All Forum Posts by: Aaron Hale

If you are authorized to live off-post, you should be receiving BAH. however, BAH is not as important as the authorization to live off-post itself. In order to qualify for the VA loan, you must be a primary resident of the dwelling. As an E2 you may have to request for special permission from your CO.

...and definitely do NOT get married just to earn the BAH! Those kinds of arrangements COST you so much more in the long run than any benefits you may make. Besides, your mother killing you would negate any of your REI efforts.

Aaron

AaronCHale.com 

@Ronald BredemeierThank you for your service, brother. I wish I had only realized the powerful tools there were available to me as a service member earlier in my career.

First, don't discount HI immediately Yes, it is a tough market, but you have some advantages including this forum. Military members can utilize the VA loan which is as little as 0% down and something around 3.6% interest. Plus, you can put your BAH to the monthly mortgage instead of tossing it away in rent.

However, you are right in one aspect. You don't want to bight off more than you can handle. ...but, instead of going smaller, maybe you should consider going bigger. Anything up to 4-units still qualifies for a traditional mortgage including a VA loan. House hack a quad by living in one unit, rent out the other three, and let your tenants pay off your mortgage. It is without a doubt the easiest way to get into a market like Hawaii's.

VA loan + BAH + house hack = a pretty sure footing for the remaining time you have on station. during that time you can find a solid property manager to take care of things once you get reassigned back to CONUS.

You can also try right here by going t;

Menu>Network>Events to find meet-up in your area.

Good luck! 

I’m also very interested in MHP investing. However, I’ve heard there are some legal restrictions passed since the 70’s which have made new MHP development difficult. Since you are not improving the land, there is no tax benefit for the municipality, county, or state.

There are few podcasts that feature successful MHP investors. I believe it is in this episode which they mention that the US is actually losing parks by 1% per year due to attrition. 

https://www.biggerpockets.com/blog/bp-podcast-208buying-41-units-deal-mobile-home-park-investing-jack-baczek/

In most cases it is recommended to at least get your start by purchasing an existing park in disrepair and turning it around.

I’m going to follow this thread and would love to learn what you find out. I’d also be interested to learn of any partnership opportunities.   

I’d recommend contacting the university’s foreign student assistance office with your question. They may have specific restrictions or even a list of approved housing for foreign students. They may also be able to put you in contact with other landlords that may have advice specific to your area. 

Hey, @Efrain Hernandez. It’s great you have the flexibility and are open to invest anywhere you can find the right deal.

Though many on BP could tell you that any city inside or even outside the US is a great market, it’s probably because they know their terrain or have a great team set up to cover that terrain. They know their niche market and, thus, know how to find the great deals. Here’s what I would recommend, but this is just my two cents:

1. Look where you live. 

2. Look where you have lived.

3. Look where you haven’t lived but have spent ample time and know pretty well.

4. Look somewhere you would possibly like to live and wouldn’t mind getting to know better.

Then, it’s a matter of developing the right relationships in that area. I live in the FL panhandle but grew up in Akron, OH. I have family and friends there. Some of my high school buddies are now contractors and real estate agents. though, I am completely blind, I trust my network there and can still picture the streets and neighborhoods I am buying in.

I know this wasn’t an answer to your question, but I hope it helps some. Best of luck! 

Congratulations on taking the first steps and welcome to the tribe! 

Welcome, Mike! Congratulations on your first steps on your path to freedom. Everything you said was right on point. Find a good team to help you build your REI empire. Study all you can here, read the forums, listen to the podcasts, and read the books.

The equity in your home will be a great tool to get you started with your first investment purchase, if you choose to tap into it. First, start narrowing down how you want to invest your way to wealth... fix n' flip,buy and hold, BRRRR, etc.

 Best of luck!

Welcome, Anthony! It sounds like you have a good start. Stay hungry! See you around the forums. 

This is helpful. Thank yo.I have spoken to a few lenders in the area where this property is and asked about loan ppproducts they may offer that do just what the Fannie Mae DFE does prior to learning of the DFE. All have said that they do not have such a product. Is it rare that a lender would provide a DFE cash-out mortgage or are they just unaware of this exemption?