Help with my limiting belief

[James Meador]

I am moving to Charleston, SC in about 3 months. I am also looking to start RE investing asap. My limiting belief right now is that I won't be able to buy a personal residence if I purchase rental properties between now and then. This is based on not being able to get financing after recently financing rental properties.

More specifics: I live 4 hours away from Charleston in GA. I purchased the house we live in 3 years ago with a VA loan, about 90% financed right now. No rental properties at this time. I have some cash for down payments, and I am setting aside cash for 20% down on my next residence. I will be retiring from the military after the tour in Charleston and I'm trying to make up for my change in income when I start collecting my retirement pay. I want to invest in the Charleston area, and I'm trying to overcome my limiting beliefs.

Any help would greatly be appreciated.

[Brent Coombs]

@James Meador, have you checked your VA loan limit? Afaik, you can buy a second primary home with it, so long as the total of the two mortgages is within that limit. Alternatively, you could sell your primary, and start again, right? Any particular reason why you'd be stuck on the idea of keeping your current one (seeing as you've gained little equity over the last three years)?

My usual advice is: think of your next primary purchase as if it was going to be solely as an investment, relying on the bargain price you (should) buy it for, and its value-adding opportunities that are also envisioned by you, and the future appreciation of its location.

ie. If it's not already worth more than you're paying, and has further potential, and is in an up-and-coming area, why would you be interested in buying it? Get my drift? Think like an Investor!

That same mentality will stand you in good stead, regarding buying pure rentals too!

Thank you  for your service. All the best...