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Updated about 8 years ago on . Most recent reply
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Focus on learning wholesaling, or explore additional options?
After sifting through many beginner guides, watching podcasts, and almost falling victim to a plethora of guru webinar schemes, I have finally decided to try my hand at REI. I am a 22 year old active duty military member who is looking for additional income, and possibly a lucrative living once my time with Uncle Sam has run it's course.
My plan, seeing as though I have not been lucky enough to come across enough disposable income at my young age, is to learn the tricks of the trade and begin to earn investable income through everyone's favorite beginner strategy...wholesaling.
My first course of action will be to attend a REIA function next month, and begin to network and gather information on the best strategies and contacts to keep for when I begin to hook up deals. I am not the type to jump in blind, and would rather gain knowledge from those who have already made the mistakes I am sure to make if I begin on my own accord.
Which is ultimately what brings me here.
I am not under the illusion that wholesaling will be the final answer to my financial aspirations, and I do plan to pursue the larger aspects of REI after I have established myself.
With that being said, I am hoping to gain insight into options that may be available alongside the wholesaling venture.
My current situation/expected alternatives:
1) Access to VA home loan (for which I am aware of the 12 month residency requirements).
2) >12k TSP savings contribution (which is available for loan if needed for down payment).
3) Flexibility to move to more beneficial location when my enlistment is up (2019).
4) Currently in position to move my active residency as my rent lease will soon end.
In regards to risks/potential returns on using loans to invest in property now to be used down the line, my ultimate question is this: Do I focus on wholesaling to get my foot in the door, or should I also be exploring other options to supplement my plan?
Apologies for the lengthy read, but as I said before, I don't intend to jump into this game blind.