@Joe Bostick You should utilize a VA loan and get a 3-4 unit every time you move to a different area.
@Jeremy Taggart how often can a VA loan be used and when would you recommend using VA loan over conventional or FHA.
Thanks @Jeremy Taggart ! I have used my VA loan for my first two homes. At this point, I think I've maxed out my ability to use that loan vehicle unless I were to sell or refinance my other properties. I'm still learning about the refinance process though.
@Joe Bostick oh do they max you out at 2?
@Demario Scott If you are/have been in the military it makes more sense to use VA on a multifamily over conventional or FHA. 0% down payment and no mortgage insurance on up to 4 units. You can normally only have 1 at a time, unless under certain circumstances you can have more than 1 if you relocate, etc.
@Jeremy Taggart I'm still a newbie when it comes to the finer details, but I believe there is a limit on the value of the VA loan you can have. I came close to that limit using a 2 VA loans to purchase 2 homes.
I want to start with the words of GRATITUDE for your service!
In terms of other strategies, I'd recommend you look into buying multi-family. You can start with smaller ones (residential = up to 4 units). Potentially get FHA financing and do house-hacking. This strategy will save you a lot of money and allow to generate some income. Hopefully by the time you need to move again, you'd satisfy the FHA requirements. Start researching Albany market now. I have heard that the area has some pockets, so one has to be cautious when selecting an area to buy a house.
Search for local investors, brokers, insurance agents, attorneys here on BP and start connecting with them and gathering the Intel on the area. So that when you're ready to move, you potential have a number of properties in the identified market areas.
Also, since you move a lot, I'd advise to look into diversifying your investments into a bit more passive options.
If you'd like to explore further feel free to PM me.
Welcome Joe! Check out my profile and let me know if I can be a hand!
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