Real Estate Agent · Hudson Valley, NY · Member since 2012 · 63 posts · 14 votes
Hi all!
I'm just starting to learn about real estate investing. I recently completed an MBA and have spent the last few years learning about stock market investing, but I want to invest in real estate in order to live more on my own terms. The end goal for me is freedom. This is a goal I'll eventually develop. I was very fortunate to do A LOT of traveling in my twenties thanks to the military and side hustles, and I want my future to be full of the same lifestyle, but I want to be more financially stable while doing so.
That being said, I understand the challenging road that lies ahead. I am a US veteran and hope to use a no money down VA loan or an FHA loan to house hack for a while. Once I have enough equity, I'll look to refinance and acquire another property. That's the idea in my head anyway. I don't know much about REI yet, so as time goes on, I'm sure the strategy will change.
For now, I'm just hoping to learn as much as possible, build a good network of people (online and in person), and add value in every way I can.
Lender · Carlsbad, CA · Member since 2016 · 90 posts · 56 votes
8y
@Chris Mooney I can teach you everything you need to know about VA, FHA and conventional loans - just let me know. DTI,LTV, guidelines, occupancy, etc...
VA is better than conventional in most cases;
Conventional is better than FHA in most cases;
But each situation needs to be planned based on preferred outcome.
Let me know how I can help.
Daniel Lehman
USMC Veteran
Lender · Carlsbad, CA · Member since 2016 · 90 posts · 56 votes
8y
@Chris Mooney I can teach you everything you need to know about VA, FHA and conventional loans - just let me know. DTI,LTV, guidelines, occupancy, etc...
VA is better than conventional in most cases;
Conventional is better than FHA in most cases;
But each situation needs to be planned based on preferred outcome.
Let me know how I can help.
Daniel Lehman
USMC Veteran
Real Estate Agent · Hudson Valley, NY · Member since 2012 · 63 posts · 14 votes
8y
@Daniel Lehman I appreciate your comments and offer for advice. Thanks! I'm just getting started in my learning process. I don't yet have any questions about these loans, mostly because I haven't done much research yet, but if something comes up, I'll definitely reach out!
Have anything you'd wish you'd known about REI using a VA loan that you know now?
Rental Property Investor · Tampa, FL · Member since 2015 · 140 posts · 45 votes
8y
@Chris Mooney, the house hacking idea is fantastic and I recommend that to anyone; especially with the VA loan!!! That being said, thank you for your service and hopefully you find some great help here on! My partners and I are always looking to help military and their families so please let me know what we can do to help you out. REI is the best route to take in my opinion and I love it! Best of luck!!!
Lender · Carlsbad, CA · Member since 2016 · 90 posts · 56 votes
8y
@Chris Mooney - What I meant by "having questions" isn't that you should figure out what you can and then have questions - it's that you have an UNLIMITED amount of questions BECAUSE you don't know anything yet. You need to know the basics. How Loans work. Credit, Income, Assets. Loan to Value, Debt to Income. Guidelines and maximums. How income is calculated, and how payments work. Insurance, taxes, HOA, mello roos. There is a ton. But that's where you start.
Real Estate Agent · Hudson Valley, NY · Member since 2012 · 63 posts · 14 votes
8y
@Adam L. thanks for the comment too! I look forward to this journey of learning, and eventually earning. Looks like you're having some success, congrats on that!
Lender · Carlsbad, CA · Member since 2016 · 90 posts · 56 votes
8y
@Chris Mooney I wrote a book called "the VA Home Loan Field Manual. I'm not an author, but I think it's well written and the information is good. Just google it or check it out on Amazon if you want...