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Updated about 3 years ago on . Most recent reply
Newbie and active duty military
Hello everyone, first of all I’d like to say I’m extremely grateful for all the information found throughout this website and all the contribution from the real estate veterans and people looking to break in. Now to my question… I have been thinking about getting into real estate investing for some time and I think the opportunity is here(by next summer anyway). As the title says I am active duty military and my ultimate goal is to invest into rental properties in my home town in Virginia. My family owns a lot of contracting businesses from HVAC and plumbing to general contracting in the area and my support base would be great. Plus it’s a good market and close to a fast growing city without being inside the city limits. My problem is that I obviously move a lot. I am going to be moving to the Tacoma Washington area this coming summer and was considering buying a live in flip to start with. I was wondering in your opinion is that a good route to pursue? My thinking is that if I get the “right” place then I could live there for 6 months fix it up and sell for a profit to jump start the cash flow and then transition to investing in the area I want to retire in or if it goes well do it again. I have about 5 years until retirement and would really like to manage and invest in properties when I’m done. Any advice or opinions would be greatly appreciated. I hope everyone had a Happy Thanksgiving!
-Seth
Most Popular Reply
Congratulations on making the jump into REI. Overall I think your plan is solid, but question the six months live and flip. Are you going to use the VA Loan for this purchase or use other acquisition strategies? If you use the VA Loan, you must live in the property for at least 12 months.
In my opinion, I think purchasing a home in Tacoma is a smart plan, and if I could go back to 2011 when I was stationed out there, I would have house hacked small residential multifamily while using the VA Loan. Reach out anytime, and I would love to connect.
RLTW,
Josh