All Forum Posts by: William Potting

That is what I do as well. We currently have 4 properties near all the bases that we lived at. I do my own property management, and a few take aways I have learned over the last few years are the following:

1. Renting a SFH military town is easy, but finding a good tenet is not as easy. Since so many people are transient, it really pays to buy in a nicer area where senior officers / enlisted live. That is what we have done with our properties. They have a higher willingness to pay, and if you can get a fixer upper in a good neighborhood, you can both cash flow well and have have great equity when you leave. Currently, the houses where I have purchased near high officer/senior ranking members cash flow between 30-40% above my base mortgage.

2. If you buy in an area where it is cheaper / lower ranking members live, I would definitely plan on playing the long game. I currently own a town home where I barely break above even when all expenses are added in. However, the equity I am getting each month in both appreciation and principal is now reaching about 50% of the mortgage. So even though it hasnt cash flowed well in the last 10 years ive owned it, I used no money to buy it, I am gaining a good amount of equity each month and when the mortgage is paid off in another 10, I will just be getting out of the military and 100% of the rent will be coming to me.

3. For property managers, I found that it was easier to use them when I bought near cheaper areas. However when it comes to senior officers/enlisted, the hassle is actually not that bad. They are usually self motivated (hence the rank), and will usually fix things on their own.

If you have any more questions let me know. Id love to talk more!

That is very helpful information. To be honest, I hadn't really thought about looking at the tenants' ranks but now that you mention it, that makes a lot of sense. I've had Marines in my unit that I would never want as a tenants.

Thanks!

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Originally posted by @Jerry Padilla:

@William Potting

I work with investors that have gone this route and have moved around as a result of Being in the military. Are you aware of second tier entitlement when you have to move for the second time? I am glad to send you more info on VA Financing or answer any questions that you have on financing.

I haven't heard of second tier entitlement. I'd definitely love to find out more though. Thanks!

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Hi all,

I'm still doing a lot of reading, researching and listening to the BP podcasts. I just finished The Millionaire Real Estate Investor and The Book On Rental Property Investing on Audible. I'm really excited about REI and I'm positioning myself financially to get started.

Currently I am renting but I'm looking at single family homes to purchase, live in for about two years (I'm in the Marine Corps and will be moving from Chattanooga, TN to Camp Lejeune, NC at that time) and then renting it out once I move.

Has anyone ever done this before? I'm already familiar with "house hacking" from the podcasts, Brandon's book and webinars but with a wife and three kids, house hacking in a single family home is not an option.

I'm also thinking about going PRO so I can take advantage of the calculator to help me out.

Has anyone bought a single family home, lived in it for a few years and then rented it out? How did that work for you? Just looking for some insight and maybe advice.

Thanks!

0 Votes

Ben,

I started an infinite banking plan three years ago after months of research, reading, the Infinite 101 course at Paradigm Life, and a few extensive interviews with one of the Paradigm Life agents, Justin Atkinson.

This isn't some get rich quick scheme and now, after three years, I am seeing some serious capital being built through this system of infinite banking. I've used my plan to finance vacations, loans and gifts. I will soon be using it to finance my first Real Estate deal when I'm ready.

Hope that helps.

Bill

3 Votes

Has anyone heard of or looked at Mike Gazolla's website, "TeachMeMike.com" or read his book, "Real Estate Investing That Works!"? If so what are your thoughts/experiences with the product/Mr. Gazolla?

I came across the "Real Estate Investing That Works!" podcast which seems to be very informative but, as I have read a lot on these forums and in the BP book for beginning Real Estate Investors, I should be leary of those that claim to know the "secrets of real estate investing".

Just wondering if anyone has heard of this or paid for the system that Mike Gazolla sells.

Thanks!

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I've been using the infinite banking concept for three years building capital. I am just starting to see how powerful this system is this year. I've used my "personal bank" to finance gifts, vacations and pay off loans so far. Now that I am starting to see a lot of capital built up I am planning on using it for a down payment on my first Real Estate Deal (once I'm ready). What I love about this is that it is an "And" asset. Even when I take out money to fund an investment opportunity, that money I take out is still building interest as if it never left my "bank". For instance, say I have $20,000 saved in my plan and I take $10,000 out; I am still building interest on the $20,000 as if no money was taken out. I then pay back the loan of $10,000 at my convenience. Then it's Wash, Rinse, Repeat! It took me a lot of research, reading and finally sitting down with an expert in this system before I was able to fully wrap my head around it but I don't regret it at all and wish I would have learned about this strategy years ago!

Hope that helps.

3 Votes

Hey Jeremy!

You're not alone! I'm also active duty military (U.S. Marine Corps). I'm new to REI and found BP through one of the first REI books I read. So far I'm learning a lot through webinars and this forum.

Hopefully BP helps you continue your journey in REI with better results than your first deal.

Keep in touch!

0 Votes

Nick,

I'm currently an active duty Marine and extremely new to the REI world. Just starting to learn about REI through books and this BP site. If there was a podcast that focused on REI for members of the military I'd definitely listen!

1 Vote

Hi Everyone! Newbie from Hixson, Tennessee (originally from Northeast Ohio).

Just starting to learn about REI. I've been reading some books and came across this site when reading the Ultimate Beginners Guide to REI.

I'm currently an active duty U.S. Marine, married with two kids and one on the way. Right now I'm still in the learning phase and building capital for my first investment. I eventually would like to get into buy and hold rental properties but am thinking of flipping vacant lots first in order to help build capital and confidence.

I look forward to learning more from you all!

1 Vote

All Forum Posts by: William Potting

William Potting has started 4 posts and replied 10 times.

Post: Robert Kiyosaki’s Rich Dad’s Cashflow Real Estate Blueprint

Post: Advice on buying a single family home to live before renting out

Post: Advice on buying a single family home to live before renting out

Post: Advice on buying a single family home to live before renting out

Post: Paradigm Life, Infinite Banking, Whole Life Insurance

Post: Mike Gazolla's "Real Estate Investing That Works!"

Post: Infinite Banking Concept, Cash Flow Banking, or Bank on Yourself

Post: New Active Duty Military Member

Post: If a military podcast happened what do you want to hear?

Post: U.S. Marine New to REI