Currently serving in the army. New to bigger pockets. Any help ?

Question

Hi. I am currently serving in the army. I am a 21 year old female. I am new to bigger pockets. I want to get started in real estate when I get back home to Louisiana. Which should be fairly soon. So I would be extremely grateful if anyone would like to help me out or give me some tips!

Thanks!

Joshua Dorkin · Answer

Hey @Jordan Smith - We put the following guide together for folks just like yourself: Investing in American Real Estate While Serving in the US Military

Brandon Turner · Answer

Hey @Jordan Smith welcome to BP!

Greg Fend · Answer

Welcome to BP from another active duty Army investor! It can be a challenge, but with all of the great resources, information, and people here it is possible to get started while still serving. One thing I think is important when starting out is this: Try to figure out what your niche will be and learn as much as you can, while taking steps forward in your plan. You'll be amazed at all of the information here on BP and can easily get sidetracked from your goal (Squirrel!). Once you get good at your focus area, then you can expand into other areas. I think a lot of beginners' problems are that there are so many little specialized areas that they can focus on, they end up not focusing on any single one. Good luck, and welcome to BP!

Erin L. · Answer

@Jordan Smith , welcome! You will find many others here by doing some searches in the same situation as you. We own a duplex and have been active duty for about 15 years. The duplex route is fantastic for someone young with not a lot of income yet because you can basically live "for free" while your tenant pays the mortgage on the building. This frees you up to pay for repairs and improvements as you go and learn DIY by having the time to put into the property since you live there full time. Also, living on site eliminates most of the problems people have with tenants before they even begin. Except paying on time, only screening a tenant properly can help prevent that. You will be able to use your VA entitlement to buy a duplex or triplex as long as you can live in the property for a year. There is a ton to learn about the process but this is probably one of the most affordable ways to jump in at your age while you learn the ropes. I would recommend doing so at your final landing location once you separate, because you will want to reside in the property for a while. I would get yourself a few books from the library on landlord/tenant books, some basic property investing books, and I mean BASIC - start there so you can learn the lingo. Then listen to all the podcasts you can while you work out, drive, or at home, they are fantastic and I find something useful even in the episodes I didn't think would apply to me :) I recommend out of a big stack of library books, pick one that seems really useful and you would refer to over and over and purchase that one. Good luck to you, many of us start just as you are and learn as we go. Great way to have someone pay for your housing while you search for your next career move after the military!

Michael Lemieux · Answer

Welcome to BP @Jordan Smith . I think @Robert Leonard wrote down my thoughts exactly. (kinda scary : ) I think you'll find alot of answers here.

Jordan Smith · Answer

thank you @Robert Leonard I will be putting your advice to use. Thank you so much !

Robert Leonard · Answer

Welcome to BP @Jordan Smith! There is a lot to learn to get started. You should always know what you're doing and why you're doing it when you invest your money. I recommend you listen to all of the podcasts and take notes. They are like short courses on all of the different investing strategies and how they can be applied differently. You should find a lot of the questions you need to figure out to understand what they are doing and why they are doing it. Then with your notes, you can use the search feature here to see if someone else already asked your question. If you don't find the answer to your question, then post a new topic and ask. You'll get answers from experienced investors who are here to help each other. You're gonna love this site. I'm glad you found it! CSM (RET) Rob Leonard

Jordan Smith · Answer

Thanks for your help @Joel Owens I will be making a plan soon.

Joel Owens · Answer

Then before you do anything write down a plan of what it costs for you to live on each month. Then look at your net worth and liquidity through a personal financial statement. You will see based on bare bones living requirements how many months of reserves you have saved up currently in liquid cash. From there you need to define what your real estate path looks like. Is it only investing? Getting licensed as an agent for a career? Both ? You are standing at a crossroads in a circle looking at 10 different paths to walk down. You need to analyze each one carefully to choose the best one for you. You don't want to hastily go strong forward down one path to have to back track and start over again. All the best.

Jordan Smith · Answer

@Joel Owens I won't be in the military much longer.