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Updated over 9 years ago on . Most recent reply

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8
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3
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John Lagrimas
  • Virginia Beach, VA
3
Votes |
8
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I want to get into the game, but I need advice!

John Lagrimas
  • Virginia Beach, VA
Posted

Hello everyone, I know my title is a little vague, but it is as it sounds, I want to get into the game of real estate investing, but I need advice! 

My name is John, I'm 23 years old and I'm in the navy, and I'm new to the idea of real estate investing but am very intrigued by it. There are a few reasons I want to get into the "game" of real estate investing. To name a few, I want money for my my daughter's future, I want to help get rid of my parent's mortgage as fast as possible, and I want to give my family the financial freedom they deserve. I know it sounds a little cliche, but realistically, who doesn't want these things right? 

Now, being in the navy I have a great option called a VA loan. I've read a few posts, blogs, books, and listened to a few podcasts here on biggerpockets along with a few books on investing.

My plan as of now is to buy a piece of property every station I get assigned to and use it as rental property when I leave that said duty station. Here is where my problem resides. I want to get started into real estate investing now but I only have 18 months left here (in Virginia Beach) but I don't know if it is wise for me to buy a house to rent now, or if i should wait until I get to my next duty station. 

The VA loan is good for use once at a time until I am able to pay it off or refinance with another company. My intentions are to use the VA loan to buy a house, maybe live in it a few months, refinance with another company and rent it out when a move.

What I'm worried about is not being able to rent out the house as fast I can move. I'm not sure if I should be worrying about this since this city is a majority military personnel who are always moving in and out of the area. My wife feels like we would be paying two major bills (rent and mortgage) if I'm not able to rent the house out before we move. What are my options here? I feel like I have a pretty basic, but decent plan. I don't currently own any properties yet, but I feel like this is a good but cut-and-dry plan. I've been doing a lot of reading on 'why it's not a good idea to buy a first home if you're not going to be living in it for a few months' posts from sources like CNN Money and the like,  but again I'm not looking to settle just as of yet. 

Should I take the risk or is this something I shouldn't even be thinking of? 

Most Popular Reply

User Stats

42
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23
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Lynn Montang
  • Real Estate Agent
  • Portland, OR
23
Votes |
42
Posts
Lynn Montang
  • Real Estate Agent
  • Portland, OR
Replied

Judging from the fact that you are 23, married, and have a child I get the idea that you want to have everything Immediately! Not that I blame you, (and not that I'm different) but dude, you're 23 years old!  Your plan is ok in theory. But save up enough so that you can cover vacant months, repairs, etc then your wife wont stress as much either. Consider saving a large chunk and maybe the next, or even the third station you are at will be a good time to buy and begin your plan.  Life is full of the unexpected. (As well as lots of needs and wants along the way). Being patient will help you make better choices and be able to see the bigger picture.  This is a get rich sslloooow investment strategy.  Write out your goals (and you can be unrealistic) then review them with your wife. Create spreadsheets and work numbers of actual properties. (You'll need a good realtor). Figure out what rents are. Know everything. Who pays utitilities, etc. Then rewrite your goals, each time you rewrite them you should get more and more realistic. And lastly, remember: there will ALWAYS be another good deal. Patience. 

Thank you for your service. 

  • Lynn Montang
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