Looking for advice on best way to get a solid start.

[Sam Smith]

I want to keep this post as short as I can so here it goes... I am currently in the USMC and I will be separating come next summer(2024). We (my wife and I) are currently living in Maryland but we are planning to move to the Grand Rapids area of western Michigan when I leave the Marines. I am planning on working for the local police department which doesn't pay the best at first but progressively gets better relatively quickly. We currently have a little over $40k available to be employed in our real estate ventures in the future. Here is where my question or rather request for advice lies.

What would be the best way to employ that capital and make it go the furthest? My goal is to retain as much as possible for as long as possible as to 1. keep an "emergency fund" of sorts in case there are unforeseen expenses that I would not necessarily be able to cover with my police officer pay and 2. Be able to redeploy it into multiple deals and grow my portfolio. Being former military I am looking at using the VA loan which to my understanding has favorable terms and 0% down which would certainly help me retain a larger portion of my capital. I have already found an agent who is assisting me in finding properties. I have been looking pretty exclusively at small multi-family properties so as to house hack but with that being said I have some questions.

Is this the best approach? 

Should I continue with this approach and look at potential BRRRR opportunities within this scope of property? Or focus on more "turn-key" type properties if possible?

Would buying a single-family home, living in it for a year and then renting it and repeating work better with my situation? 

Any advice and/or tips would be appreciated, thank you!

[Bryce Jamison]

If I was in your position I'd consider an alternative career path that pays much more, and doesn't have the same risks. I work in Biotech and we're always hiring ex military in our maintenance departments. The starting base salary will be 50-60K a year, or higher, with bonuses, potential stock options, and amazing benefits. There's a Pfizer plant in Kalamazoo you could check out.

Regardless of your career path I'd continue building a solid foundation like you're already doing. This includes getting on a budget, paying off all consumer debt, and increasing both you and your wife's W2 income as much as possible, as fast as possible. Simultaneously learn as much as you can about REI through websites like this and its family of podcast, YouTube, and your local library. I'd also go to every REI meetup I could. This will help you narrow down the best strategy for you and help you make invaluable connections to the various ancillary vendors you'll need like brokers, lenders, REI lawyers, contractors, PMs, etc.
 

A 0% down also scares me with today's interest rates. If you're buying a personal residence in the 300K range with 0% down your total mortgage payment with PMI, insurance, and taxes will be north of $2,500.