All Forum Posts by: Danny Ricco

So I am a single active duty military member about to go on deployment next year in the navy. For the last two years I have been renting out an apartment using my BAH. BAH is what the military gives me to live out in town, which for me in Norfolk, Virginia, is 1500 a month. Recently I have been trying to get into real estate investment now to make the most out of my BAH while I’m still in the navy. My apartment lease ends in October.

I’m looking at getting a multi family unit and house hacking. Except I only have 6 thousand in my funds right now, and go on deployment in January next year.

My question is this. Would it be a better idea to try and buy a multi family residence now, and have family and friends or a property manager watch over the property while I’m away. Or find a place to live for a couple months when my lease ends, and cash the BAH checks into the savings and come back from deployment with an estimated 20,000 in my bank account, and use that money to start investing. Thank you very much I’m advance I appreciate any advice I can get!

Danny, have you looked into using the VA loan to house hack before deployment? The VA loan allows a primary residence up to 4 units. Def look at. Happy to assist

My plan would definitely be to use the VA loan, except my starting cash is only 6,000. I know the VA loan doesn't require a down deposit but there are still a lot costs I should be expecting for a multi family unit cause Norfolk, Virginia is a semi expensive area right now

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Quote from @Cassi Justiz:

Trying to buy with only $6k is going to be tough. It could be possible depending on the price of homes in the area. But you won't have much of an emergency cushion in case you need to do a make-ready or any kind of repairs. I would save up as much as possible now, start analyzing the deals that are out there and see what your options are. Get pre-approved with a lender, meet with an agent and start the process now. If you find a smoking deal later this fall and you can make the numbers work with the money you have, you can jump on it but if not then you can just keep saving and be ready to go as soon as you get back from deployment.

If you do find a multifamily between now and January, it would be worth considering getting a roommate. That way they can cover some of the expenses of your unit but also keep things in order while you are gone.

Thank you, that is pretty much my mindset right now. I'm pre approved for 300,000 with the VA. And the VA loan doesn't require a down deposit. But I still know that 6,000 is not quite enough to comfortably invest right now unless it's a perfect deal

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I’m looking at getting a multi family unit and house hacking. Except I only have 6 thousand in my funds right now, and go on deployment in January next year.

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All Forum Posts by: Danny Ricco

Danny Ricco has started 1 posts and replied 3 times.

Post: Active Duty Military stuck at a crossroads before deploying next year.

Post: Active Duty Military stuck at a crossroads before deploying next year.

Post: Active Duty Military stuck at a crossroads before deploying next year.