im a 19 years young man who signed up in the service and im going to the boot camp soon. while in the service i was thinking on investing my like buying a house as soon as possible and rent it out. is it possible for a new military person to buy a house? i need some wise advice on my because i dont want to spend my paycheck with some kind of stupid things ->(shinny cars).

 

  • exactduke 1:01 pm on August 27, 2010

    I suppose you could invest in real estate. But I would imagine any loan officer would expect you to have at least one year in the Marines before you would be granted a loan.

    But ask yourself this – do you want to be a long distance landlord?? Given the state of the world today, you almost surely will get shipped overseas. And of course your house would be here in the states. How would you deal with collecting rent, fixing broken water heaters, clogged plumbing, etc??

    Since you are in the military, I would invest in the govt’s Thrift Savings Plan (TSP). It is one of the best retirement plans out there. Then once you get out, you can either roll it into an IRA, or pay the taxes, and buy your house. Or do whatever with this big pile of money.

    And I want to thank you for your service. I was in the army myself. You’ll love boot camp (grin). Good luck!!!

  • jim c 1:01 pm on August 27, 2010

    Just have it sent to your parents so they can bury you. The military was not a good move! We are on the verge of WWIII. and it is going to get ugly sooner rather than later. If you are in delayed entry, then refuse to take the oath, because you ar not defending the Constitution anymore since wars are now for profit. So if you want to die in vain, then go ahead and make the military industrial complex money and waste your life.

    I am not some nutjob leftist, I served 6 years in a combat unit, and it was in vain, and i seen a lot of good people die for profit.

  • james4078 1:01 pm on August 27, 2010

    You can invest anyway you like, Not sure of the regulations on your VA benefits, one of which is the is a VA home loan for active military. If you have all your money directly deposited into your account while on active duty you may buy a house and either have a family member take charge of it or hand it over to a professional real estate management company to handle for you.
    Befor you do invest in real estate ask yourself if real estate is the right fit for you. You may make more money investing in stocks, I know I make close to 8.5% per month with just a few simple strategies that does not take that long to master.
    Ask your self some important questions: what do I know about investing? How much do I have to work with? How much time do I want to put into this? what kind of returns can I expect to receive? Is this right for me?
    Good luck, Be safe and HU-RAH brother!

  • ken 1:01 pm on August 27, 2010

    when you get to boot camp you will be automatically assigned an account with a really crappy bank, when you get your first recruit liberty day (towards the end of boot camp) go to the Navy federal Credit Union on post, and tell them you want to open an account and transfer your direct deposit to them, they will help you with all the forms. Then when you get to your MOS school or your final duty station they have financial and investment advisers/analysts that you can sit down with and they can talk with you about investment options.

    Don’t waste your time with rental properties, you will be training or deployed too often (depending on your MOS) to be able to handle anything like that. Also be smart with your money, dont blow it every weekend on booze and bar chicks, a lot of marines do that and get out of the military after 4 years broke and nothing to show for it, or worse, severely in debt.