New Investor in the Military

8 Replies

Hello everyone! My name is Joe. I am an active duty army officer that has lived in many states. I do my best to purchase and live in a single family home every time I move. I then rent out the house before I buy another one. I currently have a house in Harker Heights, TX and Fairfax, VA; both are maintained by property managers. I typically buy houses that are in good school districts because in general good school districts have very nice neighborhoods that make the house easy to rent out. I am interested to hear new strategies to finding good rentals though! I live in the Baltimore, MD area, but will be moving to the Albany, NY area in a couple months. I am interested in the idea of using creative financing to generate passive income through real estate. I generate some income with my two rental properties, but would like to look into purchasing more than one rental property each time I move. I'm most comfortable with buying and renting out single family homes, but am open to the ideas of flipping homes and purchasing multi-family properties.

Thanks @Jeremy Taggart ! I have used my VA loan for my first two homes. At this point, I think I've maxed out my ability to use that loan vehicle unless I were to sell or refinance my other properties. I'm still learning about the refinance process though.

@Demario Scott If you are/have been in the military it makes more sense to use VA on a multifamily over conventional or FHA. 0% down payment and no mortgage insurance on up to 4 units. You can normally only have 1 at a time, unless under certain circumstances you can have more than 1 if you relocate, etc.

@Joe Bostick

I want to start with the words of GRATITUDE for your service! 

In terms of other strategies, I'd recommend you look into buying multi-family. You can start with smaller ones (residential = up to 4 units). Potentially get FHA financing and do house-hacking. This strategy will save you a lot of money and allow to generate some income. Hopefully by the time you need to move again, you'd satisfy the FHA requirements. Start researching Albany market now. I have heard that the area has some pockets, so one has to be cautious when selecting an area to buy a house.

Search for local investors, brokers, insurance agents, attorneys here on BP and start connecting with them and gathering the Intel on the area. So that when you're ready to move, you potential have a number of properties in the identified market areas. 

Also, since you move a lot, I'd advise to look into diversifying your investments into a bit more passive options.

If you'd like to explore further feel free to PM me.

Best!

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