All Forum Posts by: Doug Spence

@Jeff Exline Military communities can be great markets to buy property, but I highly recommend picking a market that isn't dependent on that military base for employment. You want your market to have a diverse economy that isn't reliant on any single employer to provide jobs. 

If the base shuts down, would you still have a healthy flow of renters?

@Jonathan Mahan Did you purchase these while married? If so then they are marital assets, most likely and she is entitled to half the equity. You need a divorce attorney if you don't already have one. 

Is the divorce already finalized? 

@Jose Esquivel You won't be able to use your VA loan until you get back to the States, because you have to live in the property you purchase using the VA loan for at least one year.

For now, I recommend educating yourself about real estate, connecting with people who have already done what you want to do, and getting clear on your long-term vision and goals. 

Listen to podcasts, read books, join real estate groups, have conversations with real estate investors, and chat with your wife about what you want your live to look like in 5-10 years. 

Good luck and keep us updated on your progress!

@Michael Estacion Welcome to BP! I'm also active duty military, and I was in your shoes about 5 years ago. I wanted to get started in real estate but didn't know where to begin. I started with "Long Distance Real Estate Investing" like @Nathan Gesner recommended, and that book was hugely impactful for my growth as a real estate investor. 

Its easy for folks to say "invest where you live" but us military folks really need to be comfortable with out of state investing because we typically move every 2-3 years. It might make sense for you to buy in San Antonio, but don't feel like you HAVE to. Almost all of the real estate I have purchased has been outside of the state I live so its definitely possible!

Don't hesitate to reach out if I can help in any way. 

Good luck and keep us updated on your journey!

@Andrew C. What are your goals? Whats your 10 year vision?

@Roy Pinkley That's a tough situation. Are you in the Army? Why would they surprise you with orders 3 years early? That is definitely not how you 'take care of your people'! I feel for you, and thanks for sharing so others can learn from your experience. 

I like your conservative estimate of how much your monthly expenses will be, but I don't necessarily agree that you're going to lose 23,436/year because a lot of those expenses may not happen. For example, you may not have $190/month of maintenance expenses. You could also make the tenant responsible for pool management and that could cut down on your expenses. 

Your mortgage payment of $3350 is only principal and interest? Not taxes and insurance as well? Most people pay taxes and insurance out of their escrow account. Maybe you didn't, but just want to make sure those aren't being counted twice. 

Is your home a property that could work well as a short term rental? That could be  great way to get more monthly revenue than renting it out as a long term rental. Plus, you have a pool and it sounds like a pretty nice house based on that price range and location. Just something to consider. 

@Mohammed Zeeshan Sayeed Welcome to bigger pockets! I would reach out to @Jonathan Klemm. He's a broker, investor, his company does rehab on homes, and he's just generally knowledgeable about real estate in the Chicago area.

@Leor Alon I look online and see what similarly priced rentals are renting for. And I ask property management!

@Tyler D. Buying a 4 unit with your VA loan and house hacking it is the way to go. This can be done by either renting out the others short term (depending on your local laws) or via long term rental. The STR route is going to provide potentially more revenue, but it will also be more work and more moving parts. It just depends on your goals and how much time/effort you want to put into it!

Good luck and keep us updated on your progress!

@Eric Don Thanks for sharing your situation and being vulnerable. Its not an easy thing to do in a public forum, but others reading this are in similar situations I'm sure, and you being open is also helping them with their challenges, so good on you!

Before you strategize, I would sit down and do some serious thinking about your 10 year vision. What do you want your life to look like in 10 years? Be as detailed as possible. Where are you living, what do you do, how are you spending your time - be extremely detailed! Once you're clear on that, I would make a 5 year vision, and then you can start writing down SMART (specific, measurable, achievable, relevant, time-bound) goals as milestones to help you get to that vision. 

If you don't know where you want to be, how can you chart a course to get there?

The next step is networking and educating yourself, but I would focus on vision first!

Good luck and keep us updated.