Rental Properties: Where to start?

[Scottie D. Mullins]

Hi, I’m in the military, and I’m new to real estate. Looking to learn more about rental properties, and where and how to get started. I want to know about the different types of loans to use for rentals/investment properties, or any other types of funding. Any tips, and or recommendations would be awesome. I would prefer more than one unit but, one would be alright. Should I buy a move in ready property or fixer upper to flip into a rental, or build to rent? Also, looking to network and make connections in Jacksonville, FL. All advise is welcomed, and appreciated.

[Joshua McMillion]

@Scottie D. Mullins

I am unfamiliar with the Jacksonville, FL market, but I would be more than happy to step up a call and go over any questions you have. Because you are in the military, you can use the VA loan, which will allow you to purchase a one to four-unit residential property with little money down. If you plan to live in the market you want to invest in; you can also house hack. Meaning you rent out some of the rooms or apartments and essentially live for free while investing the delta. That strategy, in my opinion, is the best way to get into real estate. 

As for other strategies, you need to sit down and determine what your why is. Why are you investing in real estate, and where do you want to be in 5 years. Come up with some crystal clear criteria, and once you have your vision take action. There is no right way to get started. That depends on the market, the property, and your goals. 

RLTW,