James from St Louis introduction
Hi everyone, I introduced myself to BP last week but wanted to post in the new member forum as well. I'm James from Kentucky but live currently in the St Louis area after 11 years in the USAF. I have caught the real estate investing bug and have set my goal to obtain my first property by June 1st, 2023. My thinking at the moment is to buy and hold a few properties long-term, then work my way into the STR world and possibly BRRRR or flips once I get enough capital. I would like to start out in the St Louis area, but am not opposed to buying turn-key properties out-of-state if I can make it work. Just joined our local REIA here in St Louis and looking forward to the first meetup next Tuesday. Can't wait to start making connections and building a team of trusted colleagues to hopefully be done with my W-2 in three years! May be ambitious but i'm determined and motivated. Thanks to all of you for your knowledge and contributions to making this website an amazing REI tool.
How did each of you start analyzing your first deals? I'm sure you've told the stories a million times, but it so helpful to hear how others got it going. Thanks in advance!
- Rental Property Investor
- Bowling Green KY ~ Lexington, KY
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Quote from @James Hamilton:Hi fellow James. My father was in the Air Force as well. With your military experience, consider joining the national guard. You might be able to take advantage of the VA loan program. It is the best available mortgage program anyone could ever hope for. You could be buying before your target date. GL with all your future REI ventures.
Hi everyone, I introduced myself to BP last week but wanted to post in the new member forum as well. I'm James from Kentucky but live currently in the St Louis area after 11 years in the USAF. I have caught the real estate investing bug and have set my goal to obtain my first property by June 1st, 2023. My thinking at the moment is to buy and hold a few properties long-term, then work my way into the STR world and possibly BRRRR or flips once I get enough capital. I would like to start out in the St Louis area, but am not opposed to buying turn-key properties out-of-state if I can make it work. Just joined our local REIA here in St Louis and looking forward to the first meetup next Tuesday. Can't wait to start making connections and building a team of trusted colleagues to hopefully be done with my W-2 in three years! May be ambitious but i'm determined and motivated. Thanks to all of you for your knowledge and contributions to making this website an amazing REI tool.
Quote from @James Wilcox:You don’t have to be currently enlisted in the military to use the VA. Honorable discharge, 6 years in national guard/reserves or 90 of active service will qualify you for a VA loan. Just need your DD-214
Quote from @James Hamilton:Hi fellow James. My father was in the Air Force as well. With your military experience, consider joining the national guard. You might be able to take advantage of the VA loan program. It is the best available mortgage program anyone could ever hope for. You could be buying before your target date. GL with all your future REI ventures.
Hi everyone, I introduced myself to BP last week but wanted to post in the new member forum as well. I'm James from Kentucky but live currently in the St Louis area after 11 years in the USAF. I have caught the real estate investing bug and have set my goal to obtain my first property by June 1st, 2023. My thinking at the moment is to buy and hold a few properties long-term, then work my way into the STR world and possibly BRRRR or flips once I get enough capital. I would like to start out in the St Louis area, but am not opposed to buying turn-key properties out-of-state if I can make it work. Just joined our local REIA here in St Louis and looking forward to the first meetup next Tuesday. Can't wait to start making connections and building a team of trusted colleagues to hopefully be done with my W-2 in three years! May be ambitious but i'm determined and motivated. Thanks to all of you for your knowledge and contributions to making this website an amazing REI tool.
- Rental Property Investor
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Quote from @Matthew McKee:
Quote from @James Wilcox:You don’t have to be currently enlisted in the military to use the VA. Honorable discharge, 6 years in national guard/reserves or 90 of active service will qualify you for a VA loan. Just need your DD-214
Quote from @James Hamilton:Hi fellow James. My father was in the Air Force as well. With your military experience, consider joining the national guard. You might be able to take advantage of the VA loan program. It is the best available mortgage program anyone could ever hope for. You could be buying before your target date. GL with all your future REI ventures.
Hi everyone, I introduced myself to BP last week but wanted to post in the new member forum as well. I'm James from Kentucky but live currently in the St Louis area after 11 years in the USAF. I have caught the real estate investing bug and have set my goal to obtain my first property by June 1st, 2023. My thinking at the moment is to buy and hold a few properties long-term, then work my way into the STR world and possibly BRRRR or flips once I get enough capital. I would like to start out in the St Louis area, but am not opposed to buying turn-key properties out-of-state if I can make it work. Just joined our local REIA here in St Louis and looking forward to the first meetup next Tuesday. Can't wait to start making connections and building a team of trusted colleagues to hopefully be done with my W-2 in three years! May be ambitious but i'm determined and motivated. Thanks to all of you for your knowledge and contributions to making this website an amazing REI tool.
Good point. With 11 years of service he likely has a HD. Go out and buy!
Quote from @James Wilcox:
Quote from @James Hamilton:Hi fellow James. My father was in the Air Force as well. With your military experience, consider joining the national guard. You might be able to take advantage of the VA loan program. It is the best available mortgage program anyone could ever hope for. You could be buying before your target date. GL with all your future REI ventures.
Hi everyone, I introduced myself to BP last week but wanted to post in the new member forum as well. I'm James from Kentucky but live currently in the St Louis area after 11 years in the USAF. I have caught the real estate investing bug and have set my goal to obtain my first property by June 1st, 2023. My thinking at the moment is to buy and hold a few properties long-term, then work my way into the STR world and possibly BRRRR or flips once I get enough capital. I would like to start out in the St Louis area, but am not opposed to buying turn-key properties out-of-state if I can make it work. Just joined our local REIA here in St Louis and looking forward to the first meetup next Tuesday. Can't wait to start making connections and building a team of trusted colleagues to hopefully be done with my W-2 in three years! May be ambitious but i'm determined and motivated. Thanks to all of you for your knowledge and contributions to making this website an amazing REI tool.
Thanks James - issue right now is it will be difficult for me to househack and take advantage of the VA loan. We have a primary residence that we are very happy in. Are there any strategies or tips for using a VA loan that I don't know about possibly?
Hi James! Welcome to the RE Community. I think it is likely the best decision you could have made. This community is awesome and supportive. Set those goals and you will definitely be able to reach them if you consistently work towards them.
Good luck!
Quote from @Patricia Berman:Thanks Patricia! I am excited about starting this journey. How long have you been a REI?
Hi James! Welcome to the RE Community. I think it is likely the best decision you could have made. This community is awesome and supportive. Set those goals and you will definitely be able to reach them if you consistently work towards them.
Good luck!
Quote from @James Hamilton:
Quote from @Patricia Berman:Thanks Patricia! I am excited about starting this journey. How long have you been a REI?
Hi James! Welcome to the RE Community. I think it is likely the best decision you could have made. This community is awesome and supportive. Set those goals and you will definitely be able to reach them if you consistently work towards them.
Good luck!
James, Thanks. I've been investing since 2016 and I'm loving it. I scaled from 3 - 7 doors over the past year so that is exciting. You can do it too!
Quote from @Matthew McKee:The only way you can use the VA loan is for a primary residence, correct? My understanding is that VA and FHA loans can't be used for STRs or investment properties. Is there any way around that?
Quote from @James Wilcox:You don’t have to be currently enlisted in the military to use the VA. Honorable discharge, 6 years in national guard/reserves or 90 of active service will qualify you for a VA loan. Just need your DD-214
Quote from @James Hamilton:Hi fellow James. My father was in the Air Force as well. With your military experience, consider joining the national guard. You might be able to take advantage of the VA loan program. It is the best available mortgage program anyone could ever hope for. You could be buying before your target date. GL with all your future REI ventures.
Hi everyone, I introduced myself to BP last week but wanted to post in the new member forum as well. I'm James from Kentucky but live currently in the St Louis area after 11 years in the USAF. I have caught the real estate investing bug and have set my goal to obtain my first property by June 1st, 2023. My thinking at the moment is to buy and hold a few properties long-term, then work my way into the STR world and possibly BRRRR or flips once I get enough capital. I would like to start out in the St Louis area, but am not opposed to buying turn-key properties out-of-state if I can make it work. Just joined our local REIA here in St Louis and looking forward to the first meetup next Tuesday. Can't wait to start making connections and building a team of trusted colleagues to hopefully be done with my W-2 in three years! May be ambitious but i'm determined and motivated. Thanks to all of you for your knowledge and contributions to making this website an amazing REI tool.
I'm also thinking...would it be unwise to invest in a couple STRs out-of-state? Or should the first property be local?
Quote from @James Hamilton:
Quote from @Matthew McKee:The only way you can use the VA loan is for a primary residence, correct? My understanding is that VA and FHA loans can't be used for STRs or investment properties. Is there any way around that?
Quote from @James Wilcox:You don’t have to be currently enlisted in the military to use the VA. Honorable discharge, 6 years in national guard/reserves or 90 of active service will qualify you for a VA loan. Just need your DD-214
Quote from @James Hamilton:Hi fellow James. My father was in the Air Force as well. With your military experience, consider joining the national guard. You might be able to take advantage of the VA loan program. It is the best available mortgage program anyone could ever hope for. You could be buying before your target date. GL with all your future REI ventures.
Hi everyone, I introduced myself to BP last week but wanted to post in the new member forum as well. I'm James from Kentucky but live currently in the St Louis area after 11 years in the USAF. I have caught the real estate investing bug and have set my goal to obtain my first property by June 1st, 2023. My thinking at the moment is to buy and hold a few properties long-term, then work my way into the STR world and possibly BRRRR or flips once I get enough capital. I would like to start out in the St Louis area, but am not opposed to buying turn-key properties out-of-state if I can make it work. Just joined our local REIA here in St Louis and looking forward to the first meetup next Tuesday. Can't wait to start making connections and building a team of trusted colleagues to hopefully be done with my W-2 in three years! May be ambitious but i'm determined and motivated. Thanks to all of you for your knowledge and contributions to making this website an amazing REI tool.
Disclaimer: I am not a lawyer or a lender, this is not legal advice just my understanding.
You must intend to occupy the home as your primary residence (over half the year) within 60 days of closing for an unspecified time (1-2 years is widely quoted).
I advice my VA clients to buy a primary, house hack, refi into conventional then buy another primary, converting the former into an STR. rinse/repeat.
Quote from @James Hamilton:
I'm also thinking...would it be unwise to invest in a couple STRs out-of-state? Or should the first property be local?
I have three markets of interest two appreciating that I STR in and one that I LTR because its low entry and high rent but virtually no appreciation.
The key with out-of-state investing is having a local team you trust to coordinate buying/rehabbing/managing your asset.
Hi James, One of the easiest ways of scaling in real estate today is to invest in turnkey properties out of state. If you have a busy 9-5 routine but have the money to get started and don't have enough time, turnkey companies provide some of the best resources to scale your portfolio. I have used that strategy so feel free to reach out if you want to discuss.
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#4 All Forums Contributor
- Real Estate Broker
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Quote from @James Hamilton:
Hi everyone, I introduced myself to BP last week but wanted to post in the new member forum as well. I'm James from Kentucky but live currently in the St Louis area after 11 years in the USAF. I have caught the real estate investing bug and have set my goal to obtain my first property by June 1st, 2023. My thinking at the moment is to buy and hold a few properties long-term, then work my way into the STR world and possibly BRRRR or flips once I get enough capital. I would like to start out in the St Louis area, but am not opposed to buying turn-key properties out-of-state if I can make it work. Just joined our local REIA here in St Louis and looking forward to the first meetup next Tuesday. Can't wait to start making connections and building a team of trusted colleagues to hopefully be done with my W-2 in three years! May be ambitious but i'm determined and motivated. Thanks to all of you for your knowledge and contributions to making this website an amazing REI tool.
Welcome aboard J-dawg