Active duty Newbie getting out this year! SD

[Donald E Appleberry]

Hey Everyone!

Although I'm new to the website, I've been following bigger pockets podcasts for over a year now.

I currently rent in Oceanside, CA; but I'm about to purchase my first home. I've always been interested in RE and I want my first deal to be a foundation and strategy for future deals.

The plan is to use a hard money lender, one in SD I came across, and purchase a discounted property. (Foreclosure/light fixer.) Then, refinance with the VA loan after it's been repaired and dressed up.

I've found a pretty great deal I believe. I'm negotiating the price now, but they are asking mid 300xxx. (I'm trying to get 250xxx but will work with them obviously.) Regardless the numbers look good. Ocean view, HUGE yard, and has a potential mother in law quarters or even a possible duplex capability.

My issues. I have money saved, but not enough to cover the down payment entirely. My credit is sitting at 740 after years of rebuilding when I decided I was going to become a RE investor, but due to my transitioning out of the Marine Corps, it looks doubtful I can get a traditional lender to back this.

I will have my RE license next month and am set up to be working with KW in Carmel Valley. I did a 1 month training course called "ignite" to help me understand the business and get some hands on myself.

Planning for the worst, let's assume I don't have a solid income stream yet. I have a job lined up for the police academy and also have a Board and Housing allowance from the DOD while attending school. I'm a Recon Marine and have attained a lot of lifelong injuries (and cool pictures) over my career. So I may have additional income due to those.

Last thing I promise! With all this layed out, I was hoping to get some input or advice from investors in the area or get some points of contact for groups or people that could help me resolve these few issues.

Thanks for sticking around for this long post! Any help or advice would be greatly appreciated!