Real Estate Investor · Appleton, WI · Member since 2012 · 18 posts · 3 votes
I'm currently deployed with the US Navy to Africa. I currently own 2 duplexes and owner occupy one unit. I've also sold my first 2 unit property that was purchased 10 years ago. I'm debt free and return home in about 6 months. What can I be doing for the next 6 months to bring my investing game to the next level once I get home??
-- My goals are left intentionally vague to encourage any great inputs. Thank you for your help AND thank you BP!! --
Investor · Ogden, UT · Member since 2018 · 295 posts · 208 votes
6y
I would use that time to get super intentional on your plan when you get back (which it sounds like you are). By that I mean write down your goals so that you know what you want to accomplish. And then write out the deliverable milestones you will need to reach, with a time deadline, in order to reach your big goals. Then break those down into action items or accountability checkpoints. Super intentional everyday action will get you there and it all starts with a plan. Find your niche that you will attack when you do get home, whether that's more small multifamily or a break into something bigger - whichever is most suitable to you.
I would also save up all the tax free overseas earnings to put towards that next investment when you do get home. In 6 months we may be in a prime buying opportunity depending on how covid affects the RE market. Good luck with going after your RE goals, stay safe on the deployment and thanks for your service!
Specialist · Lakewood, CO · Member since 2014 · 1k+ posts · 1k+ votes
6y
@Matthew Vanden Avond the parts that are left out are the most important parts because good advice is situational. You can position yourself to buy again with your VA loan by refinancing if your loan is currently in use. VA/FHA combo rotation is ridiculously powerful if you don't have to pay the VA funding fee and don't mind moving. Are you planning to spend another 15 years in the Navy? If so, your strategy might be slow-rolling. Are you deployed often? Then you may want to look at having units that can easily be turned over to management and acquiring better condition. If you are planning to get out and live the life of luxury on cash flow, sipping mai tai on the beach making a podcast about being amazing (oh, never mind @Brandon Turner beat you to it) then you'll want to make sure you have some capital and be ready to expand quickly (enough to reach your goal).
There are a million ways to play it, but like @Blake Dailey said above, figure out where you are going first, then make sure each decision is intentional in getting closer to that goal.
Real Estate Investor · Appleton, WI · Member since 2012 · 18 posts · 3 votes
6y
Bryan, thanks for the thoughts. I'm with you on refinancing and using the VA again, both of those are actually in motion. I did leave many details out but my main goal when I get back is to buy a commercial mutli family property. That will be my first over 2 units so I have a big learning curve. Thanks for your time.