New Member - Military

13 Replies

Hello all!

New Member here, well I've had my account for a while, but the Podcasts finally convinced me to do my introduction.

Currently I am Active Duty in the Air Force, looking to start my investing fairly soon (maybe a year or so).  I am looking at possibly doing my first flip to gain a bit of money starting out.  I have a little saved up to begin with.  My wife is totally on board which is always helpful!

My ultimate goal is to get into several buy and holds.  I plan on doing it part-time while in the Military.  One of the podcasts that I just listened to, Show 17, that inspired me to to go for cash flow right away (although it would be great).  I really like what he said about having the most options when it's time to retire!

Thanks for taking the time to read my post!

Casey

@Casey Lipe  

Welcome. Thanks for your service. Time to build the foundation below.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and all the cash buyers (rehabbers) you will need.

Consider checking out HUD homes for small multi's owner occupied gets first crack.

You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good luck

Paul

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@Casey Lipe

Hi Casey - Thanks for your service.  My cousin is in the UAF and started his rental on the side in Colorado Springs a few years ago.  I know he had experience with USAA and Air Academy Credit Union for his financing.  I think he is up to 6-8 properties now.  

@Casey Lipe   welcome to the site. One strategy you may consider is to buy a house at every duty station then rent it out when you leave. That is my plan although I was at one duty station for 19 years so I did not have the opportunity to do that. 

Obviously the market has to be right but renting near a military base is usually quite do-able.

Best of luck to you.

@Casey Lipe  

  Welcome to BP, and dont be a stranger to teh forums.  @Tyler Flagg  

did a great post about the VA loan , so make sure you check that out. Andrews might be an expensive market to invest, so it may be in your best interest to get an idea of where your next duty station will be and when. I did the classical plan of buying one at every duty station, so now have 5 rentals as I am about to retire , though they are spread out over 5 different states, so having a good local PM is a must.

@Casey Lipe   active duty Navy here, so I won't hold the Air Force against you :)

All I can say is start and the sooner you start the better off you'll be in the long run. Interests rates are cheap and you need to take advantage of that.  Go for cash flow and look at each property as ultimately building another income stream (aka pension) for your post Air Force life.  My strategy is to acquire enough properties that between pension, rental income, and savings/investments I don't need to work when I retire from the Navy. 

Thanks for all the welcoming replies!  I have just downloaded the UBG.  Andrews is very expensive.  I'm due to PCS very soon, I've been here for about 5 years.  I like the idea of niche markets.  My parents live near a college town and I thinking renting around military bases will be my best bet for getting started.  Thanks!

@Casey Lipe

Welcome to the community! Now be sure to be active... you will get so much from this site if you interact. Read blogs, ask questions, join meetups, and I see you've already begun on the podcasts. They are your best start. Good luck!

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Casey,

I am a retired blue-suiter and have had a couple of rental houses for years (lived in and then PCS'ed). I still have one that is all paid off. Since I retired, I have been working as a Defense Contractor for a decade, and got RIF'ed, so I have moved over into real estate as a serious change in my career field.

Spending the dollars after deciding to get started was the toughest part. I read, studied, and it wasn't till that I raised my hand to bid $50k at a foreclosure auction, and the auctioneer said "SOLD", that the reality hit me. I bought a foreclosure condo as my first, and am just finishing the renovation. I will have it on the market within a couple of weeks. I have learned so much. I recommend buying a condo/townhouse as a training platform. Starting small and learning to walk before you run. You can go through the whole foreclosure, renovation process, and resale with the least amount of money on the table. Learn the process and build from that.  That's my 2-cents. :)

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