My name is Corey Skelton, residing in Stafford, VA. I am currently transitioning from the United States Marine Corps after 13 years and am looking to take my career in a different direction. My wife is still active duty and nearing retirement, and is much more risk averse than I am, so that is one hurdle I am struggling with (any advice would be appreciated).
I've read the "Ultimate Beginner's Guide" and found a wealth of knowledge, as well as Getting Started at BP. I recently discovered there are organizations that will pay for veterans to get their real estate license, which I keep hearing on the podcast has certain advantages, so it is one thing I am considering.
I am still doing as much research as I can and haven't completed any deals yet. In order to mitigate risk, I am considering small multi-family houses (duplex, triplex, fourplex). Again, any advice would be appreciated.
@Corey Skelton Welcome and Thank You for your service!
Couple of things to consider:
- A real estate licence has annual fees and costs to maintain. For me it is about $1500 a year - so when you decided to get one or not make sure you include that
- I find it best to attend local REI events or network with other local investors Here is a list of groups by state http://www.biggerpockets.com/rei/real-estate-clubs/
- As far as the SFH vs MFH I think it depends on your market. I only do MFH but I live in a very urban environment where 54% of housing is MFH - and 24% are SFH with the rest as condos. So for me, it makes great sense and I can't imagine doing anything else. But every market is different so take it with a grain of salt
You can hang a license with a low cost broker and cut down your cost. However you may want to work with an established broker, possibly make a few extra bucks. We are with century 21 new millennium in Fredericksburg. Best luck.
You probably already know this but just in case: one huge advantage that you will have over us "civilians" is the option of a VA loan which will allows you to buy a home/duplex/triplex/4plex with 0% down. It is definatly something worth looking into and taking advantage of.
Thank you all for the advice. Lots of things to consider, as I am still trying to flesh out a good plan.
Welcome to bigger pockets Corey! Thank you and your wife for serving our country! You definitely have the advantage of a well deserved VA loan. Starting with a multi-family purchase is a great way to go!
Excellent opportunities : VA, Homepath, Homesteps, and Hud properties
Good luck moving forward
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