How to analyze a property. What should I be doing/looking at?

Question

Hi!I'm completely new to all of this, so I'll quickly offer my background and situation. I'm waiting on getting into the military and I'm looking at real estate investing for when I'm out. I'd prefer to purchase my first property ~2 years into my 4 year enlistment.Until then I've got a lot of learning to do. I'm not sure where the best place for me to start is, but I think it would be learning how to look at a a local property and identify if it would be a good investment or not. I'd like to make a hobby out of looking at properties online and analyzing them. If this isn't a good place to start please do recommend something else.For example, how could I judge this local property? https://goo.gl/SgZDmiPlus, one bonus question: Would this be the kind of property I'd be looking at getting as my first while on a military salary? Or should I be looking at less expensive Duplexes. I really am just trying to get a feel for all this.Thanks!

Account Closed · Answer

You can move off base even as an E-2 if you're married? I have a very long term girlfriend and we're planning on getting married after my MOS school. I'll check out that article and I'll be sure to connect with you further once I'm checked into my first duty station and settled in probably a year or so. At this point I'm just trying to posture myself to hit the ground running. I really appreciate it. Thank you, sir.

Account Closed · Answer

I'm fairly sure my branch (USMC) requires you to be a certain rank, probably NCO or SNCO, to live off base. So that is probably not going to be an option, sadly.

Account Closed · Answer

Don't you have to live in the property for the VA loan to apply?

Christopher Phillips · Answer

Account Closedhttps://www.youtube.com/watch?v=T_7vhsSBi7c

Debra Grumbach · Answer

GO Pro. Watch all the webinars and listen to all the podcasts. Then figure out your strategy. Meanwhile, save as much money as you can while in the military.

Ken Vingua · Answer

Yes, at any rank you will be receive a housing allowance and can move into your own home if you are married, but don't rush things for the benefit. The Marine Corps will always throw challenges your way and you may find your first duty station to be Okinawa. Good luck.

Ken Vingua · Answer

I have been in the Marine Corps for 15 years and have purchased 5 rental houses, am doing some flips, and am looking for more. You are correct in saying that you will not be given a housing allowance and will not be permitted to live out in town until you are either married or a SNCO, sometimes a senior NCO. That could be 7 to 10 years into your career. That only prevents you from owner occupied VA investing but you can still invest in pure rentals, wholesale, or whatever strategy fits your plan. When it comes to education you have found the treasure chest of knowledge here at BP. I would suggest you begin by reading the Ultimate Beginner's Guide https://www.biggerpockets.com/files/user/brandonat.... That will give you the terminology, rules of thumbs, and basics on analyzing properties so you can begin to focus your effort towards topics that interest you. Listen to every podcast on BP and join the webinars. Once you have a base of knowledge then you should start analyzing deals. Use the BP calculator or whatever you find useful. I use the Deal Check app from my phone for a quick tool at analyzing properties. Start to save money and position yourself financially to be able to take advantage of your hard work and education that you have gained. Set For Life by Scott Trench is a good resource for embracing frugality to prepare yourself to invest.Feel free to connect with me whenever. The Marine Corps can both provide good opportunities to invest and present unique problems that will make investing difficult.

Ron Flatt · Answer

If your single that is true. You still have options, you can still get conventional or owner financing or find a pard.

Ron Flatt · Answer

yes, that is why I said wait until you get your duty station

Ron Flatt · Answer

Why wait two years? My daughter is in the military, she bought her house as soon as she got her permanent duty station. She is getting ready to move overseas. She is planning on selling it, and have me reinvest it in my area so I can manage it while she is deployed. The sooner you start the better you will be. Make sure you continue to analyze some deals and then find a deal and make an offer. I would recommend waiting until you got your first assignment, you can use your VA loan which will be a smaller downpayment and your BHA will probably cover your entire payment or a good portion. Thanks again for being willing to serve.