Military New starting in NC

[Matt Middleton]

Hello, my name is Matthew Middleton, I am married with two daughters (6, 5). I'm currently serving active duty in the Army, 9 years so far, I'm moving to Fayetteville NC in August/December. I am going to an Army school right now in AZ, and my family is staying with my parents about 3 hours away, driving down on weekends to see them. I am currently under contract for my personal home to be closed in August so my wife and daughters can move and start school there, rather not move them halfway through the year. I'm using a VA loan for my personal home, plan on living in it for a year and apply for another VA loan and move again every year that I am there. That is my first step in real estate investing that I am going with.

For my second step, I am going to try the BRRRR strategy. Using a hard money lender, then rehabbing with my own finances. I'm starting with 20k, and actively analyzing housing options in the area already. While listening to BP podcasts on my drives back and forth I've been trying to soak up all the knowledge I can. I have gotten a couple of books to read, one of them the BP BRRR book. Some of my questions, however, need to come from experience, like is a 7.5-12% hard money loan for 6 months a good way to start the BRRRR method? I've contacted a couple of people, my realtor, that I am using that I found off BP recommended contacting, just to start networking. One of them is a lender who specializes in delayed financing.

[Justin Tahilramani]

Matt - If you have good credit I would recommend checking out Lightstream for a personal loan. They will lend up to 100K and rates are pretty good for a non-collateralized loan. It will be far less expensive than paying points and high interest through a HML.

In order to utilize either strategy (HML or Personal Loan) you MUST know what your doing! You will find yourself in a bad spot if your numbers are off, or if you get in over your head by purchasing the wrong property.