Getting Started, DMV and Gulf Shores

[Frank Hotard]

Hi BP crew, I am a new Pro member in the DMV area. For getting started, I'd like some expertise on my strategies.
For context, I have a 665 credit score and a 70% DTI. I'm active duty military and am building a second source of income to fuel my real estate investments.

1) Residential Development: I have a deal under contract to own a lot of land in the Gulf Shores area that I want to build two residential properties for a long-term rental. Already have a builder. Will I be laughed out of the office if I pursue traditional lending for new construction, and is private lending going to work with a brand-new investor in my position?

2) My renting lease is up in March and I PCS July 2024. I want to quickly buy a rental property to occupy April-June and then buy another at my new duty location. Is this feasible? Less-optimal but still the plan is to extend my lease until June, then buy a house-hack at next duty location.

Advice appreciated. Love this community so far, open to networking here and in real life.

P.S. I already have a real estate business formed in Wyoming remotely in preparation.

[Christopher Jason Lloyd]

Hey Frank! I specialize in househacking down in Norfolk, Portsmouth, VA Beach, Hampton, Newport News, Chesapeake and Suffolk markets. Happy to chat and see if we can make something work for you!