Cherry Point, NC · Member since 2020 · 6 posts · 1 vote
How do I actually start investing and finance deals, renovate them, and use the method above in real life instead of just listening to people talk about it..?
Really new here, so thanks in advance for the help and understanding!
Rental Property Investor · Springfield, MO · Member since 2016 · 1k+ posts · 890 votes
6y
@Jacob, that question could potentially require hours to answer, there are so many strategies/tactics. That being said, @Ashton gave a decent answer. Utilizing your VA loan to house hack a duplex, triplex, or fourplex is a GREAT way to jump into real estate investing because it isn't less "scary" since you're buying a primary residence. It also carries less risk because you're living their anyway, and your BAH should be able to cover your monthly payment even if your tenant moves out.
There are a lot of benefits in there. I will say that a lot of lenders are tightening up their lending requirements so you need to ensure you have solid cash reserves, debt-to-income ratios, and credit history to make yourself more competitive for financing (and good terms).
I would be happy to talk with you, either of you, and help in any way possible. There are some pretty awesome military REI communities out there, and I love connecting service members to peers who are already doing what they want to achieve!
Rental Property Investor · Springfield, MO · Member since 2016 · 1k+ posts · 890 votes
6y
@Jacob, that question could potentially require hours to answer, there are so many strategies/tactics. That being said, @Ashton gave a decent answer. Utilizing your VA loan to house hack a duplex, triplex, or fourplex is a GREAT way to jump into real estate investing because it isn't less "scary" since you're buying a primary residence. It also carries less risk because you're living their anyway, and your BAH should be able to cover your monthly payment even if your tenant moves out.
There are a lot of benefits in there. I will say that a lot of lenders are tightening up their lending requirements so you need to ensure you have solid cash reserves, debt-to-income ratios, and credit history to make yourself more competitive for financing (and good terms).
I would be happy to talk with you, either of you, and help in any way possible. There are some pretty awesome military REI communities out there, and I love connecting service members to peers who are already doing what they want to achieve!
New to Real Estate · Member since 2019 · 1 post · 0 votes
6y
@David Pere do you have any recommendations for resources/books about using the VA loan? My wife and I are both new to REI as well and are trying to using this quarantine to help on the education side. Also would love help connecting with military REI community!
Rental Property Investor · Springfield, MO · Member since 2016 · 1k+ posts · 890 votes
6y
@Tyler,
I have written (2) articles on BiggerPockets about the VA loan (just search "VA loan" and they will pop up), recorded a (5) video series on YouTube, and have a friend who has written a decent book about it. Hit me up if you would like more info on the book.
How do I actually start investing and finance deals, renovate them, and use the method above in real life instead of just listening to people talk about it..?
Really new here, so thanks in advance for the help and understanding!