Active-Duty Service Member's Guide To Finding An Investment Property
As a military family, you move a lot. However, it does not mean that you cannot take advantage of investing in a rental property. In fact, given your unique situation, you could find a home that your family will live in while you are stationed in the area, with the sole goal of renting the home out once you receive orders to your new station. If you want to build your family's wealth, while still serving, learn about some of the things you pay attention to while you search.
VA Loan Guidelines
Familiarize yourself with the guidelines if you plan to use a VA loan. This loan program requires that each buyer lives in the property for a set period before they can rent the property out. You need to make sure that your orders will keep you in the area for at least this period, or that your family is prepared to stay at the duty station until this requirement is fulfilled should you receive orders sooner than expected.
Target Renter
Know what type of renter you want to target when you get ready to transfer. The type of renter you want to target will help you determine what type of property you should choose. For example, if you have a small family, and you want to target single, young, servicemembers, a property closer to the military installation might be a better option. However, to attract larger families, a home that is further from the base and more secluded might be ideal.
Popular Home Style
You also want to make sure you choose a home that is designed in a popular style. For example, if most of the properties in the area are 3 beds/2 baths, you probably do not want to choose a property that is 3 beds/1 bath, especially if the properties are in the same area and at a similar price point. Most of the time, people are going to go with the option that provides more convenience, which in this instance is the home with the added bathroom.
Relocation Services
Once you know what you are looking for in a home, a relocation professional can help. These professionals are in the business of pairing military families with homes that meet their needs both in the short-term and the long-term. Let an agent know what you need, and they will go from there.
Keep all these factors in mind as you search for a property at your new duty station, and your military relocation will be a breeze.