New BP member stationed overseas, looking to buy 1st place soon!

[Brandon Davis]

Hi all,

I just joined BP and am pouring through the beginner's guides, but wanted to introduce myself and ask some questions. I'd appreciate any help you all could offer.

First, a little background. I'm a Naval Officer stationed in Italy, but will be getting back to the U.S. early next year. I do not know where I will be stationed yet, but most likely will be San Diego, CA. I have a 6 month Navy school before I get to my next ship though, so will be actually arriving my next duty station in the fall of 2021.

I definitely want to buy a house or condo where ever I get stationed next, but also want to buy an investment property near my family in Ft. Worth, TX. I feel like the DFW area is a great market to get in, and there is so much potential there. I have started looking there, and was thinking of really starting the buying process this fall/winter, before I get back to the U.S. and just do everything remotely (Is there anything I will need to do in person to buy? My family can help with somethings, but as far as contract signing, can this done digitally, or mailed, or do I need to be there with the seller to sign?)

A little background on the financials and what I am looking for:

-For the rental property in TX, I'd like to keep it around $200k or less, and am looking in the DFW area. I'd like to buy a decent sized single family home, or maybe stretch my budget up a little higher for a duplex.

-Assuming I will be stationed in San Diego, CA for my next duty station (I find out around fall of this year), I am planning on using a VA loan to buy a condo, or MAYBE a single family home if my budget will allow. I am hoping to find a place around $500k.

-My credit is pretty good, about 775, and I have $75k in saving to put towards a down payment on an investment property in TX and still have funds in reserve to cover things until I find a renter/missed rent/incidentals, etc.

-Should I wait to buy an investment property and focus on buying a place at my next duty station first? I have enough to cover a 20-25% down payment on the rental property, and any other expenses, and plan to use a 0% down VA loan for the place I will buy at my next duty station. Will already having the mortgage from buying the investment property make it difficult to get a mortgage for the place I will buy to live in at my next duty station, or can I count the rent I make on the TX property as income to balance that out?

-Is it recommended to start an LLC to buy a rental property in this situation? That way the debt won't be mine, it will be the LLC's, and I will still be free to get the loan on the place at my next duty station in my own name. Also, I was thinking that I could designate a family member as a member of the LLC, and they could take care of things for the property since I will be stationed out of state and will be deployable my next tour?

Thank you in advance for any advice you can provide to get started in real estate!

-Brandon