Funding My First Property While Overseas

[Dylan Tettemer]

Hello everyone, I am stuck in a bit of a situation that I really need to figure out what to do and make some progress! So currently I am stationed overseas in Japan and when I separate my wife and I will be moving to South Carolina in 2019. Now I would really like to purchase a duplex now so I can house hack before I have less than a year left in the military so it is easier to get approved. However, because I wont be able to live in the property immediately I will have to put at least 20% down I believe with the loans I have access to, which I do not have saved up. I was thinking about getting a partner maybe, but I have no experience so I believe it wouldnt be too easy to get one who would like to go in on the deal with me when I am a newbie. Does anyone have suggestions or ideas that I could possibly look into? Getting the down payment due to the high percent down is what is my challenge. I would love to hear everyones thoughts!

[Kerry Baird]

While we were stationed in England, we bought two rental units in Texas.  Our primary residence or owner occupied house was in England, and those two were the only mortgages we had at that time.  An investor-friendly lender in the local area to your potential property (i.e. SC) will be well suited to assist you.  There are also a number of national lenders on board here at BP who may answer specific questions.  

As for our deals, well, we saved up re-enlistment bonus, tax free, hostile fire, & family sep while deployed...we got very aggressive about saving up for the down payments.  I cashed out my retirement account, but my hubby wanted to keep his.  Saving up isn't sexy, but it got the job done. 

The point is, if you want to get something accomplished, you must be willing to do what it takes.