All Forum Posts by: Jason Rhine

Anybody who hasn't looked at their own profile in a good while should go back and take a look at the goals displayed.

What is your goal? Is it to "own a lot of properties, rent them, and also flip some"? Maybe to "have financial freedom"? What about "to find a mentor to help me figure this out"?

If your goal looks anything like this, it isn't a goal. It's a dream, and nothing more. It will not motivate you or direct you to any kind of success.

A true goal consists of a reasonable quantity and an achievable deadline. A goal is designed to give a picture of the B to your A; you are at point A, and you wish to arrive at point B within a particular reasonable time frame. A person who says their goal is to go to Europe is unlikely to ever set foot anywhere near Europe. That's because this person is dreaming.

If the same person plans a trip that will cost $X (quantity), and determines that $X can be accumulated or acquired within Y amount of time (deadline), this person now has an achievable goal. This person can now hold self accountability and take measured steps toward this goal.

When you determine your goals for yourself, give them values. Make them concrete and not abstract; make them reasonable, and they'll become achievable.

Hi @Ann Adcox !

I live in Newport News. I'm started out with wholesaling but I hope to graduate to flipping in the not-too-distant future.

I highly recommend listening to the BiggerPockets podcasts mentioned by @Karen Margrave . If you have a droid phone or tablet, they are available on an app called Stitcher (I don't know about Apple products). The titles are easy to browse for finding topics you are interested in, but all of the content is worth listening to.

Good luck!

I also just sent out my first letters! I would say be friendly and open by asking how their day is going. Be personable; be somebody you would want to work with. If you can't make a deal, express how sorry you are that you can't help them. They may call again if circumstances change.

I also want to suggest that you spread out your next campaign over a few weeks. That way you won't receive all leads at once and they'll be more manageable. Each lead will have greater potential because you can focus your attention optimally.

Thanks @Matt Swartzendruber !

And thanks for the vote @Tammy Starks!

Also, I just found my title company! Tomorrow I'll finish my contracts so that I have them ready, and perhaps call some contractors to see if they'll do on-call repair estimates in exchange for a couple hundred when a property sells. Then on to adding to my buyers list.

Thanks! I will keep posted.

@Brian L. I am handwriting on plain white envelopes and using a font I created with my handwriting on lined yellow paper for the letters. For this first campaign, I am sending out 800 letters to absentee owners over 4 weeks, so 200 per week. Today I did 50, tomorrow I'll send another 50. I'm spreading it all out so that I don't get more calls than I can handle at once. As for follow-up mailing, I do not have a plan yet. I am keeping track of who I've sent to and when, so that as time goes on and I figure out my ratios I can plan my next steps such as how many letters to send out next, over what period, and how much budget room that leaves for second mailings.

To everyone who cares, I just wanted to express my satisfaction that I've finally engaged in a yellow letter campaign.

I formed my first company, made a marketing budget, obtained a target list in my zip code from List Source, bought my materials and postage, and today I'm sending out my first group of letters that I just finished stamping. Tomorrow I'll send more. All I have left is to find wholesale contracts that I like and a title company that will work with me, and of course to get my first deal!

Thanks BiggerPockets for being here!

Thank you @Brandon Turner, I would appreciate the exposure.

@Matt Devincenzo I think you are likely correct that I would have more hurdles taking this route, but I don't think this is impossible. For instance, I know that it is possible to have more that one home under the VA; my boss rents his first house out in Alaska and owns a second, his primary, here in Virginia. He lived in the first one for over a year before moving here, and both the VA and his lender are aware of his arrangement. If I join an ANG unit that is six hours away, this will be my primary job because I will otherwise be a full-time student. This seems to me reason enough to purchase a property in the area, and as far as I can find, there are no rules confining my wife and me to the same residence. In a year after purchase, I am free to decide that I dislike the area, move out, and rent both/all units without penalty. After I've acquired enough equity, I can even refinance and use the VA to move my wife and myself into a nicer home.

@Bryan Davis you may be already aware, but both the VA and lenders are generally perfectly fine with you purchasing a property with up to four units, as long as you intend to live in one. The only problem in my mind is that you can't protect yourself with an LLC because companies are not entitled to VA benefits. I have to confirm this, but I have multiple reliable sources (people who have done exactly this) that suggest the freedom to completely move out after a year or so and rent out your previously occupied unit, supposing the neighborhood or area doesn't suit you.

My wife and I have owned our $140k VA backed home in Newport News, Virginia for just over a year. This December, I intend to get out of the active duty Air Force and joint either the traditional ANG or Air Force Reserves.

I do not have the capital for any down-payment, so I'm thinking of joining a unit that is a few hours away, such as Charlotte, NC, and using the VA again to purchase a multi-unit with the intention of living in one unit once per month when I have to work. I could even have mail sent there.

Apparently, multiple properties can be financed with a VA loan as long as you intend to live in them and you don't go over the max, which I've heard is around $417k.

Any thoughts, positive or negative, would be appreciated!