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Updated over 5 years ago on . Most recent reply

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Joseph Michael Sutton
  • Rental Property Investor
  • Fort Polk, LA
8
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13
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Best advice for newbie?

Joseph Michael Sutton
  • Rental Property Investor
  • Fort Polk, LA
Posted

I am currently Active Duty Military with a pretty busy work schedule as I also take college classes online. I have $5,000 ready to invest and I'm not exactly what the best step would be. I live in a small rural town(Leesville) in Louisiana and am currently stuck in on-post lease till September 1, 2020. I plan on using the VA loan later this year to move into a single family home but I really want to make an investment sooner than that, possibly using an FHA loan. I have excellent credit and am wondering what price point would be smart to buy my first investment property?

Anything helps! Thank you so much.

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1,091
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890
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David Pere
  • Rental Property Investor
  • Springfield, MO
890
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1,091
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David Pere
  • Rental Property Investor
  • Springfield, MO
Replied

@Joseph your best bet is to cut expenses, and increase your savings-gap as much as humanly possible. Learn as much as you can through books, podcasts, networking, etc. and save as much money as humanly possible. Build that $5k into a large investment fund, and when you're able to exit that lease in September you'll be ready to purchase a house hack to live in.

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