Hello, I'm completely new to real estate investing however after reading a few books and listening to weeks of podcasts I think with some hard work this is doable. I'm currently in the process of joining the Air Force meaning that soon, if all goes well, I'll have access to the VA Loan. My plan so far is to invest in a multifamily while living in one of the units for a year and renting out the others, but I'm sure as many of you know these things are easier said than done. I was wondering if anyone could help me add more substance to this plan. I'm definitely a numbers person and simply having someone to help guide me on how many houses I should acquire in a time span, what rate of return I should aim for (how to calculate said rate of return), and how to tell if a deal is even good in the first place. Any reply would help at this point.
Hi Dakota -
That is a great plan! We actually plan on house hacking a duplex with the VA Loan soon too (great minds totally think alike). As for your rate of return and running numbers, it'll ultimately depend on the market you're investing in. Every market is going to be a little different so always feel free to play around in the BiggerPockets Calculators under "Tools". These will help you have a better idea of the numbers while you practice running deals.
Once you join the Air Force, you can start with a lender who will be able to provide a better idea of what kind of price point you can work with under the VA Loan. You'll be able to focus in there much more to help you on your path to your first duplex.
Thank you! That helped me immensely its a huge stress relief to have an actual plan on paper and getting validation from experts just adds to that affect. I did not know about the tools that bigger pockets offered but now that I do I definitely will check them out.