All Forum Posts by: Peter Whitaker

Thanks for all the advise. The reason I don't want to start now mostly due to being located in San Diego. The housing market is 2-3x more expensive here than it is in central NY where I plan to invest after the Navy. I'll be able to save enough in these next 4 years for at least 1 most likley 2 down payments when I'm out. Also, from my observation and what I have read, San Diego isn't the place to invest with a buy and hold strategy right now.

Okay, I'm mostly looking for reassurance that my plan is well thought out and I'm not making a bad decision. I am 20 years old right now in the Navy and I'm certain that buy and hold real estate is in my future. so here is my predicament. since day one in the Navy I have been putting $300 per month into the military version of a 401k, called TSP. I don't get and company match on it and the account now has about $6,000. By the time my contract is up this amount should be somewhere in the range of 22,000-25,000, plenty to fund my first real estate acquisition after the Navy. What i want to do is withdraw the $6,000 (its roth so I shouldn't take much of a hit from taxes), roll it into a 3 year CD and continue the $300 per month saving. this way the money will be safe from the stock market and more accessible when the time comes to purchase real estate. Me and my wife plan on using a VA loan to buy a multifamily to live in virtually free, and use this nest egg to purchase another multi or single family. This way we should be able to own 2 Cash flowing properties within a relatively short time (6 mo. or so) after I'm out of the Navy.

Thanks for the advise! We have already started saving for our first investment property when we go home. We plan to buy a multifamily on a VA loan(up to 100% financing), live in one unit and rent the rest out for our first investment. I just hate the thought of having to wait 4 years to get the ball rolling. I will keep learning as much as I can so when the time comes I can hopefully avoid as many mistakes as possible. In the meantime I might start college while in the Navy. I'm thinking about Business Administration with a focus on entrepreneurship, since it's free anyways.

I'm 20 years old enlisted Navy stationed in San Diego for the next 4 1/2 yeRs. I've been reading this site as well as many REI books for the past year and I'm itching to actually get involved in investing. Given my current situation being in one if the more expensive real estate markets in the country, and living on a relatively low income what are some actionable steps I can take to getting my first deal? I'm from the Syracuse NY area and plan to live/ invest there after I'm done in the Navy so investing out of state there is a possibility also.

If you were just starting out, would you pursue a day job in the Real Estate field as opposed to any other non real estate career if the ultimate goal was to retire by 35 using a buy and hold Multifamily strategy? If so, what are some job options with decent pay (50,000+ hopefully). And degrees that would be required to break into the field? I ask because I am in a position (in the Navy) where I can go any direction I want in a couple if years where college will be fully paid for and I just want to make the choice that will get my where I want to be the fastest. I'm 20 by the way. Thanks

@Paul Timmins Thanks Paul. I have been listening to the podcasts, and i just read Millionaire Real Estate Investor which was very good with a few more books on order also. I'm going to look for a local REIA meeting very soon.

@Forrest B. I will be able to get into base housing since we have already been on the waiting list for awhile now and are almost at the top. I think waiting is the best choice and just save as much as possible while I'm in. Thanks for the advice.

@Michael B. Valid point for sure. I think i need to just slow down for now and learn as much as i possible can.

@Richard Montoya Thanks for taking the time out of your day to give me a lengthy response, i appreciate it. My ultimate real estate goal is to buy and hold to create cash flow and gain equity for an early retirement but, after these 5 years in San Diego i plan on moving back to Central New York so my concern with getting into MFH here is trying to manage the property from the other side of the country. Whereas if I got into SFH then i could sell before I leave. Maybe there is a flaw to this train of thought but, as a beginner investor I'm not sure if i will be prepared to be a landlord from 2,000 miles away with only one property owned.

Background: I'm 20 years old, active duty Navy stationed in San Diego for the next 5 years.

So, my wife is going to be moving out here from New York where we are from in June. Right now she is living with her parents while I have been going through training for the past year and a half. Our plan all along has been to move into a military housing 2 bed 1 bath home for 1600 per month. I have recently become extremely interested in real estate investing and have been reading books, listening to pod casts, and studying these forums religiously. So I'm coming to realize that renting might not be our best option and that buying a house to eventually flip or possibly rent when we move on might be much smarter. My question to you more experienced investors, what would you do in my situation? Would you buy now rather than rent or maybe rent for one lease agreement to give ourselves more time to search the market for a home? I appreciate any help i can get! Thanks.

Thanks to everyone for your thoughtful responses. I guess the general consensus is to get a degree in a related field to REI but, not to rely it for the majority of what I'll need to know to be successful. I look at myself getting a formal education as a way for me to earn the capital to invest while at the same time gain valuable business skills that will help me in REI. I'm very grateful to have found BP.