All Forum Posts by: Joshua McMillion

@Ramiro De Leon

You have already gotten some great feedback from @Stuart Grazier, but I will try some insight. When we did our last PCS, we purchased a property long distance using the VA Loan. Given the market we currently live in, my wife and I decided to make the purchase early, roughly two months before occupying the property. The biggest lesson I learned was once you determine the market you want to invest you need to build your Team. In my opinion, the agent is the critical factor, and if you find the right one, with will also come with other rockstar Team members. 

Second, if I could do it again, I would purchase a small residential multifamily "four-plex" and house hack the property while living for free. One of the get things about the VA Loan is you can hold a property for up to 15 years without doing a 1031 and purchase small multifamily, which will kick start your investing career. Another resource I recommend is David Greenes Long-Distance Real Estate Book, which helped me out when I was in your shoes. 

RLTW, 

Josh

@Gabriel Miritello

Congratulations on the deal. It can be challenging to deal with contractors and hold them to cost, schedule, and performance. Keep pushing; what is your next goal? 

RLTW, 

Josh 

@LaMarr Valentine

Congratulations on making the leap into real estate investing! I am also on active duty but in the Army. Reach out if I can help in any way, and looking forward to hearing your success stories.

RLTW, 

Josh

@Bobby Forsythe

I have done two REHAB projects in that area and currently live in one. I plan to rent once we move. We have been pretty close to the rehab costs for both projects, with some slight cost overruns due to unforeseen surprises. Bottom line, find several contractors you would want to work with, and for part of your diligence period, have them walk the property and provide quotes. We have done that twice with success. Be upfront on what you want and also ensure you state the facts in the contract. If a contractor is not willing to modify the agreement, I will not do business with them. 

An example of a contract modification is adding an incentive for a schedule. For instance, if McMillion Construction completes all work at or before the ten-week mark, a $1,000 incentive fee will be paid directly to the contractor. However, if the contractor fails to achieve this, the $1,000 incentive fee will be removed, and a $50 penalty will be applied to the agreement to balance daily until all work is performed. 

Sincerely, 

Josh 

@Sheldon Tausch

Welcome to BiggerPockets, and congratulations on committing to chasing your financial independence dreams. One of the homes I purchased was a long-distance investment/live & flip. I would be more than happy to set up a phone call and answer any questions you have. Use the Calendly link below, brother, to set up a call when you are available. 

https://calendly.com/connect-w...

I have created a new FB group focused on helping service members achieve financial freedom by sharing my joining and providing education if you are interested. It is all veterans or active service members. Link Below. 

RLTW, 

Josh

@Madeline Currie

Welcome to BiggerPockets, and I love seeing veterans start their journey to Financial Independence! I am an active duty Army Officer with over 14 years of service. Reach out if you ever need anything! 

RLTW, 

Josh 

@Patrick Iverson

Yes, you are crushing it, brother! I always advise a more conservative position, but you are now in another stage of real estate investing. Yes, you could refinance out and capture your VA eligibility, but the debt you have secured is low, and you can hold the properties for up to 15 yours without doing a 1031 exchange. Below are some ideas for acquiring your next property. 

1. Create a budget, reach a saving goal, and do conventional financing. This will be the slowest path, but you also have the cash flow from the other properties to expedite the process.

2. Increase your current assets and do a cash-out refinance. I do not know the conditions of the two duplexes, but this is another possibility and can be used with 1. 

3. Start looking for off-market deals using wholesalers or marketing directly to sellers. You can use several l strategies like seller financing, subject to, or OPM "private money/hard money." I recommend Brandon Turner's book; below is the URL to understand all the create low or no money down approaches. 

4. Find a partner that has the money but not the time. 

https://store.biggerpockets.co...

RLTW, 

Josh

@Kaylee Walterbach

2021 was a year of transformation for the McMillion Family. We sold our rental home in LA, purchased one long-distance SFH "live-in-flip," shifted to a new market with 1 BRRRR completed with the plan to acquire one more by Dec 2021. We also created our business, joined a mastermind, and started a thought leadership platform. Sophia, my wife, and I have done all this while on active duty and moving from California to AL. Uh, and I earned my Masters in Systems Engineering and went from -$11K Net worth to $210K. 

Sincerely

Josh

@Benton Shortridge

I personally would say having boots on the ground is the preferred strategy. I say that because it will lower your overall risk. I have looked into some turnkey companies and noticed that they tend to cut corners to lower prices, and some neighborhoods are not rated correctly (e.g., B, B-, C....). 

@Jason Krivickas

What are your thoughts, brother! 

Sincerely, 

@Naftal S.

I currently look at three markets for deals but only invest in one. I am curious if you manage each property. I learned this last year, but scaling became a challenge if you began to own property in several different markets because each property comes with its team. I sold my property in LA to shift to my primary market and plan to focus all my efforts on building my portfolio in the area I want to retire one day. My goal is to build my passive income business around my life and not my life around the business. 

That being said, there are pockets of markets doing well across the U.S. Do you have a specific region you are looking in? 

Sincerely,