I just wanted to see how could I start and if I could use my VA loan to help me out? I want to eventually be able to quit working and just be financially free. I understand that takes time but why not start now?
Real Estate is pretty simple, but not specifically easy.
This is what you do:
– Use VA loan to buy a multi-family property (ideally 3-4 units).
– Live in one unit and rent out the rest, this should make your portion of the mortgage payment very small if not zero.
– Fix up units to increase rent and force appreciation on the property.
– Once the property is fully fixed up and fully rented (except for your unit) you refinance the property and take money out. Ideally this will lay you back for what you invested and give you money for a down payment on another property.
– Continue doing this until your cash flow is more than your expenses or you can no longer stand living in a multi-family property.
– Profit!
1 Comment
Real Estate is pretty simple, but not specifically easy.
This is what you do:
– Use VA loan to buy a multi-family property (ideally 3-4 units).
– Live in one unit and rent out the rest, this should make your portion of the mortgage payment very small if not zero.
– Fix up units to increase rent and force appreciation on the property.
– Once the property is fully fixed up and fully rented (except for your unit) you refinance the property and take money out. Ideally this will lay you back for what you invested and give you money for a down payment on another property.
– Continue doing this until your cash flow is more than your expenses or you can no longer stand living in a multi-family property.
– Profit!