I basically found my niche, I need advice the next steps to take

[Nicolaas W.]

hello fellow bp'ers

I am seeking advice on what steps I need to take next.

I have read the bigger pockets beginners guide, and from the two other books I have read I know I want to either invest in a SFR or a duplex as my first property, with intentions to be an owner occupier because I will be going to school while living there. Through being a veteran I can use the GI Bill or equivalent for housing expenses up to $1400 a month. My goal is to pay the mortgage and expenses with that money, that way, any income from the tenants is extra, I see this as a great way to get a solid 2-3 years of payments in, as well as building up a cushion for problems, and future investments, and If I am in between tenants I am not "loosing money" so much as lacking extra income.

I will be aiming for the Austin area or between Round Rock and Austin. I understand that is general but I am moving there in a month, I will be able to narrow that selection upon arrival. I am a veteran so I am lucky enough to be able to get a VA home loan, which is what I plan to finance the property with, seeing as how I can get a no money down loan.

what I am thinking I need to do next is,

get pre approved for a loan? doing this will tell me how much I am eligible for without any money down.

research the areas better, such as school district, travel time to businesses, travel time to UT at Austin (for graduate students) and Austin community college.

if I go with an SFR I think I will need to aim near UT or central Austin because my target market will be young professionals or graduate students to rent out rooms since I will be living in.

however if it is a duplex I can aim for both locations near businesses and in a school district, because I do not wish to invest in a duplex unless atleast one side is a 3/2 because it will be more attractive for a family. if the other side is a 2/1 I can rent out the other room that I will not be living in. I see this as a better source of income than the SFR live in, however I do not want to close out the SFR idea. actually now that I write this, maybe I should just focus on the duplex's and then when I build up more investment money for a down payment I can purchase a SFR and not live in at all, therefore more ROI(?) because I could rent to a whole family.

either way. advice / someone to steer me in the right direction would be great. I hope that you can see that I do have my eyes set in a direction I just need my blinders adjusted to help me hone in on goals, I like simply having a list of things to start knocking out, I find it more effective.

thanks guys, and gals!