All Forum Posts by: Doug Spence

@ashley cooper

Which companies have you used? There has to be at least one good company in the Jackson area. Also, starting a PM company yourself is a massive undertaking. I'm not sure if your comment about starting one was serious or not though. Property management is also not a terribly lucrative business model either unless you have it connected to a brokerage and you have other companies integrated with it like HVAC, plumbing, etc to funnel more business through it. 

Adam, I'm also active duty Navy and I've been investing in real estate since 2016. Here are my thoughts:

1. You need to learn more about REI and save more money before you start investing. Read books, listen to podcasts, watch videos, and don't give anyone your money for at least the first 6-12 months (like a coach/guru/mentor). You need to just soak up information now.

2. Save! Get a side job, get your wife working, increase your income and save as much as you can. 

3. Get excellent credit if you don't have it already. You'll need at least 'good' credit to get a mortgage. 

4. Your first RE purchase should be a house hack with your VA loan. If you don't know what that means, do some googling and search these forums and educate yourself.

5. Don't partner with someone just because they're your friend. 

Don't hesitate to reach out if I can help with anything and good luck!

@Sejin Kim

The best place to start is with a house hack. My wife and I are currently house hacking in San Diego using her VA loan entitlement.

We also own multiple out of state properties in FL, WI, and OK. I've done two out of state BRRRR's and two out of state flips in Oklahoma from San Diego.

California has a lot of great appreciation markets, but it is tough to cash flow now, especially with these interest rates. 

If you don't need the cash flow right now, I would just focus on house hacking!

Good luck and don't hesitate to reach out!

@Sean Hudgins Great point. It may be tougher to save more as an enlisted servicemember vice an officer, but I know plenty of officers that are terrible with money and live paycheck to paycheck. 

Its not about how much you make - its about how much you keep at the end of the month and what you do with it!

I've worked with many enlisted Sailors who are successful real estate investors. They own primary residences here in San Diego (purchased with the VA loan) that have appreciated significantly, and many of them own properties in other states as well. They use their bonuses and extra pay to buy real estate, not new cars.

It is definitely possible! 

Thanks for the tag @Erik Browning

@Jamial Clark I own properties in 3 different states (OK, WI, and FL) and I live in San Diego. I've purchased turnkey properties out of state, and I've done two out of state BRRRR's and two out of state flips, all without setting foot inside the properties.

I'm happy to help out however I can!

@Danny Yeap I also live in a high-cost-of-living market (San Diego) and I invest out of state primarily in Oklahoma, but I own properties in Wisconsin and Florida as well. I work full time as a US Navy officer, but I knew I wanted to continue to build my portfolio, despite living in an expensive area. 

Have you decided on a market yet? 

Don't hesitate to reach out. I'm happy to help however I can!

@Tanya Malkon A buddy of mine connected me with a dude who operates one in Spring Valley close to where we live (La Mesa). I plan to meet with him this month to learn more. 

I'd be happy to share what I find out with you. I'm surprised there's such little info out there about it. Seems like an untapped opportunity for sure. 

@Kenneth D. Everyone was where you are now, so don't feel discouraged! I recommend listening to beginner real estate podcasts, books (bigger pockets has lots of great books geared towards beginners) and connect with as many people as you can about real estate!

Just start soaking it all in and before you know it, people you know will be amazed at how much YOU know about real estate. 

I'm happy to give recommendations for podcasts or books! If you like to learn by watching videos, there are tons of youtube videos out there as well. I'm not a big video guy, so I can't help you there. But I think bigger pockets has a youtube channel so you could start there. 

Good luck and keep us updated!

@Robert Johnson Yes I'm sure you're right. But if he's moving soon after returning for deployment, why not wait to buy until he gets back and moves to FL or PR?

@Kyle Sosnowski It depends on the lender and the lending options they have. You can shop around! Not all lenders/lending products are created equally. 

For example, my second brrrr was a cash out refi with a fixed rate from the beginning (no variable rate), but I went with a different lender for that deal.