Talking point: young military investor looking to house hack

[Murray Nicol]

I'm getting stationed in norfolk Virginia soon and desperately want to get involved in real estate there. I want to invest in a duplex and sublet (hopefully using that term right) to people I am around, other military peers I will get to. Want to know if investing in a turnkey is the best path or rehabbing. I am low on funds but likely have access to the va loan (I say likely because of my short credit history-although the score is decent), but I am interested in going in on it with 2 of my friends outside the state of virginia, forming a 3 way partnership. Also wondering if cosigning with my prospective partners on a VA loan is a good play or even if it is possible.

To sum up questions:

-is turnkey the way in my position, or is rehabbing superior?

-is a partnership with 2 of my friends a good option, assuming we write it all up legally and get a contract notarized and all, or should I go in it alone and house hack my first house all by myself (I like this idea too)?

The community's thoughts and opinions are all I ask for. Anything, anything at all is greatly appreciated.

[Doug Spence]

@Murray Nicol I'm also active duty Navy and I invest in real estate on the side. Here are my two cents.

If i were you, I would buy a 2-4 unit in the Norfolk area using your VA loan and rent out the other units (not sublet). You would be doing this by yourself, not with a partnership. You can use your VA loan with another servicemember to purchase up to a 6-unit property, but based on your limited real estate knowledge right now, I would not recommend that.

Just start with a basic 2-4 unit property, rent out the other units, and start looking for your next deal. Maybe a partnership will make sense for your second property, but thats a whole other discussion. 

Your next steps would be connecting with a lender and an agent to start finding the right property for you. 

Good luck and keep us updated on your journey.