All Forum Posts by: Joshua McMillion

@Zackery Martinez

First, let me welcome you to BiggerPockets! What military vehicle are you converting into an STR? I think it is a great idea, but would it be stationary or mobile like a camper?

Sincerely, 

Josh 

@Kenneth Keel

Check out this similar question below. If I had to do it all over again, I would use the VA loan to target multi-family. If you house-hack and the property is paying for itself and cash flowing, does it matter you paid fair market value? I think you need to determine what KPIs are most important to you and stay within your crystal clear criteria. 

https://www.biggerpockets.com/...

Sincerely, 

Josh

@Elias Munoz

No worries, glad I could help. 

Sincerely

Josh gd

@Kp W.

Welcome! 

Sincerely, 

Josh 

@Elias Munoz

A while ago, I came across a solid thread discussing different variables for hot markets-below is the link. 

https://www.biggerpockets.com/...

Sincerely

Josh 

BiggerPockets Huntsville, 

I have been saving my funds diligently over the past two years and am almost where I need to be for a pre-approval process. I wanted to see what the forums thought on investing in Athens, AL is? I am very familiar with Huntsville and the sub-markets around there but have not found the time to travel to Athens and recon that market. Does anyone have recommendations, pros, cons, or lessons learned from investing in Athens, AL? 

Thank you! 

Sincerely, 

Josh 

@Jason Roldan

Congratulations on taking the leap into REI! I suggest you start looking for a specific forum on BiggerPockets targeting those markets and using the network-recommended vendor's list. When I look for new team members, I try to use references from within the team. For example, in The last home I purchased, I found a great REA, and h already had a GC and lender that were great for what I needed. Depending on your strategy, you may have more team members to add. 

Sincerely 

Josh 

@Cole Wasden

My advice would be the same as @David Pere. If you plan to occupy the home as a primary residence, the VA loan will allow a low barrier to enter the RE space. With the VA loan, you can purchase an SFH up to a four-plex but have to occupy the property for one year. There are ways to get around the time requirement, like deployments, but generally, you have to hold the home as a primary residence for the above timeframe. The beautiful thing about VA loans is you have up to 15 years to hold the property before your required to pay capital gains tax. This allows you to hold the property for cash flow, reap the appreciation, take the depreciation, can capture amortization. You can also purchase another property following your permanent change of station, depending on your eligibility level. 

Find a lender that knows VA loans and discuss the process with them. 

Sincerely,

Josh

@Dylan Fellows

When I do my first quick scan for properties on the MLS, I look at the total square footage and the home price. If that number is close to a 1 to 1 ratio, I then look at other factors I determined important to me in my crystal clear criteria. I build some quick excel calculators, and it gives me some different prices based on discount percentages of the original purchase price. 

If the number with all expenses will meet my CCC, I will hold at that number. Given the market, the homes I am targeting are selling with multiple offers at asking. Make sure the purchase price meets your criteria, and then determine your break-even number. That number should then be part of your escalation offer. 

Sincerely, 

Josh 

@David Baskin

I am in a different situation, but all money made from a RE acquisition goes directly into the new potential investment. Before I purchase a property, I ensure there is a $5,000 CAPEX hedge and that the property will produce the cash flow and ROI I laid out in my crystal clear criteria. All money, not ear market for expenses in the investment, is then immediately reinvested. 

Again, I have a W2 job and plan to hold this job for at least another 10 years. I can afford to be riskier with my investments and place 100% of the proceeds into growing my business. 

Sincerely, 

Josh