127: Buying Property While Stationed Overseas (and a $40k Rookie Mistake!)

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 3 November 2021

⏱️ 62 minutes

🔗️ Recording | iTunes | RSS

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Summary

Military members in the real estate community love to preach about how great the VA loans are for financing primary residences. They also love the fact that these primary residences can be turned into rentals, quite easily, when the military decides to station you elsewhere. This is exactly how Angel Garcia got his start; accidentally investing in real estate, all while stationed overseas. Angel bought his first house as a way to ensure financial security for his wife and daughter, but when he was re-stationed, he decided to give landlording a go. He bought another primary residence, but once again, was forced to move, leaving him with two rental properties. He started to notice the cash flow coming in, and with some help from David Green’s Book Long-Distance Real Estate Investing, he made the jump to invest out-of-state. He made an offer on the perfect property, a $55,000 duplex, but when his inspector wouldn’t even enter the house, he knew he may have made a mistake. This home had $40,000 in foundation damage that needed to be repaired, turning his small investment into a cash-heavy burden. Through perseverance and the ability to learn from past mistakes, Angel was able to make this rental cash flow a respectable amount and it allowed him to get even further along the path to financial freedom. In This Episode We Cover Opening yourself up to investing, even if you were raised without an investor’s mentality Using rental property investing as a way to secure generational wealth for your family Utilizing VA loans to get 0% down financing on your primary residence Why you need to be careful you don’t talk yourself out of a deal Why you should always “do something” even if you can’t buy a property yet Recovering from a $40,000 surprise when rehabbing a property How to help those around you even if they don’t seem interested in learning And So Much More! Links from the Show Real Estate Rookie Youtube Channel Ashley's Instagram Tony's Instagram Real Estate Rookie FaceBook Group BiggerPockets Podcast Brandon Turner Joshua Dorkin Youtube David Greene Zillow Realtor BiggerPockets Calculator BiggerPockets Forums Check the full show notes here: https://www.biggerpockets.com/rookie127 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	All right you guys rookies before we get to today's show we have a quick favor to ask yeah guys
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1:14.0	board slash circle for access to exclusive content and a chance to make your feedback heard now enjoy the show guys
1:22.0	This is real estate rookie episode 127
1:30.1	Worrying doesn't nothing obviously. It's important to have some concern
1:34.0	But if I were to sit here in my worry all day long imagine how much time I'm wasting taking action on something
1:40.1	If you even know what it is that you want to do plan prepare execute and assess
1:47.2	My name is Ashley Care and I am here with Tony Robinson
1:52.5	So today I am wearing a Fleetwood match shirt and we all remember the Tommy Boy incident when Tony first came on to the show
2:01.5	Well, we had another incident today because he did not know who Fleetwood Mac was so we had to start off
2:08.4	Right before I recording with our guest. We all got hyped up on Jereem by Fleetwood Mac and he goes oh
	...

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