As a newbie, I'm pretty eager to jump in and start my real estate adventure! However, I'm hesitant because not only am I moving to a different state in 9 months, but my future husband and I will end up moving again in a few years & could end up living outside of the country (military life!). Anyone else have a similar story? Any tips or advice on how to move forward?
There are a number of us who have walked a similar path. First, start with where you are: Clean up or improve your credit, work on saving. You'll always need funds for down payments, or for reserves (often 3 to 6 months of payments for your mortgages, set aside), or for rehab funds. We bought our first home as a young military to military couple, in England. We also bought our last house in England, and three houses back in the US, while over in the UK.
I recommend you read Mike Summey's Weekend Millionaire's Secrets to Investing in Real Estate, for learning how to buy based upon NOI, and grow wealth with buy and hold. Also, Keller's Millionaire Real Estate Investor...and FLIP. You want to see what inspires you. We have lived in fixers and improved them over time, we have flipped, we have fixed-rented and then sold to our tenants, and we have done buy-and-holds. Now, nearing the end of the career, we are using the "debt snowball" to pay down and then pay off the properties we still hold.
Be sure to set up alerts, look for real estate investing meetups, clubs or REIAs. And dig into the podcasts, if you haven't already. There are nuggets of gold in those podcasts. All the best~
Great To Connect!
My husband is active duty navy. We have found that the transient nature has actually done us very well in the investing world. We self manage our houses everywhere we go. Our goal is to use our houses to early retire.
Thanks for the recommendations, Kerry! I'll definitely check those out.
And it's great to know there are other military couples out there doing the same! Thanks, Elizabeth!
I have managed 2 houses in Albuquerque, NM for 8 years now. Have never used a property manager and wouldn't change a thing. You save a lot more money w/o a manager. Mostly I use friends to find new tenants, as I have a few of them in ABQ, and just have the tenants call me in Baltimore when they have issues. It's worked very well. Now, I'm thinking of doing the same while living overseas. I can see not many people on here seem to have tried that.
Are you looking to add more rentals in ABQ? I've had a few leads recently that would make good rentals there.
Haven't thought about it but open to the leads