All Forum Posts by: Joshua McMillion

@Alex Cardenas

Welcome to BiggerPockets, and congratulations on making the jump into REI. If you are looking to see if there are local meet-ups, check the networking tool BP has. Another tactic I found local meet-ups is finding REI forums for the area. 

@Doug Spence 

Do you know of any meet-ups in the area? 

Do not hesitate to reach out if you ever need anything.

Sincerely,

@Andrew Barrett

Congratulations on your success in RE at a young age, and it's commendable that you also want to help educate others. The individuals you are speaking with have different goals, and I would first start by asking what their exit strategy will be with their homes. If they express, they would like to sell under 10 years, that could be an easy way to explain that mortgage rates are at a historic low, which comes with leverage. 

With mortgage rates being significantly low, a 30 year fixed mortgage allows for higher cash flow, given the principle and interest payments. However, if their goal is to purchase this home and not scale, a 15-year mortgage may be better. It depends on what they are trying to achieve. 

Sincerely, 

@Thomas Rodgers

Mathew Brill hit the nail on the head. Your imagination is the limit when it comes to house hacking. You need to be able to articulate that to your significant other clearly. If you're having a hard time getting her to see your vision for the future, I recommend reading Vivid Vision and using the principles in that book to create your own Vivid Vision. I used that method to show my wife our path through REI. 

On the saving piece, that is just my opinion. I am a fan of investing from a position of strength and mitigating risk. I would recommend paying off your consumer debt and saving a small portion as a strategic reserve. 

Sincerely,

@Thomas Rodgers

You are already on the path if you're creating a budget. My advice is always more conservative in nature, but I will start by reading Dave Ramsey Total Money Make-Over. I can't entirely agree with his investing philosophy in using debt, but his baby steps work. I was in debt in 2019 and struggled to find extra funds for investments and always seemed to be pulling money out of saving each month to maintain the quality of life I needed. I read Rich Dad Poor Dad and Total Money Make Over, which changed my life. One suggestion is not to read every single book out there because you will spin your wheels. Read the top-recommended one and implement the systems in the book Vs. Moving to the next book and not taking action. 

Once you have your loan debt paid off, I would start saving for an emergency fund in terms of real estate. One strategy I use for investing is to have $5,000 saved per home before purchasing it. I still save a month from the revenue toward CAPEX, but this allows for some cushion. Once you have your reserve funds in place, find a low to no money down (read Brandon Turner's book) strategy and start to house hack. 

Sincerely,

@Zachary Jensen

I love seeing military members taking action! Congratulations on your first deal, and I am looking forward to hearing about more in the future. If you ever need anything, do not hesitate to reach out. 

Sincerely, 

@Justin Goodin

Thank you, brother! 

Sincerely, 

@Justin Molzhon

Yes sir! I will shoot you a DM. 

Sincerely, 

@Katelyn Clifford

Congratulations on deciding to invest in RE! Below are two links, one a Veteran Live RE Event this weekend that is free. Another is a thread for the military forums bout veteran events David Pere, and others are potentially planning.

Sincerely, 

@Joseph Vu

Absolutely! I will shoot you a DM. 

Sincerely, 

@Francesco Piazzola

If you're confident in the knowledge you have, then go for it. I'm a huge fan of mastermind groups, which is like a mentor or coach. If you have the funds to support a deal and have a market available, I would go for it. 

Sincerely,