Military member new to the investing world

Military member new to the investing world

Sheppard Afb, TX · Member since 2013 · 8 posts · 0 votes

Hi everyone,

My name is Jonathan Hagan and I am new to the BP forum. I have been lurking around the site and listening to the podcast for a few weeks now so I figured now was time for me to jump into the discussion. I am a newly commissioned Air Force officer who is just starting to look into the world of real estate investment. I'm 22 y.o. and wet behind the ears as far as active investing goes, so I am here to learn as much as possible, specifically as it relates to balancing investing with a full time military career and constantly moving around.

As far as areas of investment are concerned I am still sorting through and learning about all the different kinds of investing and their benefits and weaknesses, but I seem to be most interested in the residential multi-family buy and hold idea. I'm currently stationed in Wichita Falls, TX and will be here for at least another year and a half while I go through pilot training.

I am really looking forward to all your posts and stories and the opportunity to learn from people who are really in this business. I just want to say thanks in advance for everything. Already, BP has been an outstanding resource to me and I am really excited to learn from everyone's experience!

0Reply
37 views

Most Popular Reply

Joel OwensBusiness Member
Moderator
Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
13y

Hi Jonathan,

It's great that you are starting at 22. I wish I had started sooner. All that matters is that we take action today.

Glad to see you hear on the site.

See this reply in the discussion

18 Replies

Jump to latestLatest
  • Joel OwensBusiness Member
    Moderator
    Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
    13y

    Hi Jonathan,

    It's great that you are starting at 22. I wish I had started sooner. All that matters is that we take action today.

    Glad to see you hear on the site.

  • Real Estate Investor · Stuttgart, Germany · Member since 2013 · 40 posts · 5 votes
    13y

    Jonathan,

    Welcome to the forum! I'm active duty as well, and I wish I had started RE investing at your age. @James Vermillion has a great podcast you may want to listen to regarding investing while on active duty.

    Best to you and your careers, in the AF and RE!

    David

  • Sheppard Afb, TX · Member since 2013 · 8 posts · 0 votes
    13y

    Awesome! Thanks! I listened to that one and he has definitely given me a good impression about it being possible to balance these! Now I just need to work what he says into what I am doing.

  • Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    13y

    @Jonathan Hagan

    Welcome

    Thanks for the service.

    Check out the free Ultimate Beginner's Guide to Real Estate Investing at http://www.biggerpockets.com/ubg

    Locate and attend 3 different local REIA club meetings. Great place to gather people, resources and info.

    Good luck

    Paul

  • Sheppard Afb, TX · Member since 2013 · 8 posts · 0 votes
    13y

    Awesome! Thanks for the advice! I am actually almost through reading the beginners guide. A lot of good info in it! The advice on the local REIA clubs is going to be the next step. I just started looking around online today to see if I could find one around me to go to. Its looking like the nearest option to me is in the Dallas-Ft Worth area. Im sorting through all of the info around to figure out which one is what I want to go to.

  • Real Estate Agent · Milwaukee County, WI · Member since 2009 · 3k+ posts · 525 votes
    13y

    @Jonathan Hagan welcome to biggerpockets

  • Ewa Beach, HI · Member since 2013 · 145 posts · 42 votes
    13y

    Welcome, AF Reserve guy here! Oh you're an ENJPT guy, nice..good luck with your airframe!

  • Investor · Central America, Panama · Member since 2010 · 423 posts · 293 votes
    13y

    Jonathan

    There are several REALLY sharp and extremely successful investors in Wichita Falls. Send me a PM and I will put you in touch with them so you don't have to drive all the way to DFW to hear the monthly pitch fest.

    One of them bought a mobile home park, sold it a few years later and made a couple million, then invested in large tracks of land which he sold off in smaller pieces with seller financing while getting all his cash back to reinvest in other things. He is still actively involved in real estate.

  • Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
    13y

    Welcome aboard Jonathan. Agree with Jackie in that Wichita Falls offers opportunity. Steve Cook just wrote an article with a list of hidden gems for best rental markets. Wichita County TX is at the top of the list.

  • Hanford, CA · Member since 2013 · 5k+ posts · 1k+ votes
    13y

    @Jonathan Hagan

    Welcome to Biggerpockets. My husband is active duty military, currently a LT in the navy. We currently own 4 properties. 2 have been bought using the VA loan as personal properties (one can split a VA loan as long as there is enough entitlement left). Taking advantage of the frequent military necessitated moves. The other two were with 20% down through conventional investment loans. If all goes well we hope to close on two more this year.

    I manage all of the properties myself. If I can help in any way let me know.

    Congrats and Good Luck !!!

  • Sheppard Afb, TX · Member since 2013 · 8 posts · 0 votes
    13y

    @Jon Claus

    I hadnt seen that post yet! Thanks for showing that to me. I am so excited to hear about it! I was actually kind of worried about it for this area but that gives me a lot more confidence.

    @Elizabeth Colegrove
    Do you mind if I send you a PM to ask a few questions about the VA loan?

  • Hanford, CA · Member since 2013 · 5k+ posts · 1k+ votes
    13y

    @Jonathan Hagan

    Feel free to pm me with any questions. I am happy to help.

  • Professional · Wichita Falls, TX · Member since 2012 · 124 posts · 70 votes
    13y

    @Jonathan Hagan

    Contact me if you have any questions too. I am local to Wichita Falls, and will be happy to chat any time.

  • Mechanicsburg, PA · Member since 2013 · 3k+ posts · 2k+ votes
    13y

    @Jonathan Hagan

    Welcome.

    Several military people i know buy a home at each duty station, live there until transfer, keep it as a rental. It allows them to accumulate a rental portfolio with great owner occupied low rate, low or no down mortgages.

    And your housing allowance can help this real estate investment plan.

  • Huntsville, AL · Member since 2013 · 66 posts · 11 votes
    13y

    @Jonathan Hagan

    Welcome! I'm another active duty (Marine) newbie here.

    Congratulations on your commission, and good luck with all your new ventures.

  • Fridley, MN · Member since 2013 · 31 posts · 7 votes
    13y

    Welcome and thank you for serving our country. You will learn a lot on this site. Attend REI meeting and network. Utilize you tube. Don't pay for courses and training programs. . All the information is FREE if you look and search.

  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    13y

    Hey @Jonathan Hagan! Welcome to BP!

  • Investor · Watertown, NY · Member since 2014 · 5 posts · 2 votes
    12y

    Jonathan,

    Thanks for your service brother. I am an active duty Warrant Officer with the Army and have been buying houses at every duty station. the beauty of the military is that you do move around and you can invest in a new home at every duty station. the VA loan can be used on multiple properties due to PCS, but you cannot go over the 400K cap. I have a policy of not buying a property over 150.000 is I can help it. My wife an I have amassed a few (6) homes, and only one of those has been an outright investment property from closing, the rest have been primary residences at the current place of duty. we hire a property manager when we PCS to manage the properties.

    My lessons learned:

    Avoid HOAs -- they eat into your profits and generally have rules on the tenants that you are not there to enforce.

    Shop around for PMs -- some will offer great deals, but will also nickle and dime you to death.

    Take a good look at the repairs you will need to do before you PCS and budget for the work between you and the intial renters (after you have established the new Primary residence). This will maximize tax deduction on the rental.

    The units we have near military bases have a consistant rental history, but to better your odds and lessen the impact of a vacant unit, buy duplexes. or more (VA will let you buy a 4 plex and live in one as your primary)

    Hope this helps,

    Best of luck!

    Aaron

Join the conversationCreate a free account to reply, vote on answers and follow this thread.