*UPDATE: AS OF JANUARY 2020 THERE IS NO VA LOAN LIMIT FOR FIRST TIER VA LOANS - ADDITIONAL (2ND, 3RD, ETC) VA LOANS WILL STILL FOLLOW COUNTY LOAN LIMITS*
I proudly served 22 exciting years in the Air Force as a calibration technician and laboratory auditor. It provided some of the best experiences in my life. Still, halfway through my career, real estate became more attractive than my military education and training. I began to purchase homes as I moved through assignments and always enjoyed talking about real estate investments. While I loved my country and was proud of my military service, it was easy to see that I had a second agenda in real estate. The military and real estate investments have provided security for my family, and I hope this article will teach other veterans of the opportunities to provide additional security for their families.
Growing Wealth While Active Duty Through VA...
If you want to be a military real estate investor, you need to protect yourself. Most people never think about investing within an Limited Liability Company (LLC). Years ago, I definitely thought it was not necessary. In my imagination, it was an incredibly difficult process that was something that only big companies had to do. This is simply not true.
LLCs are a fairly new legal business entity created in Wyoming in 1977. The unique aspect of an LLC is that it provides a combination of liability protection and also acts as a “pass through entity” for tax purposes. It is the perfect entity for real estate investing.
LLCs have exploded in popularity since their beginning and are the new standard for Real Estate investing.
The three big reasons for owning a rental property within an LLC are: Tax Benefits, Privacy, and Liability Protection.
This is one of the biggest reasons why Real Estate Investing is such an incredible wealth builder.
The number one question is always, "where do you find the time?"
I have almost completely stopped listening to music in the car. I treat my commute every day as if it was a college course. Listening to the news or some other dramatic time-wasting content does not cut it anymore. I have become highly selective about how I spend that precious daily hour.
The funny thing is, I always thought that the only way for me to learn something is by taking notes. Something I realized about myself during flight school is that everyone can learn through repetition. For example, for a while it was difficult for me to understand all the details of owning a rental property within a Limited Liability Company (LLC). But after listening to several podcasts explaining why it is important, the concept and all of its supporting arguments began to sink in.
The following list of three podcasts are my "go-to" for real estate investing information.
Real Estate Investing in the United States is magic. Investors from other countries often disregard any additional resulting taxes and invest in our real estate market. It boggles their mind that our system is so profitable. If you or your parents were caught up in the 2008 crash, you are probably on edge about real estate and that is completely understandable. However, all it takes is arming yourself with knowledge of the system to be ready to capitalize on the next market crash instead of simply surviving or even drowning amidst all the hysteria.
There are FIVE specific aspects of real estate that show why it is a fantastic way to build wealth. Each aspect is reason enough to take the plunge, but when properly combined, the results cannot be overlooked.