Home day care in investment home

[Shaka Farrier]

Good afternoon BP,

I am currently a Navy Reservist preparing to go on a 10 month deployment early 2014. Long story short, I will not have many bills while on deployment which gives me plenty opportunity to save and purchase an investment home upon my return.

I wanted to see what you all thought about me possibly purchasing a property here in Hampton Roads Virginia below market value using either FHA or my VA loan. I was thinking that I could use saved cash to make minor repairs (paint, siding, roofing).

Heres the twist...I have also spoken to a general contractor about possibly extending the house so that I could get zoned for a small at-home daycare for up to about 5 - 6 children that my girlfriend would be able to run. He quoted me a rough estimate of 15k - 25k.

I figured that the extension would possibly build some equity and raise the property value while bringing in enough cash monthly to cover the mortgage without me having to really come out of pocket from the paycheck I already make at the shipyard. I didn't want to make this post too long please fell free to ask any questions. I could use your help BP. Thanks in advance.