Hi
1st i would like to introduce myself to the rei club forums, i am a newbie at all this everything you guys talk about is so foreign to me. I have bought 300$ worth of books to get me started, the thing that got me started was the robert kiyosaki books the rich dad poor dad stuff.
Im currently serving in the US army and have about another 2 more years left, i plan on using my VA loan to buy mt 1st house/property. It all seems to very overhwelming looking at those big numbers 150k,200k,500k etc… numbers scare me but im slowly getting over of the fear. My rank is pretty low so i try to save all the money i can.
I would like to ask for some advice or tips to look out for when buying your 1st house.
Buying your first is big step for most people, I would know. Because I was in real estate sales for many years. My husband and I brought our first home when we were 22 with a VA loan. With VA loan you do not need down payment. Make sure you buy cheap and the right location. You make your money when you buy it, not when you sell it. Air Force moves us 5 more time before he retired. We always brought and sold every station. We are able trade in bigger and bigger house Make sure you keep your credit clean. If you do, you do not need any money for your first home. But you still need the income to qualify. Good luck!!!!
Sounds like you are on the right track. Even with a non-down payment VA loan, it is a great idea to have as much in savings as possible. This will only strengthen your credit rating (as long as you are not racking up credit card debt etc) and act as a large security blanket in the even of a financial downturn.
As to buying your first home, first determine how long you will hold the house as your residence. If it is less than 3 years, then you need to determine if you will hold the house as a rental or sell it.
If you plan to convert your residence to a rental, you will need to buy a home that is in a good area and has rental demand. Make sure the rent and owner expenses will leave you at least $100 per month income.
If you plan to sell, just make sure that your home is not too unique to be a problem to sell and that it is in a desirable neighborhood.
Other than that, make sure the property will be a little less than what you can really afford and that it suits your personal needs and you will do just fine.
You’re off on the right track. And reading is fundamental.
Read at least 30 minutes a day. Not just REI books either. Read sales letters, success stories, and as much personal development as you can.
As with anything we attempt to do, it all starts with our mindset. So, keep doing what you’re doing. Start shaping your mind, and positioning yourself mentally as a successful real estate investor.
Then take action in conjunction with your thoughts.