All Forum Posts by: Jared Rodes

@Elizabeth Colegrove I am waiting for "Big Army" to approve it and send me orders to ETS.  What you described about leveraging while still having W2 income and interest rates are low is exactly what I have been thinking. I think it is a good move for me.

@Michael Boyer I am planning to use a property manager and move away to wherever med school is. Yes I am planning to buy with the VA loan and possibly also a conventional loan. There are a total of three 4-plex's (built in 2006) available and I'm looking at taking two. Yes we have sufficient reserves I believe and the seller is pretty motivated. He had 5 of these and sold 2 within the last six months. The other two went for about 250k each. They rent for about $2560 a month. Thanks for the advice.

@Kerry Baird thank you for the insight.  I did not know that they asked for proof of future income.  Makes perfect sense.  

Additionally, why do folks tend to use up their conventional mortgage options first and then use their va option?

Hello BP,

I'm brand new to REI and have really enjoyed the learning process and am excited to try my hand.

I would really appreciate some advice on an investment that I am strongly considering. My concern is primarily, whether or not I should leverage myself with a loan (VA or conventional). Also, I could use some help detecting problems I may run into with my proposed plan. Any advice would be greatly appreciated.

Here is my situation:

I am active duty military, Ft Leonard Wood, MO, and will be transitioning out in seven months.  The rental market is very very strong here and I think it would be very advantageous to buy a "turn-key" four plex here before I leave.  Upon leaving my wife and I will spend a year travelling and then she will start medical school, location is TBD.  Upon transitioning I do not plan to hold a job for a year and a half, give or take some.  That said, I do not think I will be able to attain another loan once we settle in for her medical school, at least until I have started and held a job for about two years (this is my speculation).

Being that we could buy a four plex in the area outright, I am not to worried about obtaining a loan while I have an income to allow me to do so. Once we get to her medical school location, I would like to start up again with REI. Using a loan now, on a property that I would not worry about negative cash flow, would allow me to use my current capital upon settling in to start back in REI.

As stated above, can anyone see a major fault in this scenario? Or some problems I will run into in the future? 

I'm new, eager to learn, and excited about the prospects!

Dusty

As I read more it seems like HML may not be the best starting point for a new investor...

Thanks again for the warm welcome to BP.

So I have finished reading the Ultimate Guide to REI on the website, done an initial assessment of what I can "bring to the table" and my situation, and have a few questions. I have about seven months left before I transition out of the military and spend approximately one year on the road with my wife. My wife and I are very blessed to be able to take this time and unwind so to speak. With this being said, I am having a hard time seeing a way in REI that I can pursue until I reach our ending destination (still TBD) where we will reside for 6 to 8 years.

Is it realistic to put together a business plan and execute a deal (if there is one that surfaces) within six months and use one of the strategies that does not involve much investor time after the deal is done (wholesaling, Use a property manager, etc)?

Lastly, one idea that has stuck with me in reading all this information is that of becoming a Private Lender... I feel as though I could finance a deal or two for someone else in my current area. This way my capital could work for me and I not be as limited in my REI options.

Thoughts?

V/R

Dusty

Thank you all for the warm welcome.  I'm interested in buying a property locally in MO.  My worry is that we will be leaving the area in seven months.

Hi, I'm joining bigger pockets to learn about real estate investing and see if it is a viable option for me.  I Recently read a few of the Rich Dad Poor Dad books, signed up for the three day course on real estate, then found bigger pockets, thankfully found a bunch of negative reviews of the Rich Dad Poor Dad education, and cancelled the three day trap it was going to be.  Anyway, I am still very interested in real estate investing, but want to learn from people I can identify with and hopefully meet locally at some point.

Later,

Dusty