30y/o 9-5er looking to learn RE investing

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30y/o 9-5er looking to learn RE investing

Ralph Lauren
Member since 2020 · 24 posts · 4 votes

I’m a 30 year old veteran of the US Army, working a 9-5 (12-9), with a stay at home wife (temporarily) and two children. I make about 70k, which about 60% goes to mortgage etc. I’m proud of where I’ve gotten to at this point in my life, but I do want better for myself and my family. I want to be able to teach and pass things onto my children. I just don’t know where to start. I will appreciate any input, thanks.

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Jonathan GreeneBusiness Member
Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
6y

You might want to search for REI meetups for veterans in your local area. That would be a great place to start with a common background. Savings is important to get started, but the most important thing is not to rush into it with a family. The VA loan is your friend as you can put no money down (not sure on an investment property though), but you still have to make sure you are learning your marketplace and meeting investors in your area. Don't pay for any coaching or mentoring, everything is out here for free.

[email protected]Podcast Guest on Show BiggerPockets Daily 667: 5 Amazing Benefits Multifamily Investments Offer (That Single Family Homes Don’t) by Gino Barbaro
Zen and the Art of Real Estate Investing59 Reviews
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  • Jake Davis
    Investor · Burlington, NJ · Member since 2019 · 55 posts · 34 votes
    6y

    First off, thank you for your service! Secondly, you have a huge jump because you can get a VA loan. Your income currently is pretty solid, do you have any savings you can dedicate to investing? I see a lot of people who want to get into investing with literally 0 dollars and it just won't work.

    As far as where to start, pick up a book, watch YouTube videos, browse these forums, and NETWORK. I say network in all caps due to the simple fact, that's where you're going to learn the most. Get in contact with real estate agents who specialize in investing, or invest themselves. Go to investor meet ups and introduce yourself as a new investor. Go to seminars, (be careful, a lot can be scams, just don't pay money for them unless they are legit) there will be a lot of people in the same situation as you. Lastly, have fun, this business isn't for the faint of heart and a lot will get discouraged because they aren't making the money they thought they would within 2 months.

    1Reply
  • Jonathan GreeneBusiness Member
    Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
    6y

    You might want to search for REI meetups for veterans in your local area. That would be a great place to start with a common background. Savings is important to get started, but the most important thing is not to rush into it with a family. The VA loan is your friend as you can put no money down (not sure on an investment property though), but you still have to make sure you are learning your marketplace and meeting investors in your area. Don't pay for any coaching or mentoring, everything is out here for free.

    [email protected]Podcast Guest on Show BiggerPockets Daily 667: 5 Amazing Benefits Multifamily Investments Offer (That Single Family Homes Don’t) by Gino Barbaro
    Zen and the Art of Real Estate Investing59 Reviews
    WebsiteView Page
    2Reply
  • Ralph Lauren
    OP
    Member since 2020 · 24 posts · 4 votes
    6y

    @Jonathan Greene thanks a lot

    1Reply
  • Joseph CacciapagliaBusiness Member
    Lender · San Antonio, TX · Member since 2020 · 1k+ posts · 1k+ votes
    6y

    I've worked with a lot of veterans (and I'm one also). One of the most popular strategies is to house hack using your VA loan. Usually the biggest complaint about house hacking, is having to move every year or two to continue the strategy. Veterans are already used to this, and don't mind doing it as long as it's on their terms. My first deal was a duplex that I lived in and purchased with a VA loan. I moved out 1.5 years later, and it cash flowed pretty well. As long as you're in a decent area with regards to rent to purchase price ratio, it's a good strategy to begin with.

    [email protected]979-218-2286
    Joseph Cacciapaglia powered by Morty
    WebsiteView Page
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  • Ralph Lauren
    OP
    Member since 2020 · 24 posts · 4 votes
    6y

    @Joseph Cacciapaglia hey thanks. I'm already in a VA loan now with my family home. Moving would be an inconvenience more than anything, but I have gained some equity in the home

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