This post was originally published on August 8, 2018.  I updated, lengthened, and added a table of contents to it.

Investing in rental property with VA Loan is a tricky subject.  There are many rules that dictate how a VA should be used.  Investing with a VA loan, even in multi-family, is possible.  I will show you how to do it so you can get rental income.

The VA doesn’t say you can use the VA loan for investing, but if you understand the rules, and buy properties as you move from assignment to assignment in the military, it is possible.

You can’t just buy a home and make it a rental property without living in it first.  There is an occupancy rule I’ll be discussing.

You can, however, buy a house at your current assignment using your VA benefit, live in it for a short period of time, turn it into a rental property when you leave, and buy a house at your next assignment with a VA loan repeating the entire process.

Another possibility for investing with a VA loan is buying a 2, 3, or 4-plex using your VA benefit and living in one of the units  for a short period of time.  When you move on to your next assignment, you’ll be able to turn the entire property into an rental property legally.

Let’s start digging into the details!

The first thing we need to understand is the occupancy rule.

Occupancy Rule

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It is possible to retire a military millionaire?

It is.

I did it before retirement.

No rich parents, no help, wife didn’t work.

Can the average military member go from being in debt to military millionaire?

We all see websites and books from people who were deep in debt and somehow quickly made millions.

Maybe we should read their books or infomercials and try their methods…

A lot of that stuff is shady.

These gurus get rich off people looking for shortcuts.  Most that try the guru route fail miserably.

It often involves going into lots of debt or paying a lot upfront for a product or a course.

It also requires no common sense

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This week I did a guest post on one of the most popular military financial independence websites.  This website was started by Doug Nordman.  He retired from the Navy in 2002 and hasn’t worked since.  He currently lives in Hawaii and surfs often when he’s not traveling the world.

Not a bad life.

What he did is what I’m writing about.  Working 20 years (or less), and then retiring, never needing to work again!

Here we go…

BLUF: In college I paid off $32k in student loans in a year. On a military salary I paid off a $280k mortgage in seven years. I’ve bought several rental properties with cash. I did this through paying off debt, having a high savings rate, and investing well.

My name is Rich. I’m an Air Force Lt Col of 16 years. I’m married with 2 young kids.

Here is my message:

Don’t work until you’re 65. Not even 55. You can save enough money to retire in 20 years or less. I mean after 20 years of work, NEVER WORK AGAIN (unless you want to). This method doesn’t depend on a military retirement, that’s just a bonus!

I currently make enough money from my investments to live on. I could quit working today, but I’m less than four years from a generous military retirement.

Continue reading…

I love all things money.  My kids often see me reading finance books and browsing real estate blogs.  They hear me talking about money with my wife.  They watch us negotiate deals to buy houses with cash, and they overhear our discussions on retiring early.

I explain what I’m doing with money in simple terms to my kids, but I can’t be sure it’s sinking in.  They are 10 and 6.  It is my job to prepare them to navigate money and life.  I wonder how I’m doing.

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First, a little about me and my website:

• I paid off $32,000 in student loans in a year.
• Paid off our $280k mortgage in 6 years.
• Flipped several houses in Washington D.C. to help me build income for real estate investing.
• Purchased twenty rental properties with cash.

My website is all about helping others to get out of debt and create passive income from real estate.

But you can not mess with real estate until your finances are straight.  You gotta go get Jim’s book! (or at least read his website)

“Spend less than you earn–invest the surplus–avoid debt”

The central theme of Jim’s website and book.

It’s hard to believe the Path to Wealth can be this simple.

But in his book, you’ll see it is.

I got to admit. I love this book! My review is going to sound a little over the top, but it’s a damn good book!

I’ve been big into finance and real estate books my whole life. I’ve read them all.

Ok, way more than this!

About a year ago, I stumbled across financial independence and early retirement websites and it opened up an entire new world to me!

I began seeking out all the top blogs in this field, and one that kept coming up was jlcollins.com.

To put it bluntly, his Stock Series was the most comprehensive explanation of investments I have ever read. There is so much noise and confusion out there in the finance world, and he slices right through it and tells you what’s really important.

He makes it easy to understand the complex world of money. His approach to investment is so simple, it’s alarming!

I followed his blog closely and eagerly awaited new posts.

When he sent out an email explaining he was writing a book and soliciting help from his readers for proofreading, I jumped at the chance!!

The only reason I volunteered was because I wanted to read the book ASAP!!!

As luck would have it, I was selected to be a proofreader, and had the opportunity to read the book before publication. (Actually, I’ve read it about 20 times. Occupational hazard!)

The book is exactly what I was hoping it would be.

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