Analysis on first investment and advice on second investment

[Adam Blandford]

I am a 24 year old Marine Veteran that separated active duty service in July 2021. I bought my first house in September 2021, a 3 bed 1.5 bath 1200 sq ft with a detached garage. Purchase price 355k on a 5% fha loan. I have been living with 1 roommate a good friend of mine and using the extra room as a office which was nice for getting adjusted to school. I have another person moving in a week from now. I will pay for some utilities but the mortgage + $150 is covered by their rent. 

Refinanced, the place could cash flow in the 1,000 a month range. Short term rental, the estimated max yearly revenue on the airbnb calculator is $56,289. The yearly cash flow from the STR could be nearly double the yearly cash flow from LTR.

My goal is to repeat the same model. Find a place that I can get on a 5% down fha, house hack for a year and repeat. The first investment, my father was the guarantor, as I did not have a stream of income. 

Does anyone have any recommendations or experience, specifically road blocks that will restrict me from closing the second deal. BTW I have looked into cash out refinance and could utilize that if I renovated the two bathrooms. 

[Doug Spence]

@Adam Blandford Dude! Use your VA loan. House hacking with the VA loan is the single best way for military folks and veterans to build wealth using real estate. My wife and I purchased a residence in San Diego last August using our VA loan and we rent out the bottom floor for $1950/month.

Happy to chat more about it if you want. Good luck and keep us updated!