Getting Started in Real Estate Investing

[Danny Young]

Hi Everyone,

My name is Danny and I just joined this forum and the Bigger Pockets website this week. I just wanted to introduce myself and I look forward to participating in this forum and learning all about Real Estate Investing.

A bit about myself: I'm a member of the Canadian Armed Forces and have been in uniform for the last 18 years with the last five years as a full-time member. I've thought about getting a rental property after reading the Wealthy Barber a few years ago, but I figured the posting cycle and the high possibility of getting posted to the other side of the country wouldn't make owning an investment property feasible. 

Just found out over Christmas that I have a medical condition that will not allow me to serve in the military anymore and I'll be forced to retire sometime during the next 2-4 years. I love my job and I'm devastated that I'll be losing it. However, it is said that when one door closes, another opens. 

Although there are great programs for medically released military members, I've decided that if I can't do the job that I love, then I don't want to "work" anymore. So I'm going to become a real estate investor with the goal of replacing my active income with passive rental and investment income by 2025. Am I crazy? Probably! But I've seen and read about people who have done more during less time. I also plan on reinvesting every cent earned in this new venture until I reach my goal.

After spending the last two months reading Rich Dad, Poor Dad, Real Estate Investing in Canada for Dummies, listening to Sarah Larbi's podcast, watching Matt McKeever's youtube videos (to name a few), I'm jumping right in and looking to purchase my first property to BRRR somewhere in HRM during the next few weeks. I'm in the process of refinancing my mortgage in order to pull some equity out of my home and along with some savings I'll have about $60k to get started.

My first deal will hopefully be a detached single family home or duplex. Plan here is to acquire the property, do some strategic renovations, and find some renters, and do all the property management myself. Although the obvious objective is for the property to cash flow, the focus will be on educating myself on being a landlord, learning this business, and developing contacts. If I like it, I'll move towards getting the next property and pursue my goal. If not, I'll just sell and move on with my life.

I'm also in the process of putting a team together. I already have an amazing Realtor in Nas Klayme at REMAX Nova. He's also put me in touch with a mortgage broker, lawyer, accountant, contractor, etc. However, if anyone has any recommendations for people they've used in the past, I'd be very interested.

That's it for me, sorry for the long post. I hope I can connect with some of you and I would appreciate any advice you might have along the way.
Cheers,

-Danny

[Chris Stroup]

I got medically discharged from the Army late last year.  It can be a tough transition but having something lined up for when you get out makes it easier.  Having a purpose and a group to belong to is really important.  Real estate has provided all the for me.  I found a great team to be a Realtor on and I partnered with a couple other Army guys.  It is going to be tough but there are so many options and you will have the freedom to create the life that you want.  

It is definitely possible to scale that quickly.  The fasted way to do it? Find other people with the same goal and the same amount of money as you.  Make sure each person has different skills.  In my partnership, we have a contractor, a Realtor, a guy that deals with the book keeper and all the money things, and well a guy that is always deployed. hahahahaha.  Everyone has a strength that complements someone else's weakness.  An example, 2 of the guys are quick to take action, sometimes in the wrong direction.  Quick to action can be great but to compliment them, I am a bit calmer and collected.  This comes in handy when a contractor does something stupid but we still need to keep the relationship.  The quick to action comes in handy when we have a person that won't leave our Airbnb hours after their checkout time and they are causing problems.

Real estate is amazing and if you really dive in it is life-changing.