Buying while in military

[Sophia McMillion]

So I am a military spouse looking for guidance and suggestions on buying houses for investment purposes. Im still on the fence about the idea as it could turn out to be a very expensive mistake. We will be moving in about 6 months and are looking to buy at our next duty station (depending on where we are sent). Fort Polk seems to be the big talk these days (so any info on the area would be much appreciated). It seems as if there is always a market close to installations, but I could be wrong. At Fork Polk in particular the rent is overpriced for the quality of home and there is not much to choose from. Any info would be great. Thank you fellow investors!!!

[Kerry Baird]

Hi there, we have walked a similar walk.  We were mil-to-mil as young folks and lived on one salary and invested the other (in mutual funds, years ago).  We bought our first house in England and improved it over our tour, then sold.  And then we bought another owner-occupied house when we moved to the States again.  Improved it, rented it out and bought another owner occupied, which we improved...and sold.  We were posted back to the UK and bought another owner occupied house, and recently sold it.  While overseas, we bought several at a distance, which I do not recommend for a beginner.  

Over the years we have done 18 deals (owner occupied, fix and flip, pure flip, probate, and buy-and-hold).  Hubby is now at 22 years in, with a very high deployment rate, while I am in charge of growing the portfolio...and the kids.  

We have used sign-up bonuses, tax-free income from war-zone deployments, tax returns, mutual funds and conventional mortgages to fund the houses.  At the very least, we figure five houses paid off will give us enough to replace his salary when he retires.  

Our biggest regret is selling those early ones, even through the real estate bust, as they were cash flowing, and we'd have a lot of equity accumulated at this point.  We think of selling our rentals as "killing the golden goose."  We set down written goals and them aim for them, and our goals are as simple as "buy 2 cash flowing properties" a year....looking for between $200-300 on single family 3 bed, 2 bath houses.   It used to be "buy one every other year."  I like to buy near Air Force bases, by the way.  We recently were posted back in the States, and we have bought another owner-occupied and are in the middle of another rental purchase.  If we can do it, so can you...and I wish you all the best on the journey.