All Forum Posts by: Doug Spence

@Dan Riley Make sure you read "Long Distance Real Estate investing" by David Greene if you haven't already. That book was hugely impactful for me and made me a lot more comfortable with OOS investing. Since reading that book, I've purchased 3 turnkey properties in Milwaukee, and I've done two out of state BRRRR's and two out of state flips in Oklahoma, all while living in San Diego. I've also investing in multiple syndications as an LP.

You need to get very clear on what you want out of an investment (cash flow vs appreciation, etc) and that will help you narrow down the markets. Consider where you may already have a competitive advantage in a market, ie maybe you know a real estate agent or property manager in a city, or you have detailed knowledge about a market. 

I like OKC and Tulsa because they check a lot of boxes for what I'm looking for in a market, but your criteria may be different. 

Good luck and keep us updated!

@Erik Browning Thanks for the tag!

@William Ladd Welcome to bigger pockets! I'm an active duty Navy officer currently stationed in San Diego, and I've been investing in real estate on the side since 2016 or so. I'm happy to jump on a call with you and see if there's a way I can provide value. 

I have experience with out of state BRRRR's and flips, turnkey investing, property management, house hacking with the VA loan, real estate syndications (both as an LP and a GP), and off-market lead generation.

@Jose Esquivel Whether a 2-4 unit multifamily property will cash flow or not depends on a few factors, especially the location, what the rents will be, and your interest rate. Since you're looking to buy in two years, its hard to predict where rents and interest rates will be. 

Do you know where you'll be looking to buy yet? 

@Jeff Exline It can be a good strategy, but make sure the market you choose isn't massively dependant on that military base. You want a market with a diverse economy that doesn't rely on the base for its employment. Just like you wouldn't want to invest in a town with a single factory that employs everyone. 

Lawnton, OK (Fort Sill) is a good example. The base is the only thing going for that town, but Oklahoma City is a military town (Tinker AFB) that has a diverse economy that isn't solely reliant on that base. 

Also, remember that not everyone in the military is a soldier - only individuals in the Army are soldiers!

@Nicholas Otero I know it's too late now since you've already gotten out, but did you consider getting a sales job on the side as a part-time/weekend job while still on active duty? That way you could have started building that skillset while keeping your steady income. 

I'm sure there are others out there in the same situation and maybe they can learn from your experience! 

Do you have any particular real estate-related questions?

@Courtney Mccrear You should contact my buddy Diego Corzo. He's a great RE agent in the Austin area and he help people buy house hacks all the time. Happy to connect you guys if you want. 

Good luck and keep us updated on your journey!

@Dave Craig Fellow OKC and Tulsa investor here. I recommend you reach out to Eli and Abbie Davis at The Property Center. I've been working with them for years now and they're fantastic! They can help with property management, finding deals, and hook you up with contractors. I did my first BRRRR with them in OKC (while living in San Diego) and it was successful in large part because they have a great team!

Good luck and keep us updated on your journey. 

@Tina Lee Have you been collecting late fees from her every time? If not, that is something you should have in the lease and should enforce every time she is late - even if she is only one day late. 

My vote is to not renew the lease with her and get a new tenant! She's not holding up her end of the deal as a tenant. 

Good luck and let us know what you decide to do!

@Danny Ricco I would go with the second option. Save up your money and spend any extra time you have on deployment learning about real estate investing so you're better equipped to make a good decision when you get back. Read books, listen to podcasts, and connect with other real estate investors while you're deployed. I guarantee you some folks you deploy with own real estate and you can learn from them. 

Good luck and keep us updated on your journey!

@Dustin James Have you considered the Florida panhandle? I have buddies that have STR's there and are crushing it. I'm happy to connect you with them.