Flipper/Rehabber · Thiells, NY · Member since 2019 · 8 posts · 2 votes
Hello everyone!
I am a young, motivated Marine Corps Veteran looking to get started in real estate. I currently work a 9-5 stable job; however, I have the mindset to pursue this field full time. I am at a point in my young life where I am dissatisfied with the system and being comfortable with a JOB (I.e. Just Over Broke). This is my first post in this discussion thread and I am looking to meet like-minded individuals and/or individuals who have have success in this line of work who are willing to share their experiences, knowledge, and advice.
Rental Property Investor · Everett WA · Member since 2008 · 10 posts · 15 votes
6y
Hi Andrew, I am also a veteran. I used my VA loan to buy my first starter property 0 down. I lived in it for 3 years refinanced into a conventional loan and made it into a rental. Bought a nicer home in a nicer neighborhood using a VA loan again for 0 down. I lived there for 7 years and refinanced into a conventional loan and made it into a rental. I am now in my third home using a 0 down VA loan. This one is really nice and is probably the keeper. I also used my cash flow from my two prior homes to buy a triplex. Your 0 down VA loans are very powerful for buying real estate.
Rental Property Investor · Colorado Springs, CO · Member since 2018 · 682 posts · 729 votes
6y
@Andrew Cabrera some of my investor friends have had success with the strategy but I am not actively pursuing it at the moment. Since your said you’re new I asked to see what you had/hadn’t done. Sounds like you’re taking the right action!
Flipper/Rehabber · Thiells, NY · Member since 2019 · 8 posts · 2 votes
6y
@Daniel Haberkost
What are you currently pursuing, just curious ? And yes, I believe it’s an overall good strategy If you have a team capable of repairing without having to rely on expenses.
Rental Property Investor · Colorado Springs, CO · Member since 2018 · 682 posts · 729 votes
6y
@Andrew Cabrera I’m putting together development projects. My mentor showed me how to do it over the last year and a half and now I’m out doing it myself.
Rental Property Investor · Everett WA · Member since 2008 · 10 posts · 15 votes
6y
Hi Andrew, I am also a veteran. I used my VA loan to buy my first starter property 0 down. I lived in it for 3 years refinanced into a conventional loan and made it into a rental. Bought a nicer home in a nicer neighborhood using a VA loan again for 0 down. I lived there for 7 years and refinanced into a conventional loan and made it into a rental. I am now in my third home using a 0 down VA loan. This one is really nice and is probably the keeper. I also used my cash flow from my two prior homes to buy a triplex. Your 0 down VA loans are very powerful for buying real estate.
Warsaw, IN · Member since 2017 · 229 posts · 270 votes
6y
@Andrew Cabrera thanks for your service! As a fellow veteran, house hack a 0% down VA loan in a residential multifamily property where you want to live, and manage yourself. You'll have enough experience in 12-18 months to decide if this is something you want to do long term🙂
Flipper/Rehabber · Thiells, NY · Member since 2019 · 8 posts · 2 votes
6y
@Jon Weber
Jon, thank you for your service as well. This is comforting to hear, as I imagined a VA loan would be the approach I would take. Was your goal simply to generate enough cash flow with the intent to settle down on a property for you to live in? Or are you still currently following that process?
Flipper/Rehabber · Thiells, NY · Member since 2019 · 8 posts · 2 votes
6y
@Nick Barlow
Nick, thank you for your service as well. Awesome, I’ll definitely take this advice. Is this something you are currently doing yourself? If so - what hurdles have you faced throughout the process? I’m just curious, and appreciate you taking the time to share your story.
Rental Property Investor · Everett WA · Member since 2008 · 10 posts · 15 votes
6y
@Andrew Cabrera Well the first two properties were originally really for me and my family to live in and fix up. However, both worked out as appreciating very well in our market. The current property is quite large with 2 houses on it with sprawling lawns and would not make a good rental. Cash flows on west coast properties are not good. However, with the excellent appreciation in this market, I have been able to refi and buy more properties in markets were cash flows better. I am getting older, so I will probably not do a 4th VA loan.
Rental Property Investor · Northern NJ · Member since 2019 · 672 posts · 677 votes
6y
@Andrew Cabrera Current AD guy closing on a duplex with a VA loan. I definitely recommend as well doing a multifamily VA for first property. Buy something that needs work then you can get some experience with contractors for your flipping goal. I'd even look into the VA 203k loan. Good luck!
@Mark Franks I did not know there was a financing option through the VA called VA 203K rehab loan. I am currently, deployed overseas and is looking to acquire my first 3-4 flat multi unit with the intention of house hacking when I return home.
Warsaw, IN · Member since 2017 · 229 posts · 270 votes
6y
I did not house hack-wife wasn't down for that, and to be fair, we got into RE investing after buying our primary so we really didn't consider it at the time. If we had to move for some reason, we would house hack on our VA loan as 12-18 month option in a new location to truly understand where we would want to live long term. We would not have searched for 3% down FHA loans either, so we used the money that would have gone to a traditional down payment on our primary to purchase a triplex instead. That's grown to 4 properties and one under contract over the past 2 years. I live in Midwest so am able to invest locally without six figure down payments on rentals. RE is a get wealthy over time play. Get started, stick with it a few years, and enjoy owning assets. good luck and keep us posted on your journey
I am a young, motivated Marine Corps Veteran looking to get started in real estate. I currently work a 9-5 stable job; however, I have the mindset to pursue this field full time. I am at a point in my young life where I am dissatisfied with the system and being comfortable with a JOB (I.e. Just Over Broke). This is my first post in this discussion thread and I am looking to meet like-minded individuals and/or individuals who have have success in this line of work who are willing to share their experiences, knowledge, and advice.
Thank you,
Drew
Andrew, Thank you for your service and for making sure we are safe.
I have spoken on a video and podcast on how I got into Multi-Family investing. Feel free to take a look at one of my videos. It may be able to motivate, and also help.
Rental Property Investor · Buffalo, NY · Member since 2019 · 59 posts · 36 votes
6y
Hey @Andrew Cabrera, I am just starting off as well. Looking to get into rental properties in Buffalo, NY. Best advice I can provide right now, is learn as much as you can from BP blogs, podcasts, contacts and tools. Good luck!
Rental Property Investor · Bowie, MD · Member since 2019 · 22 posts · 22 votes
6y
@Andrew Cabrera
Thank you for your service. I'm an Army veteran and I'm currently building my real estate portfolio. The best advice I can give is to read as much as you can from these forums. Read the beginner's guide, follow/read the veterans forum on here, watch some webinars, and listen to a few podcasts. Knowledge is power. You can read up on so many mistakes that others have made in their starting out phase and hope to not make the same.
I have my residence on my VA loan, and I have two condos on conventional loans. I'm planning on renting my home or selling it when I meet the one year mark. There aren't any multi-family properties out here in my investment area, or else I'd be all over that for a house hack. I think house hacking would be a great way to go for using your VA loan.
Rental Property Investor · Northern NJ · Member since 2019 · 672 posts · 677 votes
6y
@Hunter West Depending on, yes. I just had my first VA appraisal but I'm waiting on the results. My realtor is very familiar with the VA loans and he knew what to look out for. I guess when I say work, I mean updating. Its definitely tough, you won't be able to do any fix and flips. But finding a house that's old and needs updating is your best bet. Mine has issues on the inspection, of course, but only two items would be an issue at appraisal. The rest I used for a sellers concession. From there I'm going to update the place.