All Forum Posts by: Walter Key

Right on. Best of luck to you in your future investing successes!

Debt is not a dirty word. Use it wisely and it will make you rich. Use it unwisely and it will make you poor. That's it.

Welcome!

Welcome! I've got a rental in VA as well. Although, it's out in a little town called Ivor.

For the record, FHA won't give you a mortgage for $750,000. I was simple using that as an example of what your $30,000 could potentially do for you. The 2016 FHA lending limit for Ohio varies by county and unit number but a 4-plex in Ohio is typically limited to $521,000. A 3-plex is in the $400K's, etc etc. You get the idea.

http://www.fha.com/lending_limits_state?state=OHIO

It's never a good idea to be house poor. Don't buy what you can't afford. Have you considered house hacking? Use your money as a down payment on a 2-4 unit property that you intend to live in. Get a FHA loan for 3.5% down. With $30,000 to work with, you could potentially buy something in the $750,000 range if need be. Live in one unit, rent out the other 3. The cash flow from the 3 units should cover all your mortgage expenses and put money in your pocket each month. Just food for thought.

It is NOT true. A military tenant may have some protections that will allow them to break a lease if deployed early. This should be written into the lease as a military clause. If a military tenant is violating the lease agreement, you have the same rights as a landlord as you would any other tenant.

Further more, if your tenant INTENDS to join the military...he is NOT military yet. Again, if he's violating the lease and your state landlord laws allow for eviction based on the violations thus far, by all means evict.

DISCLAIMER; I'm not a real estate attorney and I have no experience with New York rental law. I am however a Senior Enlisted Leader with 16.5 years of active duty service.

Great point @Suzanne Griffiths!

Check out www.morningstar.com/ and do some research on the various options that are out there and how they perform. Look for something with consistency, not just an awesome 1-5 year run. A fund that has averaged 8% over the last 10 years is a far better choice for your goals than a fund that has averaged 18% over the last 3 years but looks like a roller coaster on the 10 year chart. 

Hope that helps. I'm hesitant to offer any more direct advice on this without talking to you directly and getting a better feel for your risk tolerance, overall interests, etc.

DISCLAIMER: I am NOT an investment broker or licensed financial planner. I am a Financial Specialist with the U.S. Navy. I give budgeting and financial counseling to Sailors and have about 10 years experience.

@Steven Schuster, Are you single? I only ask because that may make a big difference in whether you take the GREAT advice that Laci just gave you (I'd do EXACTLY the same if I could rewind 15 years) or if you go with a single family because maybe the wife and/or kiddo dynamic doesn't fit as well with a multi-family. IF you're single or if your family dynamic supports it, definitely buy a 2-4 unit property and house hack for a while. It's a force multiplier for building capital reserves to really get started on the right foot.