Investor · Honolulu, HI · Member since 2016 · 35 posts · 6 votes
Hello, I'm brand new to bigger pockets and currently living in Hawaii, but moving overseas in a few short weeks.
I'm a disabled veteran, and with my Navy severance from this I was able to purchase my mother a house in Oklahoma City (FHA), however she's only paying part of the mortgage of course so it isn't an investment, just a place for her to live and hopefully we can build some equity.
I have some of this cash left over and would love to get into RE in hopes of some side income, but I'm brand new to this subject.
To further complicate this I'm planning to move overseas in about a month. I have cash I can put down on a property, as well as my VA home loan guarantee (I understand I could buy a 4-plex or apartment building as long as I occupy within 90 days) that I can use to secure a place.
About halfway through my first few books as well as the beginners guide here, any help is greatly appreciated!
Investor · Fort Worth, TX · Member since 2016 · 107 posts · 62 votes
10y
@Jamison Haussman Welcome to BP it's a great site to learn more about RE investing.
If you are moving overseas in 1 month you can't really utilize your VA home loan guarantee if you need to occupy it within 90-days.
Would you be considering buying a rental near your mom's house or another location?
Living in Hawai i you are probably pretty familiar with short term vacation rentals which can generate higher cash flow...but also cost more to get into than say a long term rental. Which are you considering?
Real Estate Agent · Rock Hill, SC · Member since 2015 · 189 posts · 53 votes
10y
Hey Jamison,
Welcome and Thanks for your service. I am also a service member also so I know how it is serving. Where are you looking to invest at? One of the things that is important is to know where you want to invest. Then know your goals with investing in real estate. If you have money to put down on a 4plex and do not on living it right away because of your circumstances you can still get a conventional mortgage or do a down payment for a property that someone might consider to seller finance. I have come across a 4plex that is listed on the MLS where the seller is considering seller financing with 60k down.
I would also suggest hitting up a local meet up here in Hawaii before you go so that you can talk with more folks about what they are doing with their investing and ask more questions.
Message me if you have any questions! Happy Memorial Day!
Investor · Honolulu, HI · Member since 2016 · 35 posts · 6 votes
10y
Hey @Jeremy Hunter thanks for the tips. I'll definitely come check you guys out at the next meet up, however I'm not so sure about investing here in Hawaii, just assuming the entry price is prohibitive and if I'm leaving island it might be more of a headache dealing with overseas, but nothing is out of the question. Thanks again, see you at the meet up!
Investor · Honolulu, HI · Member since 2016 · 35 posts · 6 votes
10y
Hi @Jeff Graves thanks for the reply and the welcome. I was thinking I'd be getting a place closer to her house in Oklahoma, just to keep everything in one area (I have uncles there who could deal with the management), as well as not really wanting to deal with a constant rotation of renters here on island, but nothing is really out of the question as I learn more about the process I'm sure.