Open For Ideas and New Perspectives.

[Antonio Feagin]

Hey, I'm getting ready to transition out of the military in the next 2 to 3 months and I have 20k in savings and I want to procure a mulity family unit in Georgia. How might I go about this?

[Andrew Postell]

@Antonio Feagin if you are going to be honorably discharged then use that VA loan my friend. 0% down, no "PMI", and the best rate around. They may not take very good care of us medically sometimes but they certainly make it easy for us to be in debt! Seriously though, VA loan has served me very well with my personal homes and my investment career. Thanks!

[Antonio Feagin]

@Andrew Postell thank you so much for the insight. Would I still be able to get the loan even though I will no longer have a steady income?

[Michael Higgins]

Hello Antonio,

The best thing for you to do, as a military veteran, is to try and take advantage of the VA loan program. With this loan you can buy a multifamily, under 4 units for possibly no money down as long as you occupy one unit.

As for finding a deal that is whole topic onto itself. The easiest way is do it find an investor friendly real estate agent. Go up to the top bar on this website and click on the "Network" tab. Click on real estate agents and then search your area. You are going to want to contact a couple of them. Select the one the has the most investment experience and connections (Ideally, they should be actively investing). 


If you have any more question feel free to message me.

[Andrew Postell]

@Antonio Feagin oh!  So forgive me for assuming here.  You would need reasonable credit, assets, and income to qualify for a mortgage.  So yes, get a job please!  Lots of places need good workers right now.  It might take a few weeks but you should be able to find work pretty fast (depending on what part of the country you will be in).  I don't know if your job field in the military has civilian applications but try those if that is possible.  Hope all of that makes sense.

[Antonio Feagin]

@Andrew Postell I definitely have a better understanding of what exactly needs to happen first before I can start looking for tenants.

[Antonio Feagin]

@Michael Higgins thank you for the insight, I still have to piece together a few things but once I get that sorted out I surely with reach out if I encounter any issues.

[Doug Spence]

@Antonio Feagin I'll echo what others above me have said. I would focus on getting a job before you spend your life savings to get a multi family property. I would also focus on building your knowledge base for whatever asset class you want to pursue (reading books, articles, podcasts, etc - no guru courses!). Next I would work on networking - start connecting with people that have already been successful at what you want to do and pick their brains. Make sure you also able to provide value to them, otherwise you're just wasting their time. If you want to do multifamily, you will almost certainly have to team up with other people.

In order to make a deal happen, you need to offer at least one of three things: 

1. The Deal (finding the right property)

2. The Money (funding the deal, or using your network to find people to fund the deal)

3. The Hustle (boots on the ground, managing the rehab, etc)

Best of luck and keep us updated on your progress!

[Joshua McMillion]

@Antonio Feagin

Great advice is already given. Since you have 3 months or so left, is it possible to do the skills bridge program, or are you already on terminal leave? I first would identify the market you want to live/invest in. Once you have that submarket determined, start building a team. In my opinion, the agent is the critical piece. If you find a #ROCKSTAR agent, they usually will come with great references (lender, general contractor, PM, handyman, RE attorney). Once that is in place, use the acronym Brandon Turner created, which is LAPS. 

If you want a small residential multi-family, you need to house hack with a VA Loan

Don't hesitate to reach out! 

Sincerely,