23 Year Old Ambitous Military Soldier Confused.

[Raymond G.]

Hello, I am married and currently in the Military. I have one property that I bought when I was 20, it is a single family home for 180,000 with a mortgage of $1,000. My credit score is very good and I am looking into real estate investing as another source of income while I am still in the Military. I am stationed in Germany and am currently renting my home. But now I find myself at a stand still for my plan in real estate. My next move I was planning was a quad plex or duplex. Live in one and rent the other three out. I'm planning to sell my single family house to pursue a quad plex which is $400,000. Then I was planning to co sign and buy a $100,000 home for my mother so she can live, then in the future maybe rent it out. I am at a lost in general, my mind is like a whirlpool right now as far as what to do next. I am 23 years old I am very ambitious, very detail minded, and wanting to create a foundation for my children so they have opportunities that I never had in life. What should be my next move/plan for real estate?

[Kerry Baird]

You've got time!  You are young.  The house that you own now is still building you wealth as your tenants continue to make payments.  Don't discount the benefit this deal is to you!  Every month that goes by, you extend the length of time you have credit, as well as the amount of amortization on the loan, and any gains in the market that come from general inflation.  This property is a solid foundation for the future YOU.

Next, continue to flush out your goals.  

Do save up for a down-payment for your future plex unit.  Set aside any enlistment bonus payment, hostile fire, combat pay, flight pay, COLA, tax free...whatever you can set aside.  

DO build an emergency fund.

DO look to buy your next residence as a four-plex.  Why scuttle this plan? --because you can't do it right now?  Rubbish.  There are plenty of things you can do now, to bolster your position to include paying off your current car, improving your credit score, researching your next possible duty station, reading books and listening to podcasts.  Preparing for your next promotion, which will help you with your overall finances. 

You could even be looking to purchase turn-key properties from a distance.

Out of your comments, the thing that doesn't make sense is the plan to co-sign for your mother. Either you sign, or you don't.

I suggest you read Keller's Millionaire Real Estate Investor.  There are tables towards the end of the book which tell you what you have to do today, or over time, in order to reach certain cash or cash-flow goals.  Reverse engineer those goals and figure what you need to do next in order to reach those financial goals.  

DON'T give up because you can't do a dozen deals this moment.  This is a long game.