All Forum Posts by: Chance Cooper

I have been in the Army for a total of 8.5 years and I use to be very passionate about it. Don't get me wrong I do still enjoy some of the perks of being in the Military ie. 30 days vacation a year, tuition assistance, medical, dental, steady income. 

However, since I have become educated on rentals and became a consistent biggerpocket reader I find myself every vacant second of the day looking for my next buy and hold or at home on YouTube listening to Real Estate secrets etc. Its like I love that and just do the Military because it's the vehicle that will get me to the multiple rental homes that I one day want to own.

So for all of you guys/gals that get to that point in your life where you can walk away from your "Job" I kind of envy you. Me walking away from the Military at 10 years would be kind of dumb since they offer a retirement at 20 years or would it be?

I read on here where people quit there job after like 3 years because now they own 10 rentals and it's enough to replace their "Job" income... I want to be in that boat with them so bad that it's really hard not to stick it out in the Army...

Has anyone ever purchased cheaper 40k to 50k homes vs. Higher end turn key properties?  If so what are your experiences and recommendations. 

Well we just paid off our first rental house so I am ready to see how well I do in the next 2-3 years. My intent is that this one that is paid off will help me get the next couple of houses rather fast. 

Wow @Bill Sargeson thats pretty fast. 20 houses in 3 years, great job!

@Account Closed How long did it take you to get up to 5k profit monthly? I think once you get the first house paid off the others will come very fast because now the rent is compounding. You have one house paying for the next along with what you can put towards it. Id love to hear your story.

@Travis Beehler

I have similar goals and you are right Id hate to eat that loss every month. I currently bring in the following:

$850 a month on my 1 Rental that I own.

I make 6k after taxes in the Military. I think I could live comfortably off of 5k a month. According to my calculations I need right at 6 houses paid in full to bring that in. I have a ways to go…

The good thing is my first rental is paid off and I am hoping that this will help me pay the next one off twice as fast. Then Ill have 2 houses paying on the 3rd house which will help me pay it off 3 times as fast. I like the idea of having them paid off, I don't like the risks of having multiple mortgages out there.

I have read different posts on here about guys finally leaving their cubicle and doing rentals full time…When do or did you know it was time to take the leap?

I am in the Military and have about 12 years left. My plan was to buy cheaper homes for the next 12 years and manage them while collecting a retirement check after I retire out the Military. With my body breaking down and the constant wide open pace in the Military the whole property management thing doesn't sound half bad. I would love to finish up my 12 years but you never do know when its time to exit.

Just curious to know or hear about some of your stories and when did you quit your job and pursue the rental management full time. If you have not quit what is your goal and when do you plan on quitting?

@Jerry Padilla I have no idea…I wanted to get out of the 2.0 arm and when they called I just opened up my ears…You are right I think I am going to explore other avenues.

Currently I have a 2.0 ARM with MIC and I have been hearing bad things about them. A company called a few weeks ago and gave me a 3.7 fixed interest rate with them and that company is Peoples Bank and Trust. Soon as I started reading the application stuff it talked about giving away my loan to another company to assume etc.

My question is, would it be better just to drive down to the the local bank and get my house refinanced? Would that be cutting out the middle man? Tonight another salesman called me and told me all kind of negative stuff about Peoples Bank and Trust and its got me kinda nervous. 

Whats the best way to get a solid rate and company when refinancing your primary home?

I know a lot of you guys are against buying anything with an HOA due to it interfering with cash flow however…In Myrtle Beach SC you can get a nice Condo/Apartment for about 35-50k…My question is, if you pay cash for one and only have to pay the HOA fees and it stays rented all the time wouldn't this be a good investment?

I am thinking if I can get rid of the mortgage by paying cash and only have an HOA every month, keep it rented I would be good. If you have a mortgage and HOA fees then I can see the problem.

Thoughts...