From Trailer Living to Real Estate Success: A Veteran Family’s Journey

Megan Ahern first explored real estate while living in Southern California. The high cost of living made scaling difficult. At the same time, her husband Jeff was facing a medical separation from the Marine Corps due to a parachute accident that left him unable to stand for more than 15 minutes.

The career he had trained for was no longer an option. With a one-year-old and a minimal financial cushion, the pressure was real.They made a bold decision. The couple sold nearly everything in California and relocated to Lincoln, Nebraska. They purchased a used 30-foot travel trailer and parked it behind the properties they were renovating. Winters in Nebraska were harsh, but the reduced housing expenses gave them the breathing room they needed to start building.

Living on VA disability income, they stretched every dollar and relied on grit. Despite the freezing conditions and tight quarters, they stayed focused. In their first year, they flipped one house and acquired four rentals.

By the second winter, with a second child on the way, Megan knew it was time to find a permanent home. The fear never left entirely, but consistent action brought results.

Want to hear Megan’s full story in her own words? Watch the full interview below for real-world advice and motivation.

Real Estate Wins and Fails: Lessons That Built Their System

Megan’s first deals were a blend of success and costly mistakes. One remote flip in Albuquerque resulted in a $20,000 loss. On the other hand, a live-in flip in Oceanside, California, brought in $80,000. Both taught lessons that became the foundation of her process.

The Albuquerque property came from a direct mail campaign. A seller in California wanted to offload a partially demoed property in New Mexico. Megan put it under contract, attempted to wholesale it, and when that didn’t work, decided to flip it herself.

Hiring a contractor from Craigslist led to incomplete work and miscommunication. After driving out to the property, she discovered it was far from finished.

She addressed the issue in person, enlisted a local agent to oversee the contractor, and pushed the project to completion. Despite selling it at a loss, the experience set higher standards for future deals.

In contrast, the Oceanside project was a live-in flip bought through a VA loan. It was a short sale listed on the MLS. Megan and Jeff renovated it gradually while living there and renting out a spare room to a co-worker. The eventual profit became the seed money for their Nebraska expansion.

How to Use VA Loans to Build Real Estate Wealth

The VA loan played a central role in launching their investment journey. With zero down, low interest rates, and the ability to purchase multifamily properties (up to four units), VA loans offer veterans a powerful advantage.

Megan and Jeff used this loan product to house hack. Living in one unit of a duplex and renting out the other. This helped them reduce living costs and generate income.

"You have to intend to live there for one year."

Following this rule allowed them to legally and repeatedly use the VA loan to acquire properties. As their family grew, they moved out of each unit and converted it into a rental. Because VA loans require properties to meet safety and livability standards, they focused on clean, move-in-ready homes with immediate cash flow potential.

They learned to avoid combining VA loans with heavy rehab projects. Since VA cash-out refinancing typically caps at 90% LTV, they reserved this loan type for simpler deals and used private money or bank financing for more complex ones.

Why They Chose Lincoln, NE for Real Estate Investing

The move to Lincoln, Nebraska, was not random. Megan consulted military friends about their hometowns, safety, and local market dynamics. After reviewing dozens of cities and evaluating key metrics like population growth and job stability, a recommendation from a friend led her to Lincoln.

During her first visit, she submitted offers on three properties: a triplex, a quad, and a single-family home. Only the single-family home was accepted. In hindsight, that was a fortunate outcome. The other two were older homes poorly converted into multifamily units, which Megan now avoids.

"They're just weird. If I'm going to do it, I'm going to do it right."

That early experience shaped her investment standards: prioritize well-designed layouts, avoid poor conversions, and aim for long-term quality.

Creative Financing: VA Loans, Private Money, and Local Banks

Growing a real estate business required Megan to leverage multiple financing strategies.

VA Loans for Owner-Occupied Deals

Best for clean duplexes and live-in flips, VA loans provided favorable terms and required minimal upfront capital.

Private Lenders for Flips and BRRRRs

Her go-to private lender covered 100% of both the purchase and rehab costs, with deferred interest payments until sale or refinance. This structure helped maintain cash flow.

Megan’s method for building private lender relationships:

• Consistently share your deals and outcomes
• Ask: "Do you know anyone who might be interested in a deal like this?"
• Protect your lender's capital, no matter the deal's outcome

"He never has to lose money. That's the trust we build."

Small Local Banks for Long-Term Financing

Small banks played a critical role in their growth. Some funded 100% of purchase and rehab costs, provided total costs stayed under 80% ARV. They used spec appraisals, released draws during renovations, and evaluated character and track record more than tax returns.

"We were living in a trailer. National lenders wouldn't talk to us. But the local banks did."

Building a Sustainable Rental Portfolio

Megan and Jeff now hold approximately 35 rental units and flip around 20 homes annually. Initially focused on high-cash-flow student rentals, they soon realized the management burden outweighed the benefits.

Frequent turnover, multiple tenants and cosigners, and excessive hand-holding made student housing inefficient. They shifted toward more stable tenants in updated units.

By applying house flipping level finishes to rentals, like solid surface countertops and durable flooring, they attract reliable renters and minimize maintenance issues.

How Mid-Term Rentals Boosted Their Cash Flow

With rising interest rates and thinner margins on long-term rentals, Megan added mid-term rentals (MTRs) to her strategy.

What is a Mid-Term Rental?

Furnished units rented for 31+ days, often to:

• Travel nurses
• Interns or coaches
• Remote professionals

Lincoln, with its colleges and hospitals, offers steady demand. Megan lists MTRs on Airbnb (with 31-night minimums) and FurnishFinder.

Why It Works

• Bypasses short-term rental permit restrictions
• Earns more than traditional long-term leases
• Reduces vacancy and turnover

In some cases, she converts unfinished basements into legal third units to expand income streams.

The Cost of Bad Timing: Why Seasonality Matters

Megan’s biggest financial losses weren’t from bad renovations, they were from poor timing.

"I can look back six years and I always lose money on the ones I list in September."

In Lincoln, the fall brings football season and the start of the academic year. House showings drop off significantly. Properties listed in September often sit for weeks, leading to price drops and rising holding costs. Now, Megan holds or refinances if a project nears completion during that window.

Standardizing Flips: Why Efficiency Beats Unique Design

In the early 2020s, unique designs could drive bidding wars. But today, buyers prioritize affordability and monthly payments.

Megan responded by standardizing her finishes across flips. She uses consistent paint colors, countertops, lighting, and flooring. This helps contractors work faster, simplifies decision-making, and appeals to a broader audience.

"Blue cabinets might thrill one buyer, but scare off five others."

Scaling a Real Estate Business with Systems That Work

Initially, Megan and Jeff managed every aspect of their projects. They handled demo, design, and installations themselves, working quickly to avoid high interest from hard money lenders.

Today, their operation is more refined:

• Megan oversees acquisitions, renovations, and their home staging business.
• Jeff handles property sales and tenant management as a licensed agent.

Their clearly defined roles and standardized systems allow them to execute projects efficiently and grow sustainably.

Practical Advice for Veterans and New Investors

• Use your VA loan to house hack a clean duplex.
• Choose quality finishes that attract long-term tenants.
• Build local banking relationships early in your journey.
• Always protect your lenders' interests—reputation is everything.
• Standardize your process to reduce risk and increase speed.

"It's more important that you decide than what you decide. Pick a strategy, stick with it, put your blinders on, and just do it."

Final Takeaways: What Megan’s Story Teaches Us

Megan and Jeff's journey shows the power of persistence, smart financing, and disciplined execution. They:

• Leveraged VA loans to start house hacking
• Built relationships with private lenders and community banks
• Pivoted their strategy as the market changed
• Focused on quality, not just quantity

They started with little more than courage and a trailer and turned it into a thriving, 100+ deal real estate business.

Frequently Asked Questions About Veterans in Real Estate Investing

Can veterans use a VA loan to start investing in real estate?

Yes. VA loans allow veterans to buy up to four-unit properties with zero down, provided they live in one unit for at least a year. This makes them ideal for house hacking.

What’s the difference between a VA loan and a DSCR loan?

VA loans are government-backed and offer low interest for primary residences. DSCR loans are private, used for investment properties, and usually require more documentation and higher down payments.

How can I find private lenders for real estate deals?

Share your real estate activities with your network, ask if they know anyone interested in funding, and build trust by consistently delivering results.

Are mid-term rentals more profitable than long-term rentals?

Often, yes. They bring higher rent than traditional leases and require fewer regulatory hurdles than nightly short-term rentals.

What’s one mistake to avoid when using a VA loan?

Avoid properties needing major repairs. VA loans require the home to meet health and safety standards. Stick with clean, move-in-ready duplexes.