First Investment, House Hack, VA Loan, Fortwalton, Destin FL

[Clinton Levi Lindley]

Hello BP!

For my first investment I am searching for a "house hack" on the Emerald Coast of Florida. I was recently pre-approved for a VA loan in the amount of $424,000. I do not want to spend the whole amount. When I return from deployment I will be working in Illinois for at least two weeks out of each month (I will be returning to the states within the next 3 months). The exact dates I work in Illinois will be up to me. Rehab projects, at this point, are out of the question due to my financing. The decisions I feel I have at this point is 1. House hack a multi family property (ones that do not need work have been to come by) OR 2. House hack a small condo on or close to the beach as a vacation rental while I work in Illinois.

So! I am just looking for any and all input from those with more experience than myself. Thank you in advance!

[Brandon Graves]

@Clinton Levi Lindley, I purchased a 3/2 in West Destin, just as @Zach Westerfield mentioned back in 2015. I rented out 2 of the bedrooms to my buddies from 7Grp and it worked out nicely. Now the home is rented full-time to another veteran. I'd recommend the same: find something in that 175-260 range, claim your room, fully vet and screen your tenants/roommates and put the arrangement in writing. Be clear to annotate all expectations in every single regard you can imagine. Things can start great but with unclear expectations, things can go south quick as well. Feel free to reach out and let me know if you have any other questions!