Im new here :)
My husband is actuve duty. We bought a house a few months ago with the idea of renting out later. There is a possibility of PCS which I would love to and maybe buy another house in another state (a year after we settle) but we believe is way too soon. I'm scared of not finding a tenant when is time to move. Im NEW to all of this and I need some opinions from expert. Is it too soon (1-2 years apart) to buy another property? Is 1 year too soon to rent the house that we just bought?
Welcome to BP. There was a podcast with a lady who is doing exactly what you are talking about doing, her husband was in the military as well. I'm thinking it was podcast 103 with Elizabeth Colegrove. Listen to the podcast and then look her up, I'd bet she'd be able to help you out.
Yup @Elizabeth Colegrove - is doing exactly what you are talking about. Her solution buy in the right area! Buy newer builds! And have a comprehensive lease.
@Troy Fisher Thanks for the mention!
My husband is active duty Navy. We buy a house at every duty station possible along with pure rentals. We currently have 7 houses with plans for another 2 in the works! For us being military has allowed us to achieve this by age 27 and 29 with unique opportunities of buying personals wherever we are stationed.
I talk all about self managing from a distance, being military, buying the next house etc on my site at reluctantlandlord.net. You should also join the military landlord Facebook page. There are over 2,000 members all who are landlords. doe who want to be investors and others who are truly reluctant!! PM me if I can help at all. I look forward to seeing you around!!
Do you have the link for that facebook page?
I'm all about buying properties and then renting, but most of the people we know keep saying that it is a bad idea since we are in the military. I dont want to depend on a paycheck the rest of my life and keep working 50 hours a week and not having time for my husband and little ones. Thanks a lot for the help !! :) I will be posting and asking more questions haha
Here is the link to the FB page, https://www.facebook.com/groups/177308479098790/
The good part about you renting your house out while you are still there preparing to move is that you can show your house and ensure it gets rented out. It will also be staged with your furniture so you can use that to your advantage and get a lease on it right when you move out limiting your vacancy. Watch the market and see what other houses in your area are renting out for over the next few months. You will see trends and days on market as you watch the local rental market.
It's never too early to rent out the house you just bought and it's never too early to buy another one as long as you are financially stable, have some cash reserves, and can afford to do so. Don't go cash poor by buying another house, you have to ensure you have some capital reserves to fix some of the bigger ticket items if they go bad in the rental.
I went from renting out my primary residences when I PCSed from base to base and now I buy as much as I can. We have bought 4 houses over the last year and I'm hoping to get one or two more before the end of 2015. Keep reading about investing, get active here on BP, attend some REIA meetings in your area, network with other investors, and you will get a good feel for lots of different ways to make money in REI.
Good luck and let me know if you need anything. I look forward to reading about your next purchase...
I served with a few shipmates who intentionally bought SFR/MFR at every PCS location. Actually, a first class retired out at 20 years with owning 4-5 houses. She hired PM's to manage each location after leaving and was smart about using her VA loan to buy everywhere she was stationed. She got into a rhythm of saving $$$ on deployments then using that as a down payment with no PMI on a VA loan, though had to put 25% down after COE funding was tapped.
Honestly, its rather difficult for most people to fathom RE investing as a source of income. There is no correlation to this type of financial planning the military offers to service members, so be prepared to have the same conversations everywhere you go or just avoid the topic all together for your sanity. As long as you are comfortable with the speed at which you acquire and manage your property then let your bank statement be the judge.
All the best!
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!