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Updated almost 5 years ago,
What is my roadmap, discussion to getting started.
Hello,
BLUF: Buying first house, using VA loan, read books and continuing to do so on real estate investing. Looking to do buy & hold. Not sure what follow on steps after buying the house are.
Background:
I am paying 2k/month in rent for a apartment, I recently read rich dad poor dad, think and grow rich, The beginners guide to investing, the richest man in Babylon, and moving into The Millionaire Fastlane. These motivated me to quit doing what i was doing and conduct a lifestyle switch. Buying a home after 2 months of reading these books meant I have little capital for a downpayment which is why the VA loan was a blessing. I have found 11 houses I am interested in, 4/11 cashflowed. 2/4 have become contingent since i did the analysis. Im wondering how i go about moving forward after I purchase the initial house that I have to live in for a year.
After I buy my first house, I have to live there for a year before I can rent it, after that year?
1. Do I stay in my first house and buy another home after a year
2. Do I move every year to avoid investment property taxes? (The GF is not on board with moving every year...decorating)
Based on the houses I am looking at, I will save at least 1k/month on rent because my GF will be moving with me. Ill consider her a tenant to get the landlord experience. Thoughts on considering this 1k/month as "Cashflow" and use it to save for the downpayment of the next property?