Hey guys! I am currently a Active Duty Army Recruiter in South Jersey! I am currently renting an appartment in sewell and I am from buena/Vineland area. I am looking to get out of the Army after I years of service. I am wanting to start investing using the houshacking method using a va loan. I really like the idea of North Wildwood as my first property. I would stay in one rent the other and look into the AIRBNB/ vacation rentals. What are your thoughts? I'm currently getting the financial part into a comfortable position. What is everyones thoughts?
Welcome @Christopher Santiago - using a VA loan would be great and you can go up to a 4-unit. Sometimes VA can be a little more "picky" with the appraisal so don't expect to be able to finance a place needing significant work. But an outdated, generally maintained property can be a great buy - for example an estate sale ... systems functioning but outdated, etc. Good luck!
@Stephen Kappre thank you for your input! I appreciate it!
@Christopher Santiago a great idea and thank you for serving our country. Using the VA loan is a great idea to house hack a multi family home. Shore line would even be better with potential air bnb some of the units. aLet me know if you have questions to assist Regards Joe Scorese
@Christopher Santiago welcome! I'm also newer to investing and just starting a rehab on a duplex in Wildwood that I plan to rent out as a vacation rental. I'm from Wildwood (live in PA currently) and my father is an agent down there as well so please let me know if I can help answer any questions. Good luck!
@Joseph Scorese thank you very much! I really like the idea. I think its risky as far as vacation renting. The other part is I would have to commute to work because of the va loan occupancy requirements.
@Brad Spuhler I would definitely like to reach out about your experiences so far. Thank you for the response!
@Christopher Santiago if I can do it all over again, I would definitely house hack my way into wealth. VA & FHA loans are good for this particular scenario. Not to mention it will give you some hands on experience/training, so when the time comes for you to scale up now you have some operational skills you can use to your advantage.