Started, what next?
I've been a BiggerPockets member for quite some time now, and on SEP 30 marks my one year anniversary of being a homeowner. For all intents and purposes you can call me a "military investor". I am a Submariner based in Washington state, and I am enlisted. I am small time but I am looking to change that. Here is the story so far: When I made E5 I promised myself I would do what a buddy of mine was doing which was house hacking. He bought a beautiful home back in the the golden age of 2 percent interest rates, and it had 3K square feet and a number of tenants. He told me about the book "The Book on Rental Property Investing" by Brandon Turner. I read it, and was immediately infatuated with the idea, especially about using a VA loan. So that is exactly what I did. I bought a 5 bedroom, 2 bath house and set out. I rent all 5 rooms out to other Sailors, and I have invested into the basement, currently in the process of finishing it, I live down there as well. I keep all of my Basic Housing Allowance (BAH) AND my rental income cashflows after all of my operational costs are covered. I'd like to think I offer a great deal to Sailors too so everything is peachy-cream. The story right now: The property has been extremely lucrative, and I intend on refinancing somewhere down the line to re-up on my VA loan, and try to secure a lower interest rate as well. The point of finishing the basement (and now paying down principal as well) is to have that 20% equity I need to get out of my contract. I'm reading "Rich Dad Poor Dad" by Robert Kiyosaki. I'm also studying and learning about how to start building my tiny empire and achieve financial freedom. I am not trying to get rich quick, nor am I operating under the fallacy that I can make this happen quick. However, I do hear stories of people buying properties once a year, and expanding rather quickly. So far my plan is to refinance, re-up the VA, buy a quadriplex with it, repeat this process, and then move onto multi-family properties if possible. My question to you guys is: What advice would you have for me? How do I make it so that my properties are under LLC's that provide safety from liabilities, and how do I expand in a financially stable manner? What would you do if you were in my shoes? Mistakes you've made that I can learn from? How do I get more financing for conventional loans, and do you know any good loan officers? Would you advise using a FHA loan as well? Anything really. I am getting out in 2 years, and intend on going to California Maritime Academy, or SUNY Maritime to pursue a license to drive ships and eventually become a Captain. I figure that is the perfect time to invest and house hack, as well as get a good job so that I bolster my income. Thanks for reading my novel! Have a good day!