Looking for info and advice as active duty military trying to get started

Looking for info and advice as active duty military trying to get started

Member since 2024 · 6 posts · 2 votes

Good evening to all!

My name is Cameron, and for the past year and a half I have taken a major interest in real estate. I am a SGT/E-5 in active duty Army. I have decided that after I finish my time in the service (Next 3-5 years) I want to get into real estate investing. While I am new, I do have a bit of knowledge from my own research as well as reading many of the BiggerPockets published books. As I am military, I know I have one advantage that some others do not, with that being the VA Home loan at my disposal, and if you are familiar with how the military works I can get BAH (Basic Allowance for Housing, the military pays you to find a place to live and the rate they pay depends on the zip code you are in as well as your rank). I have recently been stationed within the Miami, FL area and know that this is not a location for a new investor. The previously mentioned BAH is also not something I have access to yet as well. My plan is to finish up the next 3 years here, then go to a base where I will purchase a triplex or quad using the VA home loan. I will live in one unit and rent out the other 2-3. This will be how I get my foot in the door with real estate, and grow my portfolio from there. My overall plan is to exit the service making enough income from what real estate I have acquired and not have to get an actual 9 to 5 job, and running my business will be that job. I am looking for some just overall guidance, not one bit of information or question answered specifically because as time goes, I will have many more. If anyone with knowledge or experience in the situation I have described would be able to share some information or insight, it would be greatly appreciated!

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Hamp Lee IIIPro Member
Real Estate Agent · San Antonio, TX · Member since 2019 · 1k+ posts · 832 votes
1y

I just retired from the Air Force and have four properties. Three are with my VA loan. If the numbers work, maybe you can purchase a home now, rent it out once you PCS, and purchase another home at your next location.

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  • Julio GonzalezPro Member
    Specialist · West Palm Beach, FL · Member since 2008 · 4k+ posts · 1k+ votes
    1y

    Great to have you here, Cameron. Thank you for your service!

    Keep building that knowledge base, you’re definitely on the right path.

    -Julio

  • Member since 2023 · 5 posts · 4 votes
    1y

    Hey Cameron nice to meet you. I'm new to all of this as well but currently a Veteran. My best advice is to do what you're thinking. Start now while you're active and build a portfolio and learn as much as you can. Create the side hustle now. As you grow you can also check out 10x vets. Lots of real estate investors that are veterans.

  • Hamp Lee IIIPro Member
    Real Estate Agent · San Antonio, TX · Member since 2019 · 1k+ posts · 832 votes
    1y

    I just retired from the Air Force and have four properties. Three are with my VA loan. If the numbers work, maybe you can purchase a home now, rent it out once you PCS, and purchase another home at your next location.

  • Member since 2024 · 6 posts · 2 votes
    1y

    @Hamp Lee III Nice to meet you Sir and thank you for the reply!

    If the research I have done is correct, you can have multiple VA home loans open at the same time, up to a certain amount of money. And the number of loans does not matter, as long as the combined borrowed amount does not exceed $750k. I may be completely wrong, and I am sure you know much more detail on that. Also, with that, once you purchase the first property you have to live in it for at least a year. Please inform me if this theory is correct, but if I moved to a new base and bought a triplex, I would have to live in it for 1 year but following that one year I could use the VA loan again to go buy another property. If I were to be at a location for 3 years, I could theoretically leave there with 3 properties, correct?

  • Hamp Lee IIIPro Member
    Real Estate Agent · San Antonio, TX · Member since 2019 · 1k+ posts · 832 votes
    1y

    The max loan amount is based on your location. Check out this site to find your limit. Most locations are $806,500.

    There is no time limit for how long you live in a home unless your lender provides one. The VA only requires that you move into the home in a reasonable amount of time, which is 60 days. Most people will wait one year as a general rule to be on the safe side.

    Technically, you can move into three different properties in one location. I have two in one location. Some lenders will ask for a “qualifying event” like a marriage, divorce, child birth, or PCS. You can check around to ask. When I bought my second house in the same location (via a local credit union) they did not have any requirements of that type.

    I hope this helps.

  • Member since 2024 · 6 posts · 2 votes
    1y

    @Hamp Lee III Sir I appreciate the information very much!

    Both of the resources you provided are new to me and very much helpful.

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