Young, motivated, veteran - looking to start

Flipper/Rehabber · Thiells, NY · Member since 2019 · 8 posts · 2 votes

Hello everyone!

I am a young, motivated Marine Corps Veteran looking to get started in real estate. I currently work a 9-5 stable job; however, I have the mindset to pursue this field full time. I am at a point in my young life where I am dissatisfied with the system and being comfortable with a JOB (I.e. Just Over Broke). This is my first post in this discussion thread and I am looking to meet like-minded individuals and/or individuals who have have success in this line of work who are willing to share their experiences, knowledge, and advice.

Thank you,

Drew

1 Reply

58 views

Most Popular Reply

Jon Weber

Rental Property Investor · Everett WA · Member since 2008 · 10 posts · 15 votes

Hi Andrew, I am also a veteran. I used my VA loan to buy my first starter property 0 down. I lived in it for 3 years refinanced into a conventional loan and made it into a rental. Bought a nicer home in a nicer neighborhood using a VA loan again for 0 down. I lived there for 7 years and refinanced into a conventional loan and made it into a rental. I am now in my third home using a 0 down VA loan. This one is really nice and is probably the keeper. I also used my cash flow from my two prior homes to buy a triplex. Your 0 down VA loans are very powerful for buying real estate.

3 Reply

See this reply in the discussion

26 Replies

Jump to latestLatest

Sort by

Matthew Irish-JonesBusiness Member
Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
6y
@Andrew Cabrera thank you for your service. What are you looking to get into? Real Estate investing or working in the Real Estate industry? Real Estate investing is a great wealth building tool. The best advice I can give is don't quit your day job. The best way to produce wealth is to keep working and saving, and have a realistic investing plan.
Most lenders want to see a stable W-2 income job to loan you money. In the future if you get to 50+ units and are buying in cash... this may change. In the meantime, plan for a lot of learning, a ton of saving, and quite a bit of hard work to build a size able portfolio. Most investors have dreams of leaving their current positions to live the good life as a Real Estate investor. Real Estate investing is also hard work. If you are getting a 10% return when it is all said and done and all expenses are covered, you are doing about average. That means you would need $1,000,000 in Capital to invest to earn $100,000 in passive income.
Its a journey and a long one. Still 100% worth your while and is the best way I know of to build wealth but, it's a long process and it comes with as many headaches as a 9-5 job if not more. In fact most people I know get to 3-5 units and either burn out and sell... or hire a PM company and stop growing their portfolio.
Not to say it can't be done but, I am not sure this site always lays out the realistic time and effort commitment it takes to build a profitable portfolio.
Irish Jones Realty4.947 Reviews
View Page
0 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.