Dayton, OH Newbie Three-Five Year Plan
Hello! I am a currently deployed U.S. Navy Sailor who is looking to start my real estate journey upon my stateside return. It has been a long mental uphill battle to get here but I now know what I want with my life and how I aim to get there!
I plan to move to Dayton, Ohio and purchase buy and hold multifamily properties until I hit my freedom number!
If any investors from the Dayton area would take a look at the three-five year plan below, and give me any sort of feedback, good or bad, I would be very grateful!
***Disclaimer: I apologize if the responses back are slow.
Year One (Save >15K)
- Get back home around August; go back to work two weeks later.
- Sell the truck and trailer.
- Start prepping the house for renters.
- Get a job at Wright-Patterson AFB.
- Sell all unnecessary furniture and miscellaneous.
- Vet and sign renters.
- Move to Dayton, store all the necessary furniture, and rent out a motel at monthly rates.
Year Two (Buy My First Multi)
- Attend the local REI and network.
- Find a multifamily deal through any means necessary (wholesaler, foreclosure, MLS, driving for dollars, direct mail, etc.). (*Thoughts: there are some multifamily homes on the MLS that seem like decent deals, but I am not acquainted with the tougher areas and do not want to put my family in a danger area).
- Fund the deal and rehab costs, attempting to save as much of my personal savings as possible. (*Thoughts: Private money seems to be dependent on knowing someone (which I don't), Hard money seems more feasible, VA loan would require the home to be livable (which in turn may reduce much of the potential value add), conventional loan would require less stipulation than the VA loan, and personal credit cards (Not a bad option with 0% balance transfers and commitment to pay down.
- Complete the rehab in less than 6 months (I will work on the project when possible, but sticking to the shortest possible timeline is paramount).
- Rent out the units.
- Refinance it either with VA 100% LTV (Not sure if the lenders do a full 100% but that's what Navy Fed is repping on the site) or Conventional 70-80% LTV. (If I went with the VA refinance there is a one year primary residence stipulation)
- House hack while we plan for investment opportunity #2.
Years Three-Five-Unknown (Rinse and Repeat)
- Continue the same BRRRR strategy until I hit my projected freedom number, then figure out my new goals.
Everyday Action Items: Complete one hour of study, save $10, and tell myself that I will have the ability to retire before 35.
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To anyone who took the time to go through that, I appreciate you!