New to Real Estate Investing and pumped

[Kevin Bryce]

Hi there,

I have spent the last month and a half reading a lot of books and blogs trying to absorb as much as I can before I enter the world of real estate.  I already love it.  I haven't had a single discussion with a realtor.  I have never talked to a lender.  But I am already so interested how real estate can change the way people live.

So I'd like to introduce myself as I am sure over the next...who knows how long, I will be asking a lot of questions. My name is Kevin. I live in Norfolk VA and currently serve as an Officer in the Navy. I have a Bachelor's degree from the University of Florida. I am a below average surfer and a Taylor Swift fan.

So now for real estate. I have very little experience, but I do have a plan. And I'd love to know what you guys think. So, here it is, I am currently out to sea, have been for the past 5 months. But we are expected to return soon. I am currently renting an apartment, and have never owned a home. We actually signed the lease a few weeks before I became interested in real estate investing, which is unfortunate. But when we return I will begin searching for my first purchase, probably using the VA loan.

Will I break the lease on my rental to move into my first investment property?  Maybe...Assuming that I find the right deal I will have to discuss with my landlord and figure out if paying penalties will hurt negate the future cash flow from rent.  My plan is to purchase small multi-family, in a middle income area of my town.  I would like as many units as possible (4), but might only have enough funds to purchase a middle-income style duplex.  I would then live out of one unit and rent the other until we move, and then rent both.  Once we move (most likely in a year) I should have enough saved for a down payment and another multi-family property in a new area. 

While I am looking for the first house I am thinking about trying my hand at wholesaling.  It does sounds a little too good to be true to be honest though, which makes me a bit nervous.  My caution resides with the fact that there are so many doing the same thing with almost nothing to set them apart.

I plan on saving everything made on wholesaling and through positive cash flow to use as down payment for more multi-family properties.  I am not sure how this plan will change or how quickly I will need to add more to it, but this is what I've got for now.

Please let me know what you think, I've spent a little while thinking of the best way to get where I want to be while managing what is essentially a full time job.  I would love to get some feedback!

Thanks and nice to meet you!

Kevin