Newbie investor! Advice? Suggestion

Newbie investor! Advice? Suggestion

Member since 2022 · 20 posts · 5 votes

Hello BP community,


I've recently been introduced to real estate investing and have become highly attracted to both short term and long term rentals (the idea in general.) I'm looking for ways to be savvy, smart and creative. I've been looking at multi family units, single family homes, condos, cabins you name it. I want to be very intentional on location and land properties/units in grade A neighborhoods (or pretty close) and where economies are booming. Ultimately, I want the numbers to make sense. I have nearly 180k saved up and I'm military and have access to the VA home loan ( if this could potentially aid in house hacking.) This may be a premature post but I'm putting my thoughts out there as I'm eager to begin real estate investing! For anybody that reads this post, I thank you for your time. Additionally, thanks in advance for any suggestions, advice and or value added!

3Reply
74 views

Most Popular Reply

Real Estate Agent · Smoky Mountains, TN · Member since 2022 · 1k+ posts · 984 votes
4y

$180k or less down could get an amazing Smoky Mountain cabin!

See this reply in the discussion

30 Replies

Jump to latestLatest
  • Member since 2022 · 20 posts · 5 votes
    4y
    Quote from @James Dainard:

    Hey Landen,

    If you've got access to a VA loan and you're looking to maximize your portfolio returns you're going to want to look at owner-occupying a 4-plex.

    That will allow you the maximum leverage to keep your cash on hand for renovations or for the next project potentially.

    You're going to want a value add property where you can renovate one unit at a time as tenants turn over. Rinse and repeat until you've done all the units and the refi to get access to your VA loan again.

    Best of luck!


     Great advice! I like the 4-plex idea a lot. Thank  you!

  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    4y
    Quote from @Drew Harden:

    @John Underwood

    Hey John! I recently joined the bigger pockets community (literally 2 hours before writing this) to see if there were any investors near me on here as I am also getting into real estate investing. I’ve done a couple months worth of saving and learning from as many avenues as I can while I save for my first purchase! I am currently in Pickens sc and also looking to invest in the Easley/Greenville area as well as Anderson and maybe even as far as Atlanta because I currently work in Anderson SC. I’m sure you are busy but would love the opportunity to talk to you a bit more about your journey as well as the plans I have for mine! Thank you for your time!

     Absolutely. 

    Also there is a great Real Estate Association in Greenville. 

    Check out our website. Upstatecreia

  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 13k+ posts · 9k+ votes
    4y

    Look to buy a 2-4 unit property - it should cashflow better than an SFR and also give you an invaluable education on being a landlord.

  • Real Estate Investor · La Verne, CA · Member since 2008 · 16 posts · 14 votes
    4y

    @Landen Reed - You are most welcome. I live in La Verne, CA - Another note on Short term rentals is the often overlooked tax benefits. If you work a W-2, you can easily wipe out all of your income tax by “materially participating” in the operation of the business and doing a cost segregation study (my CPA did mine for $900) - $181k of active losses that offset other active income…for $900? sounds fair :)

    Tom Wheelright is the genius here. "The real estate CPA" podcast also - check out the episodes prefixed with "STR"

    Cheers!

  • Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
    4y
    Quote from @Landen Reed:

    Hello BP community,


    I've recently been introduced to real estate investing and have become highly attracted to both short term and long term rentals (the idea in general.) I'm looking for ways to be savvy, smart and creative. I've been looking at multi family units, single family homes, condos, cabins you name it. I want to be very intentional on location and land properties/units in grade A neighborhoods (or pretty close) and where economies are booming. Ultimately, I want the numbers to make sense. I have nearly 180k saved up and I'm military and have access to the VA home loan ( if this could potentially aid in house hacking.) This may be a premature post but I'm putting my thoughts out there as I'm eager to begin real estate investing! For anybody that reads this post, I thank you for your time. Additionally, thanks in advance for any suggestions, advice and or value added!


     Simply connect with those that provide rental properties with double digit net caps, in an appreciating market, and allow them to handle all for you. 

    Good Luck  

Join the conversationCreate a free account to reply, vote on answers and follow this thread.