By Andy Furman
NKyTribune staff writer
Michael Smith continues to serve – it’s his passion. First, it was his country – he is a United States Navy veteran. Today, he continues to help clients successfully buy and sell real estate throughout Northern Kentucky as a licensed real estate agent with Haven Home Group.
“I enlisted in the Navy after I graduated Newport High School,” the 50-year-old Smith told the Northern Kentucky Tribune. “I was stationed in San Diego.”
And after serving his country, he returned to Newport to start a family and build a future in the community he loves. He founded Restore the Block LLC 11 years ago – a real estate investment company focused on building wealth through multiple investment strategies including fix-and-flips, long-term rentals, Airbnb properties and multifamily housing.
As the founding president of the non-profit chapter VAREP NKY – a 501 (c) organization dedicated to supporting and educating local veterans, Smith said the chapter is looking to grow the mission.
“The mission,” he explained, “is to help veterans build generational wealth by utilizing one of the greatest benefits they earned through military service — the VA Home Loan.”
A VA Home Loan is a mortgage option available to eligible veterans, active-duty service members, and select surviving spouses. It is issued by private lenders but partially guaranteed by the U.S. Département of Veterans Affairs (VA), allowing borrowers to secure highly favorable terms.
The key benefits:
• No Down Payment: Borrowers can typically purchase a home with $0 down
• No PMI: Unlike conventional loans, borrowers are not required to pay Private Mortgage Insurance (PMI) each month
• Competitive Rates: VA-backed loans generally offer lower, highly competitive interest rates
• Limits on Closing Costs: The VA restricts the types of closing costs and fees a lender can charge
• No Prepayment Penalty: Borrowers cans pay off their mortgage dearly without extra fees.
And while the VA sets the guidelines for who qualifies, they do not directly lend the money. Instead, the VA promises to repay the lender a portion of the loan if the borrower defaults. This guarantee eliminates much of the risk for private lenders, enabling them to offer better terms.
To qualify, the applicants must meet specific service requirements – usually based on length and character of service. Borrowers must obtain a Certificate of Eligibility (COE) and meet the private lender’s standards for credit score and income.
“I believe many veterans are unaware that the VA Loan allows qualified buyers to purchase homes with zero down payment, including multifamily properties where they can live in one unit while renting out the others,” Smith said. “This strategy can allow veterans to dramatically reduce ort even eliminate their personal housing expenses while building long-term, wealth.”
Smith also educates veterans on advanced VA loan strategies, including using bonus entitlement to purchase additional owner-occupied homes without needing to sell their current property. “My goal,” he continued, “is to ensure veterans to fully understand the opportunities available to them and how real estate can become a tool for financial freedom. Veterans can use VA Home Loans to buy a farm, buy land, and build on that land as well.”
Currently, Smith is working on the restoration of a one-of-a-kind historic Italianate home located in the heart of the East Row Historic District in Newport – located at 627 Washington Avenue.
The luxury residence will feature more than 3,200 square feet of living space and is scheduled for completion by the end of summer.
“I only believe in collaboration, not competition,” he says. “And, of course, client relationship. I want to help as many veterans and families as possible build wealth, create opportunity, and leave a lasting legacy for future generations.
“Actually, I want more veterans to do what I’m doing.”
And there’s more – yes, he helps veterans. And handles real estate. But he also is training Brazilian Jiu Jitsu.