Newbie to REI

General Real Estate Investing
1

Hello everyone. I am a newbie in real estate investment and I haven’t get my hand dirty yet, but I am currently reading some books to get more knowledge before I actually get started.

Please I will appreciate any advice from the pros on what’s the best property to start from. My little background: I just got out of the military four months ago, and getting a job has been very difficult and I am just tired of looking. So right now I don’t have a job, but I have the drive to start a real estate investment, but don’t know how and where to start.

My question is this, do I need a loan from the bank ( I have a VA loan, but I am not planning to use it right now). Do I need a prefer credit score and do I need a job to start?. I welcome all advice, because I do need them right now. I am currently looking for a mentor or a coach.

2

Thank you for your service.
You’re going to need a source of income to do most things REI related. Unless you have a bunch of cash saved up, you’ll need a bank loan if you want to buy rental properties or something to rehab and resell. Trying to birddog properties for investors would be an option to do something without spending your own money except for gas. Other than something like that, you’re probably going to need to take care of yourself first and get a job before you can do much else REI related.
Your VA loan will help you get into a house of your own with no down payment but you’ll still have to qualify for the amount. In addition, you’ll have to occupy the house for a year after closing since you’ll sign a document that says you’ll live there for that long as part of the VA loan.