All Forum Posts by: James W Tollick

I’m currently not in Skagit county anymore (do to work), but I plan on moving back up there and would be interested in possibly teaming up on an investment up there, especially in the Skagit county. 

For myself, it’s for financial freedom and additional passive income. I’m currently serving in the U.S. Navy and retire after 20 years of service on August 2027. I’ve been away from my 5 year old daughter for most of her life and I want to have that freedom to not worry about income so I can focus on what’s really important. Being a father to my daughter. This is my “why” factor and what motivates me to invest in real estate. 

My goal: 

To have $1 million in equity from real estate properties. Currently active duty in the U.S Navy, and my initial goal for myself before I retire (August 2027) is to own 5 units. I currently have 1 single family home as a fixer upper (almost done fixing it) and looking to get into duplexes. 

Asking for seller’s credit rather than lowering the listing price and use the credit for the seller to buy down the interest rate is an option to utilize. Eventually the interest rate will drop (I’m not sure when) but once it does, you can refinance the property. In the meantime, the appreciation of the house will increase, adding equity to the home, especially when you move out of the home and rent it out. Having someone paying the mortgage down is only increasing your equity, as long as you have the mortgage covered in the rent.  

Quote from @Jonathan Cisneros:

I’m a US Navy Corpsman veteran that served with 1st Mar Div 1st Battalion 4th Marines. I’m wondering if I have any fellow brothers or sisters that are Investing in this beautiful business we call Real Estate here in Los Angeles Ca?

Hey brother, I’m currently active duty Navy, stationed in El Centro, CA, living in Yuma, AZ. If you’re still looking for a possible partner, there’s lots of prospective housing here in Yuma, AZ if you’re interested. 

Investment Info:

Single-family residence buy & hold investment in Middleburg.

Purchase price: $150,000
Sale price: $315,000

Purchased via VA loan. Lived in for 3 years, rented for 7 years. Recently sold to build rental portfolio.

What made you interested in investing in this type of deal?

I was tired of living in apartments and I wanted to put my money into a home that I owned and build wealth from.

How did you find this deal and how did you negotiate it?

I hired a local realtor and in the Jacksonville FL area, it was booming with house development. I purchased this house brand new from KB Homes (wouldn’t recommend lol). I didn’t know what I was doing, I was 21 at the time so unfortunately I was winging the process.

How did you finance this deal?

I financed this deal with a VA loan, 0% down.

How did you add value to the deal?

N/A

What was the outcome?

I purchased the house for $150,000. Sold it for $315,000. After taxes, closing and 2.5% agent fees I walked away with $172k, more than what I purchased the house for.

Lessons learned? Challenges?

When renting a home, do research on rental property agents. I was referred to an agent by a co-worker, and the agent didn’t work out. She ended up bailing on me after she made behind close deals with other people. I learned to save at least $10k for emergency maintenance issues for a rental.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I can recommend one agent: Kenneth Smith Jr from Florida Homes Realty & Mortgages. After my other agent (she who shall not be named) bailed on me, he took over and fixed the issues I had from the previous tenant and eventually helped me sell the house, 4 years later. Super professional and positive communication. If you’re going to purchase rentals or a personal home in the Jacksonville area, I’d recommend Ken.