Post 3 Military Deployment and Starting on REI

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Post 3 Military Deployment and Starting on REI

Andrew Major
Rental Property Investor · Greater Philadelphia Area · Member since 2018 · 33 posts · 10 votes

As per my last couple posts, I describe my goals and plan of action here.  I am tracking my journey on here as I go to keep myself accountable (feel free to call me out). In summary, I wanted to analyze markets while on deployment so I know what a deal is when I see it (Fort Drum and Watertown, New York and Bethlehem and Lehigh Valley, Pennsylvania).  I also wanted to start assembling my teams and key players in these areas.

Update:

-Internet here is scarce, I am extremely busy. I have found time to analyze 12 deals in the past days which isn't bad.  I leave my phone in the only place in our area to download podcasts.  Past 20 days when I am at my desk/working out I have listened to around 30 ish BPpodcasts.  At night I unfortunately go out on missions and cannot be listening.  During lunch I read Brandon Turner's "The Book on Rental Property Investing" (Yes I plugged it).  I am also solidifying a business plan and my goals sheet.  I have been working 10-16 hours a day so I try to squeeze whatever in I can, along with working out.

-For assembling my team, I have had luck with 2 real estate agents and 1 property manager in Bethlehem and 1 property manager and real estate agent in Watertown, NY.  I do have to call on their references but it is hard because I do not have cell service and I feel some people think that using WhatsApp is sketchy. 

Questions: 

- What do ya'll think of my plan and how I am acting upon it? What can I do better?

- Is there an easier way to get people to basically apply or reach out to me?  I have just gone off the internet and pulled the agents and PMs off the internet, some don't get back to me and a lot want to call me.  The internet calling for one is patchy and has driven 1 away.

- For buying my first multifamily buy and hold, how would I go about buying it so that the house is ready for me and my roommate to move in back from deployment and have people live in? I know the due diligence phase is extremely important, and walking through the property is normal.  Long distance real estate investing seems kind of foreign to me.

Thanks for your help and time!

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  • Kenny Dahill
    Investor · Tempe, AZ · Member since 2018 · 1k+ posts · 731 votes
    7y

    @Andrew Major first off, thanks for your service!

    Regarding your question of an easier way to find agents or management, there are definitely solutions.  PM's not getting back to you should be a sign, either they are overwhelmed with the volume of work or are bad at responding.  If I understand correctly, you are looking for your first deal in those markets.  Once you have your property Burbz helps you receive proposals from management companies!  But you would need to own the property, or at least be closing.

    Your second question of having the house ready, there are a few options.  Buy it turnkey ready or hire a contractor to renovate while you are gone.  If you are in a military heavy city then I would imagine some agents even provide, or pick up, the coordination of vendors while you are deployed.

    Hope this helps!

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  • Richard Santi
    Rental Property Investor · Tacoma, WA · Member since 2016 · 26 posts · 26 votes
    7y

    Your motivation is awesome.  You're definitely looking in the right place.  I recommend the BP podcast #268 with Rich Carey.  He's in the military and invests long distance.  Also, David Greene (BP podcast host) wrote a book about long distance investing as well.

    However, for your first deal I recommend waiting until you redeploy.  Continue to set conditions and deepen your understanding of the market you want to invest in.  After serving 19 years in the Army and playing leg lottery in the Middle East, I've learned not to rush.  Make slow, deliberate, calculated decisions and manage your risk with solid exit strategies.  Good luck.

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  • Andrew Major
    OP
    Rental Property Investor · Greater Philadelphia Area · Member since 2018 · 33 posts · 10 votes
    7y

    @Richard Santi Thank you for your advice I will listen to that podcast as well I gotta finish up the ones I have so I can download that one.  I appreciate a fellow vet in this business.  

    @Kenny Dahill Thanks for the info, I will take a look at it when I am closing

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