Anyone active duty/sofa bought a property on island? Got some questions and want to get thrown in the right direction. Mortgage, taxes, OHA, potential to rent out afterwards, etc. Would greatly appreciate. I'm wondering if this has potential for rental income after I leave island.
On that note, any real estate investors on Okinawa? I am a long distance investor myself, and am always down to meet up and talk REI.
@Teho Kim Hello! I wish I could visit Okinawa. Let me just say this and I hope you don't take this negatively. This same advice was given to me and if not for the monetary barrier, I would've ignored the advice and went through with my plan. I'm glad I didn't. Like you, I was also stationed in a remote area. I was stationed at Fort Wainwright, Fairbanks Alaska. Yeah, talk about remote. I was also eager to jump into real estate and couldn't wait. I had enough money saved up but not enough to qualify for a loan. I spoke with a realtor, who was prior service, and he gave me the advice I'm about to give you. He said, "just wait till you get back to the lower 48". If you plan on staying in Okinawa for 30 years then, by all means, buy as many properties as you can. But if you plan on leaving then it's a pain because something is tying you to Okinawa. Yes, you can develop excellent systems to care for it but there will be times where you would have to fly there to oversee something. The plane ticket alone will wipe out your entire cashflow for that property. Finally, it's just not scalable. If you have huge goals, which I'm guessing you have because you are determined to get started regardless of your location, then take this time to save, learn and plan for when you do get back to the US. By no means, I'm telling you what to do. I'm just showing you another alternative base on my experience.
I hope this help and I wish you the best of luck on your investing journey!
@Teho Kim currently stationed in Sasebo - there are absolutely people who have purchased - they normally live in these properties for 10-15 years and find a way to stay on ships/@commands in the Sasebo area though. The market requires a high liquid position to enter which is normally a barrier to entry for most. I haven't seen anyone actually register their property with the Base Housing authority to rent it out. I'd talk to the Okinawa Housing leadership to confirm the procedures for the cash flowing strategy before you even get into the headaches of dealing with JP realtors.
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