Another Simple Way to Build Wealth in the Military – Purchase a Rental Property at Every Duty Station
In the military, we move way more frequently than the average person. I’ve been in 16 years and I’ve moved 8 times. Do you want a simple way to build wealth? Become a real estate investor by purchasing a property at each duty station and keeping it as an investment when you move. Here’s how this would work…
When you find out you are going to be moving to a new duty station, you start looking into whether there are properties in the area you could purchase, live in while you are there, and then keep as an investment when you leave. A few strategies to consider include:
- Purchase a multi-family unit, live in one of the units, and rent the rest of the units out. If you make enough, you can use the surplus from the rental units to pay for your mortgage, living rent/mortgage free. This is commonly referred to as “house hacking.”
- Purchase a property that is habitable but needs some serious work. Rehab it while you live in it, then keep it as an investment you rent out when you leave. This is known as the BRRRR stategy, which stands for Buy, Rehab, Rent, Refinance, and Repeat.
Using these two strategies (and perhaps others), you just repeat this every time the military tells you that you have to move. After a 20+ year military career, you’ll have a pension and a serious portfolio of rental properties. That is one way of slowing building some real wealth.
Where can you learn how to do this? I’ll admit that I haven’t personally done this, but this guy has. And he wrote a guide to tell you how to do it. In addition, the Bigger Pockets blog and podcast are great resources. Finally, some excellent real estate books that I’ve personally read include:
Purchase the books, get them from the library, learn how to do this, and start making your own Military Millions by building a real estate empire.