Buying rentals while active duty military

[Michael Duncan]

Hello everyone, I am currently active duty Navy stationed in Pearl Harbor, HI. I am currently renting a 3 bedroom home with a few military friends so we can save some money. I am interested in buying a rental in the city. I have been doing a lot of research lately, but I am still far from "pulling the trigger". Is there anyone out there who is also active duty that has any advice/success stories? Thanks for the help, glad to be a part of BiggerPockets!!

[Kerry Baird]

We've purchased 18 properties while on active duty.  Well, he's still on active duty.  I did 6 active and 4 reserve and then got out to be Mom.  

Our first house was in England, and we bought it when we were both E-4s. Our last house was also back in England, and we've only recently moved to the US.  We just had to find a way to buy from across the Pond, so we picked up three newer rentals (2 in Texas and 1 in Florida) while on our last overseas tour, and use property managers to handle the tenants. Now, we are reaching the end of the military adventure, and starting to ponder what comes next. 

We've done a little bit of everything: fix and flip, fix and rent, probate, sub2, and we've bought a number of houses with good bones but in need of rehab, and we've improved them slowly while living in them. Only on number 18 did we use a VA loan, going for "easy" money earlier.

We've used the MLS, have done direct mail marketing, gone door-knocking pre-foreclosures, and have a small presence online. We squirreled away funds (the 10% savings account while deployed, hostile fire, family sep, hazard pay, COLA, flight pay). One TSP account was funded (and we borrowed against it to buy a rental),. I work diligently to improve my credit score, and to automatically set money aside. In some seasons (like now, with three growing kids and an expensive move to the States) we've had to turn off the savings and work to control spending so we can get back to it. It has been slow and steady. Almost boring. But very fruitful.