I want to start my Real Estate portfolio, while I am in the Navy? Should I?

Hello everyone, My name is Justyn Sprinkle and I am soon to be Navy Seal, or atleast going to train for it.

I leave in 3 months, and I want to hear some constructive critisism on the topic of if you think I should buy a house, and have my father manage it and rent it out while I am gone to build equity throughout the years I am away?

What do you think>?

Thank You!! :beer

First, thank you for your service.

Second, go to school and focus on the here and now, not investing. If, at some time during your career in the Navy, you find that you are on a stable, long-term assignement with few deployments, then you might look into active investing…

My two cents.

Keith (Retired CW3)

Well thanky ou for your service, and the advice.

I guess I just look at the possibility of building some equity while I am away, to try to kill 2 birds with 1 stone so da speak.

I am going to invest after my term, and I will have a nice nest egg to start with.

But while in thier, I just thought, to myself if it would be worth it.

I agree partly with Keith except that…

If your dad can manage the property for you and not have to worry you about it and it does not distract you from your Navy Training then I say go for it.

Now is a great time to buy. Even if you just buy One or Two properties a Year, think of where you will be in 20 years in the Navy.

I also thank you for your service to our great country. :biggrin

For the record I am medically retired from the Army.

Well, I see as though I will be busy, I will making money, and if I can rent it out, I see that all that equity will be great to have.

But I still would like more feeback.

Thank You. :help

its great that you are thinking of the future, but the devil’s is the details.

first and foremost, is does your father have property mangement expereince? if not, this is serious flaw in your plan. all it takes is one set of smooth talking tenants that turn out to be dirtbags to turn this plan upside down and consume lots of cash.

also, many rental properties (especially single family homes) do not produce income, but consume money; this is especially true in the years of ownership. this strongly depends on where you live.

lastly, you need to have time to find a real deal. if you have no experience you need to go out and look at 50 or maybe even 100 homes and really gain some understanding of what the market in your area is like.

if you want to pursue this I would do the following:1) get someone experienced in real estate investing to guide you, 2)get experience property management lined up and 3)get your numbers in order (i.e. know what you have for downpayment, talk to banker about a loan and understand how to calculate PROPERLY the holding cost a rental property…its not just the mortgage payment)

Good luck

P.S. if you want to know more about about using property management, check out some of old post as I have 4 firms currently handling my properties