Currently I'm serving in the military, deployed. When it's time to depart, I should've earned around $30K to do what I want, investing wise. I joined the military to have the opportunity to move around, as well as use my VA loan to purchase/rent out houses but in California, the opportunity is only there if you want to pay a lot for little. Also, I've grown to hate being away from family, I've deployed back to back already, while feeling like I'm making a basic paycheck monthly. So I'm asking, is there a good avenue to invest my money somewhere? Something that can set me up to where if I wanted to, I could walk away from the military with no regrets. I'm truly lost when I look up wholesaling real estate, I wouldn't mind being the " investor ", to loan out physical money in hopes to receive profit, but any tips would be great. Thanks.
I've done two deployments in three years with the Army so I know how that feels. I used my VA entitlement to purchase a multifamily home, quadplex, near where I'm stationed and that does pretty well for me. Using that income I'm moving to buy more once I ets this year. I hope you figure out a path to go down. Me personally, I'm all about getting paid without doing much work haha. Best of luck to you.
I truly wouldn't mind going down this path. How much money did you start with? And buying a quadplex must have been expensive right? I sure need to gain some knowledge of all the ins and outs of real estate. Plus, do you have anyone helping with fixing up the place?
@Earl Jefferson I second the idea of buying a 2-4 plex. Live in one unit and rent out the others. Do your research and talk to realtors and property managers before jumping in.
Start going to local real estate investment clubs. Get to know some of the rehabbers. I'd suggest getting your 2-4 plex first. With any extra money you have to invest, try to find a more experienced investor and offer to put up money on a deal when you've vetted that person and educated yourself enough.
Another option that might work is outside of real estate. One of my friends is investing with lendingclub.com. I have no affiliation at all and do not invest with them myself. It seems like a good alternative for someone who deploys a lot and wants truly passive income. Educate yourself and understand the risks whatever you decide.
@Andreas Mirza Can i ask how you acquired your condos? Or what made you take the risk in flipping houses? I just want to know some information, as well as an avenue that's not too high in risks. I know everything real estate is due to the value of the properties, but besides buying/renting out, what would you recommend real estate wise?
@Earl Jefferson welcome to BP! I'm an Air Force guy myself and just started investing in real estate back in April. I'd definitely recommend that you read the following article. It was written by Brandon Turner and is an awesome starting place for people in the military who are interested in investing their money wisely in real estate.
Feel free to reach out to me if you have any questions. Best of luck.
Welocme to BP Earl. Question Are you from California or just stationed there. Where do you see yourself moving to if/when you do get out? And do you feel ready to be an out of state landlord if necessary ?
Lots of military here on BP so feel free to aks questons and advice.
wrote an excellent piece on the VA loans if you are thuinking about using that
I'm just stationed here for now. I'm actually from Lacey/Olympia area. I put in a form to request to live there. I feel like i'd only get out of the military if I could be stabilized on real estate, but for now, I plan on staying in. Being an out of state landlord wouldn't hurt, due to I'll be able to have trust worthy people in locations that I want to be at, or ones that are mobile if necessary. The fixing/flipping process, being a loaner, or just being a home owner to later rent out have been my 3 options. Would you recommend any?
Was it hard jumping into the real estate side? How do you manage it while being in the military? And did you use your VA loan for any of them?
I purchased my first property as a 21 yrs old soldier. Lived in it for 2 yrs, rented it for 3 yrs, then sold for profit.
Finish your service honorably, even if the military is not what you thought it'd be. One thing Is certain, you will earn steady income in the military. Its not a lot, so use it wisely. Continue to learn, this is the place to do it.
@Earl Jefferson It is definitely difficult...but not impossible. It's all a matter of prioritizing your time. To second what @Jeremy Jackson said, my #1 priority is serving in the Air Force, then comes real estate, hanging out with friends, etc. I've made it all work by cutting out things like watching TV, needlessly browsing the internet, or taking unnecessary weekend trips. As for the VA loan, I haven't used it yet...because it can only be used on a primary residence.
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