Military Investing

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Rookie: Out of State Investing

Posted Jul 12 2022, 10:44

Hello,

I'm Will and am located in Wilmington, NC. I've been in the military just over 10 years and currently 18 months into my real estate journey with 2 rentals. I purchased a 2 bed 2 ba 600 sqft/side duplex in February of 2021 that cash flows $750/month. In December, I closed on a 1 bed 2 ba beach condo (sleeps 6 w/ bunk beds and sleeper sofa) acting as a vacation rental, intending to role into 6 month lease in winter months (average $1,000/week in season). The duplex was purchased for $218K, now estimated at $300k. The condo was purchased at $210, now estimated at $219K. I currently have $75K liquid that I want to put to work. 

My current goal is to continue investing for the remaining 10 years of my military career to reach $60K annual cash flow. The market where I live is primarily overpriced single family homes that I don't have enough liquid to put a downpayment on and still have reserves for my 2 properties. I really like the multi-family/apartment strategy, but there is little to no opportunity in my area. I'm using my previous agent to look for a property that has a detached garage/in-law suite as I need a place to keep my things permanently and try to get away from living in friends attics between deployments, but am willing to keep downsizing personal belongings and couch surfing if it gets me closer to my goal. I've never invested out of state. I just finished the Real Estate Rookie Podcast with Sarah Weaver and can't figure out the Agent Connect or honestly where to start looking in out of state markets. If I need to upgrade my account, happy to do it, I just don't know what I don't know. Any advice, guidance, or resources would be extremely helpful and I look forward to getting to know more of you as I learn. Cheers!!!

-Will

Southeast NC, North Carolina

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