All Forum Posts by: Joshua McMillion

@Jonathan Buelow

Congratulations on committing to invest in RE. I would optimize the asset you currently live in to get the highest rent possible and rent that out. With your rental passive cash flow and your $2,500 monthly income, that would put you in a better position to get a VA Loan on small residential multifamily. I would house hack that multifamily while in school, and you would already be at your goal of 5 doors now.  

I love you already have a SMART goal established for 2025. Thank it->Say it-> Do it-> Recieve it! 

Sincerely,

@Courtney Mccrear

Welcome to Biggerpocckets, brother! There are numerous veterans and service members that are crushing it in the RE space. 

Sincerely, 

@Benjamin Hazlett

I purchased one of our homes while long-distance and understood the hesitation. However, If you know the market you want to invest focus on building a Team or, how David Greene calls it, your core four. Once I knew the market I wanted to invest in, I built my Team and quickly moved into acquisition mode. 

Reach out if I can ever help. I have done two VA Loans so far and have invested in several military markets. 

Sincerely, 

@Samuel Nuckles

An excellent book for multifamily apartment syndications is The Best Ever Apartment Syndication Book. It walks you through the process of how to structure deals, Team members' roles, and the start-up process. Because you are a veteran and wanted to start with residential multifamily, I would house hack a four-plex with your VA loan to get into no or low money down. Another great way to get your foot into the door of multifamily is becoming a limited partner on larger multifamily syndication. You can get an insider's perspective into how large 100 unit deals and more are tackled. Some active-duty members in my mastermind have already closed on 100 units or more deals using the syndications structure. 

Sincerely, 

@Benjamin Hewitt

Congratulation on leaping REI! I love seeing military members take action. First, I recommend that you leverage your VA loan and find a property that you can house hack, preferably a small residential multi-family. That is the best strategy to acquire several doors for no or low money down and cut expenses even more (live for free). Second, if you are looking for a mentor, I recommend finding a mastermind group. I joined a military active/veteran mastermind-only group, and it has exponentially helped my REI knowledge and ability to network.

Reach out if you need help.

Sincerely,

@Antonios Kranidis

Why can't you do both? The most potent entry-level strategy for real estate is house hacking, and in my opinion, college is the best place to do that. You could purchase an SFH or small residential multi-family and rent out the rooms for the remaining two years, live for free, get your STEM degree, and start building your REI portfolio. 

Keep pushing. 

Sincerely, 

@Steve Stinson

Thank you for the information. I enjoy seeing market reports that are straightforward. 

Sincerely, 

@Donna Henry

If you are looking at large retail stores for quotes, they will usually always be outrageous prices. I recommend purchasing the material and get several quotes from other small businesses if possible. Best of luck, and I love seeing other military members take action! 

Sincerely, 

@Justin Goodin

Great post idea! 

1. Keep your investing simple and focus on one area. I learned that having multiple homes across the country can be challenging because they come with a different Team. 

2. Build your portfolio around your life, not your life around your portfolio. Sophia, my wife, and I decided to invest in markets close to where we want to retire eventually. Once I decide to hang up the uniform, it will be easier for me to transition out. 

3. Do not work with General Contractors if you can not modify the contract. Having several attempts with GC's I learned that cost/schedule/performance is essential. One of the best ways to do this is to have incentives added to contracts. 

4. SMART Goals are essential, and you need to review them at least quarterly. I like to think of it like this, don't be the sun wasting our sunlight all over the place. Be an eclipse with targeted light, and take daily action!

5. You never fail unless you quit trying. Life is full of teachable moments, and if you can pause, breathe, and reflex on those teachable moments, you will come out smarter and more confident next time. The moment we decide to stop is the moment we choose to fail. Never stop trying. 

Sincerely, 

@George J Roth

I am not saying wait until you get out, but make sure you understand the market before jumping into it. Some markets will cash flow and not appreciate, some will appreciate and not cash flow, and some will have both benefits. 

Ultimately, it's your decision, and as long as you are making the best decision possible to mitigate the risk, you can't go wrong. The beauty about the VA loan is it allows you to hold the property for up to 15 years and sell without doing a 1031 exchange to prevent paying for capital gains. If I were you, I would find residential multifamily in the current market, purchase a VA, and house hack it. 

Sit down and come up with your crystal clear criteria and goals. What's your why? Is it to have freedom of money and retire early? If so, what's your number? Then set a date. For example, I want to have $10,000 a month in passive income by 2032 (retirement year). From there, start developing a plan of attack. I will always advise on my experience and risk level. I am more conservative and am willing to grow slower than others because I love my job. 

You are on the right track brother, KEEP PUSHING!