Stuff will happen
With rental properties, things can go wrong. Sometimes in clusters.
"My horror stories came within the first year," recalls Moon, of VA Loan Captain. One tenant moved in, paid rent for a couple of months, then just stopped. That same year, roofing repairs cost Moon $10,000.
"If you've never been a landlord, it will be quite the experience," he says.
Prepare for problems by banking money -- as much as you can. If a tenant moves out, the home needs repairs, or you get transferred and want to hire a management company, you're covered.
One of the attractive features of a VA loan is that you're not required to make a down payment. So, if you're planning on being a landlord, "keep that money in your reserves," Moon advises.