Advice to newly discharged Military member with $15k savings

[David Lowrimore]

Hi, I'm David, 25 years old and I'm scheduled to get out of the Military in about a month moving to Bend, OR (very expensive, few STR licenses)

I have $15,000 In savings and would like some advice for a first time home buyer starting out with investing. 

I have a very long way to go in terms of learning but I have listened to the podcast for a couple years and just finished reading Rich Dad as well as ‘No and Low Money Down' and have some ideas such as: VA loan a house, use the $15k to add a bathroom and unit downstairs to rent out for a house hack. After a year move out and rent out main area. Rinse and repeat for a couple years for a yield of 2 units a year. Only problem is I'll be newly married and my wife won't want to move more than a couple times and absolutely no room mates in the same direct area.

Or I could use my savings to find the right deal to live in flip and house hack for 2 years to hopefully multiply the month put in?

I would really appreciate any advice on how you more experienced investors would go about managing $15,000 as a first time home buyer. I know there are similar posts but nothing on how someone could best utilize a VA loan option.

Thanks,

David

[Kody Thompson]

David,

Since you were in the Military you have access to VA loans which will cover 100% of the mortgage. If you can find a House hacking situation where you can live in the basement and rent out the top that will cover 100% of your mortgage that would be the ideal situation.

I would also look at getting steady employment before doing so though as you will want cash coming in for not only your living expenses but also if any repairs are needed on the loan. In addition putting 5% down on a home with a VA loan waives a pretty big fee there.

Hope that helps!