Military man interested in REI
Hi, I always dreamed about getting into real estate investing and my chance has arrived. I am on active duty in the military and I plan to invest in rental properties in my hometown in Virginia. My dad is into the HVAC and plumbing business and this helps me tap a huge support base of potential clients. The problem is I move a lot. I am moving to the Tacoma area next summer and I am thinking about buying a flip to begin with. I can look for a good property and live there for 6 months, spruce things up and sell for a profit to start getting cash flow and transition into investing in my hometown. I still have 5 years to retirement and I would love to manage and invest in properties when I leave the service. Thanks. by burns630 from Norfolk, Virginia. Dec 9th 2021
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Investment loans and owner occupied loans come with different terms, rates, and down payment sizes due to well documented risk factors, including first time investors who tend to make a lot of mistakes the first few deals. When buying an owner occupied home with a smaller down payment and lower rates, understand you are also signing a document that states you fully intend on living in the home for at least one year. This includes a VA loan, which is an owner occupied home loan only. If that is not your intent, the correct loan is a bigger down payment higher interest investment property loan. Talk to a local mortgage broker for more information. I lend for properties in MN WI IA ND SD. Find me at VAMortgageMN.com - Cambria Mortgage, NMLS 274132
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