All Forum Posts by: Benjamin Hewitt

@Jaziel MaldonadoRoman You can actually take out a loan from your TSP for a primary residence without penalty, and you can repay it over a period up to 15 YEARS. The TSP website explains the various ways in which you can access the money you have in there. Check it out here: TSP Loan Types

Let me know if you want to talk in more detail about how to leverage and plan your finances. While I'm new to the real estate strategy, I am a registered Financial Advisor who specializes in military clients (and I'm military myself). 

@Ryan Thomson Like so many things, it all depends on your situation. Fee-based, fee-only, commission-based... which one is right depends on your situation. Everyone's general advice here is going to be based on their experience(s) which may or may not be appropriate for you. 

The best answer (not one that most people want) is that you have to put in the work to interview Advisors and figure out what works best for you. Sometimes it's best to not have an ongoing fee when you're not utilizing the Advisor much (then commission-based could work). Do you want a transaction based relationship where the company pays the advisor's costs/ fees or someone you can call whenever you want to bounce ideas off of, but you have an extra cost (fees)? 

Depending on your situation, you need to determine what's best for you. There are pros and cons to both.

@Mitch Vogatsky that's interesting... what aspect of Financial Independence, Retire Early (FIRE) would a financial planner be opposed to? Typically it's characterized by extreme savings and investing, right? As a Financial Advisor myself, I'd LOVE to have clients with this mindset... so I'm curious what the hang up would be. 

Footnote: while I am a Financial Advisor, and I do welcome inquiries in that area, that's not my purpose for posting this interaction or response - I'm genuinely curious.

@Mitch Vogatsky You're getting all sorts of advice from people who only know a small portion of your situation. And while they may have success in their respective areas, what you need to do is find a financial advisor to work with, so you/they can establish a comprehensive plan for your finances in order for you to reach your goals. Otherwise, you're stuck piece-mailing advice from sources that don't know you. What was said so far in these responses sounds solid, but without knowing everything you have, what your specific goals are, what you're planning on, and what your personal thresholds for risk are, as well as what exposures you have, you're ultimately shooting in the dark. You could get lucky with their advice, but you're essentially left to your own devices for making it work. Find a professional to help you plan. A good financial advisor is worth their weight in gold. 

@Jamaica Adviento I'd be happy to speak with you and/ or your father. I am in the military currently, and I am an Financial Advisor. The team I work with specializes in military and public service members. You've received some pretty scattered advice here, and while some of the advice may work, there's no way to know until more details about the situation are known.

Always happy to help and serve. I live in the San Diego area, but we have clients all over the country, and at all stages of life.

Second post! Here's my introductory post: Benjamin's Intro Post

I'm still building my knowledge and appreciate, so any and every bit of feedback and perspective is appreciated!

TOPIC: Finding the 1% Rule

I'm a fan of this guideline (The 1% rule). I don't want to get bogged down with too many details as I try and make my first purchase and this seems like a good cornerstone. I feel paralysis by analysis could become a real thing! That said, it seems impossible to find in my market (San Diego, CA) without purchasing something in extreme distress. I'm open to other markets and would eventually want to buy in the following areas:

CALIFORNIA: San Diego, Anaheim, San Luis Obispo

TEXAS: Canyon Lake area

Questions:

1. Are there ways to find markets that offer the 1% rule? I'm open to just about anywhere that makes sense (knowing that being absent from the area can make it harder to manage)

2a. For more expensive markets (i.e. San Diego) is there a modified rule similar to the 1% rule?

2b. If there is, what caveats are there to consider?

Thanks in advance for reading and responding! You are appreciated.

@Chris Levarek Thanks so much. I've taken so many personality tests that I mix up results and codes and forget which one applies to which. (It's also been a few years since my last one). 

My 2022 goal is to acquire 4-8 units, and cash-flow an average of about $250 per month per door. From there, my conservative goal is to own 50+ units within the next 10 years. Aggressive goal is 80+ in the same timeframe. 

@Doug Spence I'd love to meet up and pick your brain, as well as learn more about the Mastermind group opportunities. 

@Chris Levarek how would you recommend I generate awareness for my strengths? For instance, I have pre-2007 market experience in appraising, and commercial real estate (held my license at that time). I have a practice as a Financial Advisor (individual financial planning), and I am a commissioned military officer. Professionally, I excel at establishing operations (I'm currently doing that full time for the military). I have developed training programs in a variety of industries that focus on streamlining efficiency. 

I feel like I have a crap-load of transferable skills, but I'm still learning how they all apply to real estate.

@Christina Labowicz thanks for the info. That's definitely what I'm looking to do. My biggest challenge right now is that my wife wants to house hack in an area where she feels safe. Which, from my understanding isn't always the most profitable of areas (close to the beach from Carmel Valley - where we currently live - up to Palomar Airport). 

My wife is about to take her Real Estate exam, so I'm hoping MLS access will help. We're not in a rush, but I'm definitely anxious to get going. My plan is to have 50+ units by the time I'm 50 years old. I'm obviously still learning what makes a "good deal" too.