Military Newbie from Albany, NY area

Military Newbie from Albany, NY area

New London, CT · Member since 2018 · 5 posts · 2 votes

Hello Bigger Pockets!  My name is Colin and I am currently living just north of Saratoga Springs, NY.  I am currently in the US Navy, and am at the point in real estate that I just started feeling comfortable enough with the lingo to start analyzing different deals, for practice, off Zillow (newbie).  I have started looking into the buy and hold markets of Troy, Schenectady, and Glens Falls.

I recently went to Greece and had such an amazing experience that it completely changed my view on life.  My overall goal for investing is to earn enough passive income so that I do not need to "work", therefore enabling me to travel and see the world.  I want to be able to just pickup and go, whenever and for however long I want.  In the past, I viewed this sort of lifestyle as just a pipe dream. After the trip to Greece and the technology that enables investing in RE anywhere, it seems that my dream life style can actually be achievable.

I am currently working on my 12 year buisiness plan (how much longer I have in the Navy until I can retire), with the goal of not having to get a "job" when I get out. Im not opposed to then becoming the property manager of my properties, and actually think I would enjoy it (most days of course). I think house hacking is genious, but I will be transferring to Groton, CT at the end of the year and therefore will not be able to hack that way. Instead, I actually plan to convert a bus to live in, eliminating the need to pay rent or a mortgage (kind of hacking it).

I would like to give a shout out to @Joshua D., @Brandon Turner, and of course @David Greene for a great podcast which led me to bigger pockets and the motivation to follow my dreams. Brandon's books were great (I had to buy the paperback hardcopies after listening to it on audible just so I could continue referencing the material), and after halfway, David's book is just as great (hardcopy in the mail now).

I look forward to utilizing all the resources on this website, starting with the webinar tonight, the connections that can be made, and of course sharing my experience and lessons learned.

- Colin  

@David Greene

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Real Estate Agent · Falls Church · Member since 2012 · 2k+ posts · 1k+ votes
7y

Hello! @Colin Peffley

Welcome to BP, and congratulations on making the decision to invest in your future via real estate.

I have written a few blog posts that may help you get started here on BP, and with your investing. Please click on the links, give them a read, and share your thoughts in the comments.

First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:

https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp

The second is a post that will help get you focused with your real estate investing goals:

https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciated

The last one is a post that will help you choose an “investor friendly” real estate agent. There are many agents out there, but it’s important to choose the right one.

https://www.biggerpockets.com/blogs/5868/52724-im-new-to-investing-how-do-i-find-an-investor-friendly-agent

I love answering questions if you have any! Good Luck :)

See this reply in the discussion

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  • Vitaliy VolpovPro Member
    Investor · Albany, NY · Member since 2015 · 134 posts · 132 votes
    8y

    Hey Colin,

    Welcome aboard and thank you for your service!  I have been investing in long-term buy and holds in the Capital Region for 7 years now. If you need any help or have any questions, feel free to reach out!

    Vitaliy 

  • New London, CT · Member since 2018 · 5 posts · 2 votes
    8y

    @Vitaliy Volpov Thank you, I will keep you in mind!

  • Rental Property Investor · Glens Falls, NY · Member since 2016 · 176 posts · 169 votes
    8y

    Hey Colin- First of all welcome to Glens Falls! Great market with rising rents and pretty low prices. Reach out if you'd like to meet up!

  • Investor · Groton, CT · Member since 2015 · 97 posts · 28 votes
    8y

    @Colin Peffley welcome! I actually was born in Saratoga Springs, NY, have an investment property in Rochester, NY, and now live in Groton, CT and I have started investing in this area haha.  Feel free to reach out if you ever want to chat.

  • Groton, CT · Member since 2018 · 10 posts · 0 votes
    8y

    Welcome @Colin Peffley - I'm also getting started and respect your desire to be independent. I just moved to Groton, CT a month or two back and purchased my first multi-fam in Rochester, NY just last month. Interesting market and finding a deal isn't easy but I will say that it helps having a great property management company on your team. I'm working with the Updegraff group and am having good experience. 

    @Jaclyn P. - what are the odds to find someone else in Groton also investing in Rochester :) Hi!

  • New London, CT · Member since 2018 · 5 posts · 2 votes
    8y

    @Jaclyn P. @Kelvin Espinal, thanks for the welcome!  What made the both of you interested in Rochester?  Any luck in Groton?

  • Investor · Groton, CT · Member since 2015 · 97 posts · 28 votes
    8y

    @Kelvin Espinal that's crazy that you also invest in Rochester but live in Groton.  What made you decide to invest there instead of the Groton area?

    @Colin Peffley I used to live in Rochester, NY and bought a 3-family property to live in, with the intention of moving out at some point and renting it out fully.  That was our entry into real estate.  I did a flip in Groton last year and did well with it.  I am currently looking to buy my first rental in the SE CT market.

  • Property Manager · Groton, CT · Member since 2017 · 130 posts · 81 votes
    8y

    Hey @Colin Peffley!

    I am a real estate investor who was also stationed in Saratoga for a bit.  Only 6 months though, long enough to see it go from small town to Ferraris in the streets back to a small town!  HAHA

    Anyway, my wife and I invest in SE CT and have been able to make some great deals work.  I've established a great team here and, like you, hope to live free and clear.  I stated a little later though and plan on quitting my "9-5" in about 5 years or so (at age 40), but then have my business(s) completely self sufficient by the time I'm 50.

    I also have a property management business called MOXIE Management based in Groton.  I only do investment type properties, not large apartment complexes.  Single Fam, 2-3 multi-fam and small apartment houses.  Since I am prior military, I understand the uniqueness of the situation and able to adapt to the unique schedule.  OK, business plug over....haha

    WELCOME, thank you for your service, reach out if you have any questions or just want to get a beer, good luck and most of all have fun.  If it's not fun, it's not worth doing!

    -Dave

  • Real Estate Agent · Falls Church · Member since 2012 · 2k+ posts · 1k+ votes
    7y

    Hello! @Colin Peffley

    Welcome to BP, and congratulations on making the decision to invest in your future via real estate.

    I have written a few blog posts that may help you get started here on BP, and with your investing. Please click on the links, give them a read, and share your thoughts in the comments.

    First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:

    https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp

    The second is a post that will help get you focused with your real estate investing goals:

    https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciated

    The last one is a post that will help you choose an “investor friendly” real estate agent. There are many agents out there, but it’s important to choose the right one.

    https://www.biggerpockets.com/blogs/5868/52724-im-new-to-investing-how-do-i-find-an-investor-friendly-agent

    I love answering questions if you have any! Good Luck :)

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