Questions on how to get Started!!

[Brandon Ellis]

Hi Everyone!!  New here and so I figured I lay down my current situation and see what guidance you all can give me.  I've been watching the "Rich Dad" videos and realized that being an employee to a business or company simply isn't a long term strategy anymore.  Any moment I could be let go for one reason or another, you all know.  So I've finally decided to pursue after financial freedom.  My 5 yr plan is to not need my job anymore and my 10 yr plan is to have a net worth close to a Million. 

Anyways I've recently moved to Zebulon, NC area for my job (in Raleigh NC). Our house in Greensboro is currently going though the process of someone purchasing it and we just purchased a house here in Zebulon with a conventional loan as our primary residence. I am a military Vet and have the ability to still use my VA loan.

So some questions I have:

1. Is it best to start of with an LLC in this kind of business or incorporate it in any way?
2. If you were starting virtually from nothing (except enough cash to make a down payment), how would you go about getting a rental property? 
3.   I'd appreciate any other advice on how to get started with this.

[Michael Ablan]

@Brandon Ellis Welcome! The first thing I'd do is put your new house into your wifes name or immediately rent it out (as long as it cash flows) and then go out an buy a 4 unit rental with your VA loan.

What's great about your VA loan is it allows you to buy any 1-4 unit building as a primary residence for 0% down. There isn't a single other bank product out there that allows you to buy an 4 unit asset for 0% down. The main downside is one of the units needs to be your primary residence, however, the other 3 units should easily pay your mortgage PLUS put cash in your pocket each money. There's also VA products that will fund the rehab of a project as well, but only certain banks offer it, so make sure to ask around.

Good luck!