All Forum Posts by: Tanner Sherman

With interest rates being as low as they are it would be far more advantageous to to a HELOC and get some more cashflow rolling rather than pay it off and lose out on the tax benefits and leverage. Depending on the value of the property you could even get a few properties rolling from pulling that equity.

Thanks in advance for clicking this far, as I greatly appreciate your insight no matter your skill level or experience. 
Here's my story:

My wife and I have 6 kids with one more expected in September. I am Active Army but I bartend and plow snow on the side and she is a hustler jack of many many trades, doing whatever she can to make money to include bartending at many different places at a time, insurance sales, and even recently medical coding. We are not 1 job the rest of our lives type people which is why real estate piqued our interest. We currently live in Minnesota where we unfortunately rent, but are scheduled to move to Nebraska in the next few months where we have been preapproved to buy our first house. We have since been hooked on biggerpockets and now are looking to invest in real estate. We understand that househacking is the best foot-in-the-door to the industry, but we have a lot of trouble finding a duplex with 5 br 3 bath on one side for under our preapproved $350k. We agree that we do not want to invest in the inner cities which is within our budget of between zero and still paying off debt, because we don't want to become slumlords and believe that we can better society by fixing up sad properties and making something beautiful out of them. I know that I can take out a second VA loan but I am very uneducated to the process of doing this. I have a coworker who bankrupted from real estate investing and he bashes the entire idea of the VA loan "because of the fees involved it is unreasonable for a service member who moves all the time".

I am simply looking to connect with other investors, veterans, big families and anyone willing to provide guidance as I am a sponge trying to absorb any and every piece of knowledge I can before we make our first investment. (And yes Brandon I know I can't read every book and even if I could I wouldn't learn as much as by actually doing it). We would love to work with our hands and fix it up ourselves, work with partners, learn how to utilize hard money and BRRRRs, but at this time we just want to make a safe smart decision to dip our feet in. 

Do we buy ourselves a $250k-$350k primary residence and try to get another loan to invest at the cost of a high interest secondary residence? 

Thanks again!