Hello all! I was sent here by a property investor that said this would be a great place to start gaining knowledge. I'm a Navy veteran residing in San Diego and want to put my VA loan to good use/ get into investing in rental properties.
I’m in school at UCSD for the polar opposite, Public Health, so I’m not sure where to start!
Any recommendations on some good reads, people to follow, or seminars?
@Shalene Brooks start by attending the webinar on BP on buying small multi families. You have a VA loan that you can use to buy with nothing down. If I was starting over I would buy small multi's owner occupied 2-4 units and move every year for 10 years. Why 10 years: can only have 10 mortgages that conform Freddie or Fannie( i get them confused) guidelines. You will end up with 20-40 cash flowing units. Just type in house hacking on this site. Conventional investing will require you to have 20-25% down. After you use your VA loan you can use FHA 3.5% down and after that you can use Owner occupy 5% down. So just using 5% down for the same cash outlay less closing cost you can buy 4-5 properties.
@Shalene Brooks welcome to BP and thank you for your service.
Since you’re in an excellent school (you guys at UCSD are the smart ones in town ;), you likely have above average study habits already so you’re in the right place.
Go to the BP bookstore on this website and literally pick any of the ones about getting started. This group here on BP is an invaluable resource in general though. Good luck!
1. Take stock of your assets. The things you are great at. The stuff which gets you out of bed in the morning because you just love doing it. I noted that you listed a bit about your avation background in the Navy. That can mean many different things. It might mean you can speak with pilots so you can attract capital for your projects. It could mean you are used to complex systems or planning how to manage high value equipment with life or death consequences.
2. You mention (in your profile) that you have a number of things going on. You may find that your real estate journey will require you to focus. That you can achieve success at a higher level without a lot of mission/scope creep. Most successful business people do something really well rather than a lot of things OK.
3. Your public health training might imply you want to work in that sector. One recent real estate idea was to focus on facilities which are appropriate for public health providers. Almost a 'build to suit' business model. Much higher yields than traditional residential.
Happy to chat further. Post here or reach out directly. What ever works for you. Good luck.
BTW, I traded messages with a couple of other people who are or were in the Navy and are in the SD, CA or HI area. Folks here on BP. Connect with some of them as you likely have a lot in common. Easier to make progress when you share the load.
Hi @Shalene Brooks and welcome,
I'll echo what @John Corey above plus add the following:
Begin with the end in mind.
I say this so much on BP I just might change it to be my name.
What are you trying to achieve with real estate investing and what do you want your life to look like when you've reached that destination?
Get really specific! Not just, "I want to have more free time and travel more." Really dig down and spell out a day in the life. "I want to wake up every day in the morning, somewhere warm and mild, near the ocean. After a cup of coffee on the porch I want to go for a run with my significant other, or practice yoga..."
Really take the time to visualize it. This accomplishes two things.
First, it provides you something truly motivating that you can latch onto to keep you going.
Second, it gets you to start thinking about the specific real estate strategy that's going to get you to that destination. You're going to be eating at the real estate investing buffet here, sample all it has to offer, but take note of the things you like and that are good for you. Because, not every strategy is going to give you the kind of life you want, even if it pays well.
Next, I agree that reaching out to other veterans who are real estate investors as John suggested is a great place to start. @Alexander Felice is one I know, and I know he used a VA loan to purchase his first property that launched his investment career.
Good luck to you, and please feel free to reach out if you have any other questions.
House hack in utc...buy a condo and rent out the other rooms to other students
A clairmont duplex will likely exceed your va limits....but i think those rules are being changed...so i could be wrong
just saw an interview on smartersandiego youtube on the ninth regarding new va loan rules.
Agent alanna strei....coldwell banker la jolla was the guest
Watch it...might directly impact you
@Robert Comstock that is correct trump lifted the limit on VA loans last week you just have to be able to prove that you can afford what you are trying to buy. This is effective January 2020. As of Now the limit for VA loans for a SFR is 690k.
You can also re fi out of your VA loan and re use your benefit.
Check out Rich dad poor dad series and David Lindahl books to start.
Interview meet a few muti Millionaires that have made money in real estate.
Go to a few real estate meet up...
For me personally I read real estate books recommended by bigger pockets. Get all of Brandon Turner books. I also read books such as the 10xrule, The Richest man in Babylon, Rich dad poor dad. I also make sure I read books for personal development such as the Power of the Subconscience mind etc
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