Best investment strategy for Marine while deployed for 1 year?

Question

I'm in the marines and i leave mid July for 12 months. I want to find out what investment strategy would work best for me while i'm gone. Like i mentioned above... I want to house hack my first property with an FHA (maybe 203K to do the full BRRRR if possible) using my dad to cosign a single family to help me find a bigger deal. It would be my primary residence but since i will be deployed i can rent out all the rooms. Plus since it's a single family house my dad won't have to live there. Then when i come back i could refinance, move out.

Is this a sound idea and will it work? Is there anyone with a better idea they would recommend i'd do while deployed?

Is this a sound idea and will it work? Is there anyone with a better idea they would recommend i'd do while deployed?

Matthew Porcaro · Answer

Hi Alex - first of all, thanks for your service! Second, you have a great plan in mind, we just need to figure out the best way to do it.

The thing is with the FHA loan is it requires owner occupancy. That said, they're really looking at your monthly income (which I guess would be what you're getting from being in the service) and that would have to be enough to cover the mortgage. If you go in there telling them that you're buying then immediately deploying away and renting it out, it might ruffle some feathers for lenders. Just my thoughts, that might not be true.

After your deployment, will you be back for good? Maybe it's worth just putting it off until you're back?

Best of luck with everything!

Sarita Scherpereel · Answer

Hi Alex, Welcome to BP and thank you for your service. It would be helpful to mention what city(cities) you're thinking of purchasing in. That why industry leaders can give you the best insights to that particular market.