All Forum Posts by: Doug Spence

@Brendan Harrison Well said! 

Are you doing regular long term rentals there? I know some folks that are successful with STR's in Tulsa. I'm an LP on two apartment syndication deals in the Tulsa area that are doing well.

@Ryan Johnson What type of property do you need management for? Different PM companies specialize in different asset classes (residential, multifamily, etc). And some specialize even further into different neighborhoods, and A, B, C class properties within the asset class. 

Also how many properties do you need the PM to manage? You may be able to get a discount if you are asking them to do multiple properties. 

@Marc Globensky I've been an active duty Navy officer for the last 14 years and a real estate investor on the side for the last 7 years. 

I would get crystal clear on where you and your wife want to be in the next 5 - 10 years. Maybe that looks like you staying in the Army and maybe it doesn't. If the goal is to build as much wealth as possible via real estate, you should probably get out when you can. 

However, If the goal is to have a strong sense of purpose and fulfillment via your military service, while building your portfolio on the side (this is accurate for me) then you should stay the course. 

Personally, I wouldn't focus on flipping because its a job and gives you income, but not wealth. Get some clarity on your long term goals with your wife and once you do, the strategy will likely reveal itself. 

Good luck, keep us updated, and let me know if I can help with anything. 

@Gina Francis Looks good to me! Make sure you have a solid property manager to handle it for you, and account for that expense in your underwriting. 

Good luck and let us know what you decide to do!

@V.G Jason Spoken like someone thats never had a coach or been in a mastermind! 

@V.G Jason Lots of high-performing individuals have personal coaches for many things including CEO's, professional athletes, and entrepreneurs. I'm in a mastermind group called Gobundance and I know people who have multiple coaches for different areas of their lives. And they don't hire coaches because they "can't succeed on their own". They hire coaches because they want to accelerate their success using leverage from others' experience and mentorship. 

@Mario Morales isn't a fool to pursue coaching, as you insinuate. He merely wants to accelerate his investing journey so he doesn't have to listen to hundreds of hours of podcasts, read all the books, and sift through thousands of forum posts. 

If one values their time, then maybe it makes a lot of sense to hire the RIGHT coach. Clearly, coaching is not right for you Mr. Jason, but that doesn't mean it isn't right for others. And it certainly doesn't mean they're lazy or "don't know how to succeed". 

@Mario Morales Are you looking for a tactical real estate coach (how to do x, y, z, etc) or more of a mindset coach to help chart your course, assess your goals, and keep you motivated?

It sounds like you're looking for more of a mindset coach in the beginning, but one that can help you with tactical stuff once you figure out your goals. 

Do you have a rough idea of what your goals are? One way to start figuring that out is to describe what a day in your life will look like in 5 or 10 years. Be as detailed as possible!

Good luck!

@Trent Quinlan Your skillset will always be in demand. I recommend going to in-person meetups in your market and providing value to others about GC work. I don't know if I've ever seen a GC/contractor at a local meetup, so you will be able to give a lot of great advice, and in turn, people will want to connect with you and learn more about your goals. 

That's how partnerships start! Be patient and provide value first. 

Good luck and keep us updated!

@Estrella Carolina Mckinney Great story! What did you do in the military? I've been an active duty Navy officer since 2009, and I've been building my real estate portfolio on the side since 2016.

I own properties in Florida, Wisconsin, and Oklahoma, and I'm a passive investor on 4 commercial real estate syndications, (two multifamily, one RV park fund, and one mobile home park). 

Are you concerned about the oversupply of STR's? Where are yours located?

@Justin Brin I'm a big fan of Tulsa. I've been investing there for a couple of years. I've done two flips there and one BRRRR that I still own. I'm about to do a rent-by-the-room/co-living property there, since current LTR rents don't cover the mortgage with these interest rates.

@Cara Sides is your go-to in Tulsa for property management or agent needs! Shes awesome!