · 1k+ posts · 890 votes
7y
@Alvaro Soto Thanks for the kind words brother!
3 Reply
William Matory
Rental Property Investor · Jacksonville, NC · Member since 2019 · 18 posts · 16 votes
7y
@Kenneth Grant
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.
1 Reply
Kenneth Grant
OP
Rental Property Investor · Fayetteville, NC · Member since 2017 · 9 posts · 7 votes
7y
@Albert Marinas
Will do
0 Reply
Kenneth Grant
OP
Rental Property Investor · Fayetteville, NC · Member since 2017 · 9 posts · 7 votes
7y
@William Matory
So you’re saying apply the traditional way through a bank. Save the guaranteed for a place with higher cost of living?
0 Reply
William Matory
Rental Property Investor · Jacksonville, NC · Member since 2019 · 18 posts · 16 votes
7y
@Kenneth Grant
Exactly!!!
1 Reply
Ola Dantis
Multifamily Syndicator · Houston, TX · Member since 2016 · 1k+ posts · 2k+ votes
7y
@Kenneth Grant First, thank you for your service!
The VA is 0 down so you should leverage that opportunity to start your journey. More importantly, it is best to make sure you start your journey strong by reading the technical and most importantly mindset shift book. That way, when Real Estate Investing starts not to "work" as fast as you thought, you are still in the race knowing what your eventual goal is...
Being in the military I'm sure helps with some of that stuff!
Good luck and welcome to BP 🤗
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