New member from texas

3 Replies

hey everyone! I've been listening to the podcasts and following the YouTube channel for quite some time now. I'll be getting out of the military soon and will start purchasing single family homes to hold, and possibly duplexes. I just want to make sure I learn as much as I can before jumping in. 

I would love anyone's advice on anything to do with the subject of rental investing. 

Thanks!

For one thing, it will be easier to qualify for mortgages if you remain in the same career as you are currently in. Say you are in finance, and remain in finance, even if not employed by the military. Or legal, and you remain in legal, but for another employer. Otherwise, as I understood my VA lender, they want 2 years of "stable" earnings in order to qualify you. Any of the experienced mortgage lenders at BP could chime in, if this is not still current. Lending seems to change month by month.

Perhaps you can look into buying using owner-financing, or buy with a lease option.  There is also the avenue of direct mail and/or using hard money to buy at auction or other "distressed" or bank-owned properties.  One does not need to buy using only conventional lending, of course.  People who can problem-solve and be creative also get deals done.  

I did 6 active and 4 reserve, while hubby is looking at putting in those retirement papers.  The transition out is pretty amazing!  All the best~

Hello and welcome to BP!  I think you probably know that rental housing is typically a long term investment.  Always do the numbers analysis on the property you are considering and make sure that any number given to you is real.  Always take out an insurance policy is taken out on your property right after you close.  Also, as soon as you can after closing, change the exterior door locks.  If the locks you took off are still good just install them at a different address.   Find/Get a local and experienced Team full of professionals that are willing to help you and return your phone calls promptly.  Know your market well.  Go where you can hopefully have a larger number of sales.  Know the best locations within your market (s).  Do whatever you like the most.  If you end up with rental units you might do and work with wholesalers.  Know the market laws and rules that effects real estate investments.  Local Team members include Attornies, Real Estate Agents, CPA's (or accountants), Inspectors, and General Contractors.

I am 59 years old and I found BP about 7 months ago and I have not decided what to do.  I went to college too, not that it is mandatory, and I got a business degree that emphasized real estate.  Since I was in Texas I found out that I was qualified for a broker license.  I got a broker license in 1980 without taking anything extra.  Regardless of what I had I felt more comfortable with the construction business.  I have been in the construction business since I was 17.  My father has been in real estate for about 40 years and he has taught me a little bit.  If you think I can help you please contact me through BP at any time.  Good luck to you and thank you for what you do!

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