Military guy trying to get into real estate.

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Military guy trying to get into real estate.

Daniel Wise
San Diego, CA · Member since 2017 · 5 posts · 1 vote
Hello! I am currently active duty military. I was recently injured on my last deployment and I am going to be receiving a $50,000 insurance pay out here in the next 3 weeks. I own a house in Southern California and I have absolutely $0 debt besides my house. My goal is to build enough residual income off of real estate in order to supplement the $3,000 a month I'll get from my disability check every month. My goal would be to be making a total of $10,000 a month so I need to add $7,000 a month in passive income. I know $50,000 isn't a lot but how can I use that money to kick off my real estate investing? Thanks everyone!
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Bryan C.
Investor · Spokane, WA · Member since 2014 · 733 posts · 155 votes
9y
Daniel, have u identified what area of real estate u want to invest in? Everyone has a dog comfort level and some are riskier than others. It sounds like ur in a good spot to start investing. Most try "house hacking" and grow from there. U might also want to consider outside of CA due to price barrier to entry. Tell us more what ur plan is and maybe we can help.
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  • Steven Dreyer
    VA · Member since 2017 · 86 posts · 42 votes
    9y

    Hey brother welcome to BP and sorry to hear about your injury but am glad you made it stateside safe.

    I'm still relatively new but from what I do know the best thing right now would be for you to utilize your VA loan to get into your next house (preferably multiplex up to a 4 unit) then house hack that while you figure out what your market is and some specifics to reach your goal (multi family, single family, etc)

    Until then just keep reading and participating in the forums here on bigger pockets. Depending on your market you want to invest in, you can use that $50k as a down payment on one or two bigger properties or 3-5 smaller properties.

    Again I'm new as well and I'm just finishing my planning, but this is what I would do in your situation.

    Good luck out there brother!

    -Steven Dreyer

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  • Bryan C.
    Investor · Spokane, WA · Member since 2014 · 733 posts · 155 votes
    9y
    Daniel, have u identified what area of real estate u want to invest in? Everyone has a dog comfort level and some are riskier than others. It sounds like ur in a good spot to start investing. Most try "house hacking" and grow from there. U might also want to consider outside of CA due to price barrier to entry. Tell us more what ur plan is and maybe we can help.
    1Reply
  • Melvin ListBusiness Member
    Lender · Tampa, FL · Member since 2016 · 1k+ posts · 381 votes
    9y

    @Daniel Wise do you have a mortgage on your current house?

    C2 Financial
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  • Daniel Wise
    OP
    San Diego, CA · Member since 2017 · 5 posts · 1 vote
    9y

    Hello,

    thanks everyone for the comments! Yes, I do currently have a mortgage for my current home through the VA. I would like to stay in the Southern California market. I am considering trying to start utilizing "subject to" in order to acquire properties and then just use my $50,000 for cash flow and have it as back up in case there are periods of vacancy. Does anybody have extensive knowledge or experience with "subject to" that could walk me through my first deal? I am very familiar with "subject to" but when it comes to going step by step through my first deal I would need a mentor in order to help me.

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