All Forum Posts by: John Payne

I'm getting out of my current job (military) for various reasons, but I'm looking to get into one of the following options on the California Central Coast area where I will be for the next 3 years due to my wife's job:

1) Real Estate Agent

2) For a property management company

3) Investment Company

4) Real Estate Software Company

5) Or something I haven't thought of

Thoughts?

My wife and I are both active duty military and I'm getting ready to transition out of the military in a year while my wife stays in. We have two kids, so side hustling with two kids under 4 isn't fair to them (that's the priority we have chosen). Many personal and professional decisions went into this thought process, which brings me to my current question surrounding my choices and I'm looking for a little advice or options that have not cross my mind. We currently live on the Central Coast of California and will be here for another 3 years. I want to get a job within the real estate industry for a multitude of reasons, but the overall goal is to get the foot in the door to learn as much as possible while having the flexibility to build my own investment company in order to not have to work for someone else. My choices 1) Real Estate Agent (schedule flexibility but odd hours at times) 2) Work for property manager with a realty component (less income but a lot of good info to learn) 3) work for software company specializing in real estate needs-successful and established company (longer commute, but access to big data, analysis, multitude of companies to work with) 4) something I haven't thought of bc you're probably smarter than I am Obviously, there are numerous factors and unknowns, so in just looking to get a little discussion Thanks!

Welcome to BP Mark! We've obviously have seen each other at work. Although I'm nearing the end of my tour in Great Falls, I plan on converting my current SFH into a rental. I also am looking to purchase a few more here at some point. A few friends here meet up every so often to discuss REI, stock investing, and personal finance. Just a low key thing, but I'll let you know the next time we meet up. I'm just glad to see another AF guy on BP AND in my local area! I've learned a ton from BP! And you definitely will too.

@Mark Mosch Your REI resume here in Great Falls is pretty awesome! Would you be willing to answer a few questions if I PM you? I'm in a similar situation as Mark, but I'll be PCS'ing to Vandenberg AFB. I'm wary of the CA market, but I'm starting to reach out to better understand that market as well. Any help would be much appreciated.

@Lindsay Lundeen Welcome to BP. Get plugged in, you'll learn a ton! Remember you don't have to learn everything before you start, but my big piece of advice to anyone is to set realistic expectations and be honest with yourself. I am not an expert, and I am just starting in real estate, but from other experiences I have had, that piece of advice will ensure you enjoy successes, but more importantly, that you will learn from and overcome your mistakes.

That being said, something to consider about Colorado is the number of smaller towns that support cities like Colorado Springs, Denver, or Fort Collins. Key markers of a good market will be the health of the industries located in Colorado, where they are at, and trying to find what people are looking for. Tom Idleman seems like a great place to start to get plugged into the market. I am currently looking to invest in Aurora/Denver and potentially invest in the areas between Fort Collins and Cheyenne, WY. The sheer number of military bases within a 100 mile radius is pretty awesome, and then throw in that they are headquarters for many commands; those bases aren't going anywhere any time soon. This means there will be many supporting industries, as well. Sites, like city-data.com, can help you answer some important questions about what to expect and where to invest.

Since you're just starting out, something to consider is where you'll get your financing. I'm currently working on a retail start-up company, and I've been amazed by the people who are willing to fund a venture. It is not always easy, but as long as you conduct yourself with integrity and show them a solid plan with realistic expectations, you'll find a way to fund your investment. Bigger Pockets podcasts are what actually got me started looking for creative financing for a venture outside of real estate altogether. Spend some time delving into podcasts on creative financing and finding lenders, and read material on creative financing. No matter what strategy you decide to pursue (which seems like flipping right now), financing will always be an issue. See you around the blog.

Thanks everyone so far for welcoming me to BP.

@Tony Halcin I look forward to making this my new social media site, as well. I just love that it's a community of people looking to prosper and move forward. I'll definitely keep in touch with you about Northeast Mississippi. I grew up in Tupelo, and still have all my family and a few connections there. Look forward to seeing what we can do there.

@James Wise Thanks for the welcome and the colleague add.

@Mehran Kamari I definitely will keep putting my goals, and my deals I can get out into the community, so I can learn as much as possible to accomplish those goals. It's nice that people are willing to hold me accountable to my goals and will help me refine them to gain the lifestyle I want for myself and my family. At the end of the day, that's what it's about for me...lifestyle.

@Brandon Turner I keep jumping back to earlier shows after the new show for each week comes out, so I can catch up. Keep it up. I'm on top of the keyword alerts, as well.

Greetings BP,
My name is John Payne, and I've been a member of BP for a few months now, and figured I get off my rump and introduce myself. I am currently an active duty military officer stationed in Great Falls, MT. I'm a nuclear missile operator, and I love what I do. I am married to another Air Force officer, and my wife and I have a 1 year old son. I am about to finish a Master's degree in Entrepreneurship, which I'm excited about completing, so I can move on to following my passions. Between work, school, and my home life I stay pretty busy, but I am pursuing startup ventures along with real estate investing. My friend and I are currently developing a new subscription-based company to launch this Fall or Winter. That's basically me in a few sentences, so on to real estate.

My goals/interests in real estate are to develop a steady cash flow of at least $4,000 in 15 years. This is the equivalent of an officer's retirement income. I plan on utilizing buy-and-hold SFHs and MFHs as my vehicle to get there, and I intend to use a modified Domino Strategy to pay down the mortgages as fast as possible to generate that revenue.

I intend on buying a home at every duty station I get assigned, and doing what that current market dictates as the best strategy. For the current property I have, the market is geared towards converting it to a rental when I leave in a little over a year (analysis on the current house to follow soon). I am actively seeking property near northeast Mississippi, Kansas City, and Colorado to build my portfolio. I have family at each location, and connections that I can build a better foundation from for REI. I know it will take discipline and time to build a portfolio in each location, and my multiple locations will limit my abilities because of the lack of proximity. I figured I would have to figure out how to overcome that since I'll continue moving around every couple of years with the military anyway. And what are the places I will continually visit?... Places where my family reside. Plus, I can write off those trips, as well.

Quick interests: creative financing, partnerships, strategy/business plan building, vacation rentals

If you've stuck with me this far, thanks for reading. I hope our interactions will be fruitful, and I will strive to bring value to your life/business. After listening to a few dozen podcasts, reading a bunch of articles, and browsing the forums, it's about time that I started getting active and making it happen.