I am a 23 year old in the military looking to really dive head first into Real Estate investing to eventually be financially free.
I dont currently have money for a down payment on a house. How should i get into my first rental property with no money and no partners?
It may not be the answer you want to hear but you should save, you may be able to house hack with your VA loan but you will still need at least a little bit of savings before getting started.
Househack a Duplex using your VA Loan......Now
When you get stationed somewhere else.....use the rest of your VA LOan....and do the same thing.......
When you get stationed somewhere else,...refi out of your FIRST VA Loan into a conventional loan, and get another VA Loan
When you get stationed somewhere else....do the same thing with your second VA Loan
Repeat, repeat, repeat
Totally agree with @Brian Garlington ... I wish I had used that strategy when I was in. I would be 10 years ahead at this point
Thanks @Brian Garlington that was actually my plan but we are stuck on a 2 year lease with our current landlord and I don’t wanna wait that long to get started.
@Thomas Lee Malpass you are in California, you can ask your landlord to let you out of the lease early and see what they say, if they were to say no and you left you probably wouldn't be on the hook for too much of the remaining lease assuming you have kept the property nice you might be paying for a month or two max assuming your landlord acts in good faith.
Here in California we are in (ugh!) one of the most TENANT friendly states in the country. Read between the lines on that one.
I would suspect that if you got pre-approved with a VA lender....you would be very motivated to find a place, and if you also found a worthy tenant to take your place at the place you are renting now....I mean a worthy tenant, not just anyone....then most judges would look VERY favorably on you and unfavorably on a California Landlord that won't let a veteran....ESPECIALLY IN THE SAN DIEGO AREA that is trying to work this out with his landlord.
It’s good to be motivated but Don’t be in a such hurry that you dive head first into an empty pool .
Real estate requires education before you just jump in . You should be saving a lot now . You should also be studying up and reading everything you can get your hands on .
@Thomas Lee Malpass I agree with others, house hacking is a tremendous way to get started! Save up a little bit and get you a duplex.
Thankyou all for the wonderful Advice, i will continue to do research and analyze any good deals i find and try to utilize my VA loan to get my first property. I believed they capped me at 500k here in San diego so we'll see.
@Thomas Lee Malpass , if you are capped at 500k it might not get you a duplex in Chula Vista Area. You may want to look for a fixer upper duplex. Fix it and move in.
@Thomas Lee Malpass I'm in San Diego as well. When you talk to your lender, make sure they know that you are looking to buy a duplex. The limits are different for single family than they are for duplex/triplex/fourplex. Being in a 2-year lease can be a bit of a pickle, but I would absolutely ask to get out of it. I'm not sure when your lease began, but with you leaving, that gives them an opportunity to raise the rent. Most landlords are happy to comply with this request. Lastly, you could definitely find a duplex in parts of San Diego County if you are willing to be flexible in where you live. I'm not sure where you are stationed, but there are communities around 33rd street that are not attractive for some, but are great opportunities to live in and fix up. Feel free to PM me if you have any questions. I know some great agents in San Diego, who are vets themselves, that specialize in working with military clients.
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