Any advice from military vets

[Paul H.]

Hey BP,

I've been viewing the site for a few weeks now and thought I would put up my first post.

A quick intro, I'm an accounting student near Pittsburgh, PA and will be finishing up within a year. I am looking to gain as much knowledge as I can from this site so I can take part in real estate investing when I have job and the opportunity to do so.

Prior to school I spent a few years in the USMC, which I think may be the greatest career move I will ever make.
From this service I have questions on VA benefits that I am able to take advantage of.

I have 3 somewhat un-related questions and any advice, comments, or concerns would be appreciated.

1. For the veterans, with investing into a SFR would I be better off with going through USAA or the VA ? Also note, I do have excellent credit so maybe there's another, better option than these two ?

2. I would like to be very open to my future career so moving locations may happen. What are your thoughts on investing into a rental when that moving possiblity is there? Is it easy to just let someone else manage it and leave?

3. As for my long term goals, I am interested in owning a large hotel(s). What's the best way to go at this? Through starting small (SFR, rehabbing...), going into a joint venture on a large property, or just find a franchise that will give me money ?

I hope these aren't dumb questions, I am rather new at this.

Thanks guys,
Paul

[Shane McGraw]

I am a mortgage lender and have done a ton of VA loans.

Your VA eligibility is a very powerful tool and can and should be put to use buying a home or investment home.

You can do a 100% loan with no money down with owner occupied mortgage rates.

My suggestion might be to purchase a multifamily unit (i would personally look for a 4 plex for division of risk between the 4 units) VA will require the loan is an owner occupied home so you will live in one of the units and rent the others.

One of the best parts about using a VA loan is that you can count the neighboring incomes as "offsetting" funds or in essence as income.

picture it this way: you buy a home with your eligibility and can walk into three units of income from day one with no money out of pocket.

Dont get me started with how cool this scenario gets if you are paying your mortgage with "TAX FREE" BAH. Considering that all mortgage interest up to a million is tax deductable

hope that helps... Just one of these smart purchases early on in a service members 20 year career would be a game changer!