BiggerPockets Real Estate Podcast

BiggerPockets Podcast 023: Flipping While Working a Job, Partnerships, and Military Investing with James Vermillion

Expertise:
416 Articles Written

One of the biggest issues that most investors face is the issue of investing while holding a full time job. In today’s episode of the BiggerPockets Podcast, we sit down with real estate investor James Vermillion to discuss how he has built his real estate flipping and buy-and-hold investing business while working full time in the US Military and with a non-real estate business. James shares his story, along with numerous tips for managing your time while working a job and dealing with partnerships to maximize your investing power.

Read the transcript to episode 23 with James Vermillion here

Listen to The Show on iTunes (Preferred Method!)

Click here to listen on iTunes.

Listen to the Podcast Here

In This Show, We Cover

BiggerPockets Podcast _ Real Estate Investing and Wealth Building 9.42.11 AM

  • How James works a full time job while flipping houses
  • Overcoming the “Education Only Phase” and buying his first property
  • Investing while serving in the US Military
  • How James succeeded without any expensive courses or mentors
  • How to find free online college-level real estate education
  • Transitioning from Flipping to Buy and Hold
  • Finding financing for flipping through a local community bank
  • Tips and tricks for finding deals still on the MLS
  • How to make a partnership work great
  • Tips for finding a free mentor

Links from the Show

James’ BP Blog Post on Free Education
BP Podcast 006: Investing While Holding a Full Time Job with Arthur Garcia
The Ultimate Guide to Tenant Screening

Links for Military Investors

US Small Business Admin (Veterans Section):

VA Veterans Business Portal:

SCORE (offers some free and discounted resources for military):

Books Mentioned in the Show

Titan: The Life of John D. Rockefeller, Sr. by Ron Chernow

The Book on Estimating Rehab Costs

Tweetable Topics:

“What works in one market won’t necessarily work in another market.” (Tweet This!)

“A partnership will never be 50/50 all the time – and that’s okay.” (Tweet This!)

“Don’t pick a strategy and build you life around it. Look at your life – and build a strategy that fits your needs.” (Tweet This!)

Want more articles like this?

Create an account today to get BiggerPocket's best blog articles delivered to your inbox

Sign up for free

Connect with James

James’ BiggerPockets Profile
James’ Company Website www.kandvinvesting.com

Real strategies that work for real people seeking to build wealth through real estate investments. Co-hosted by Brandon Turner and David Greene, this podcast provides actionable advice from investo...
Read more
    Jimmy
    Replied over 7 years ago
    Great Podcast! This is probably my favorite interview. As a community banker, real estate investor and former member of the military this one really resonated with me. “The bank isn’t lending on a house-flip, the bank is lending to a business” Great Quote
    Joshua Dorkin
    Replied over 7 years ago
    Thanks for listening, Jimmy!
    James W. Vermillion III
    Replied over 7 years ago
    Thanks Jimmy, much appreciated. I had a great time talking to Josh and Brandon.
    Matt Markel
    Replied over 7 years ago
    Just joined the website a few days ago…I do home health, so I spend a lot of time in the car…usually I spend my time listening to local shock jocks all day…downloaded the podcasts and haven’t been able to stop listening… lots of great information for someone like me who is trying to get into investing…after listening to this one, I immediately made some calls to local smaller banks and I am working on adjusting the sale pitch, as the sales pitch line is resonating with me…can’t wait to hear future podcasts.
    James W. Vermillion III
    Replied over 7 years ago
    Thanks for listening Matt and good luck! See you around the forums!
    Joshua Dorkin
    Replied over 7 years ago
    Awesome, Matt! Keep listening and making it happen.
    James W. Vermillion III
    Replied over 7 years ago
    Thanks for listening Matt and good luck! See you around the forums!
    Alicia
    Replied over 7 years ago
    Great Podcast! I’m a Realestate investor as well, in Washington DC and activity duty Air Force. I’m getting ready to retire and will have more time to do more. Thanks for the information.
    Joshua Dorkin
    Replied over 7 years ago
    Hey Alicia – Thanks for listening! Definitely be sure to connect with James here on the site (link above to his profile), as he can be a great resource. See you around BiggerPockets!
    James W. Vermillion III
    Replied over 7 years ago
    Thanks Alicia, and thanks for your service. If you haven’t already, introduce yourself on the BP forums and make sure you send me a colleague request as well. Good luck!
    Al Williamson
    Replied over 7 years ago
    Hey James, I’m proud of you as well! Your strategy seem bullet proof and your method of using multiple strategies to build wealth is so wise. Thanks for sharing so freely!
    Al Williamson
    Replied over 7 years ago
    Hey James, I’m proud of you as well! Your strategy seem bullet proof and your method of using multiple strategies to build wealth is so wise. Thanks for sharing so freely!
    James W. Vermillion III
    Replied over 7 years ago
    Thanks Al! I have learned a lot from you, especially about increasing income and cutting expenses. I think it is very important to be well-rounded in this business, because when conditions change you have to be able to adapt, and starting from scratch every time will cause HUGE setbacks!
    Sean Brennan
    Replied over 7 years ago
    Little TMI when Josh called Brandon tender. But otherwise excellent podcast fellas! 🙂
    Brandon Turner
    Replied over 7 years ago
    Hahaha I am so not tender. Yes, TMI. 🙂
    James W. Vermillion III
    Replied over 7 years ago
    Thanks Sean, and that certainly a little awkward!!
    Ben Leybovich
    Replied over 7 years ago
    Good stuff James. And – thank you for your service James!
    James W. Vermillion III
    Replied over 7 years ago
    Thanks so much Ben, I appreciate it!
    Nicolas
    Replied over 7 years ago
    Great podcast!! Incredible motivation and example to all on how do follow through! I really like how you show us how there are some bank with good terms willing to lend! Thanks
    James W. Vermillion III
    Replied over 7 years ago
    Thanks Nicolas, glad you enjoyed the show. Those banks are out there, but maybe not in every market. Sometimes it is just about finding the right lender at the right time.
    James Pagano
    Replied over 7 years ago
    New to BiggerPockets first podcast – what a great way to start. James – thanks for your service to our country and thanks for the information covered. Really liked your tip on mentoring. Thank you
    James W. Vermillion III
    Replied over 7 years ago
    Thanks James! Since you are new to BP, make sure you get over to the forums and introduce yourself. Oh, and start getting caught up on the podcasts, there is some amazing information and some even better stories in them.
    Joshua Dorkin
    Replied over 7 years ago
    Welcome to the podcast! Definitely go back and check out our previous shows as well . . . There are plenty of gems to learn!
    James W. Vermillion III
    Replied over 7 years ago
    Thanks James! Since you are new to BP, make sure you get over to the forums and introduce yourself. Oh, and start getting caught up on the podcasts, there is some amazing information and some even better stories in them.
    Wayne
    Replied over 7 years ago
    Thank for the podcast!!!
    James W. Vermillion III
    Replied over 7 years ago
    Thanks for listening Wayne!
    KimG
    Replied over 7 years ago
    Great Podcast. I thoroughly enjoyed every minute of it. I am planning to use the exact system you are using to secure funds for rehabbing homes – which is applying to get loans that will allow me to roll the rehab costs into the loan.
    James W. Vermillion III
    Replied over 7 years ago
    I am glad you enjoyed the show Kim. Favorable financing terms can be a big boost to business, it is just a matter of finding someone willing to lend on those terms. Good luck to you!
    Eve
    Replied over 7 years ago
    Great podcast again! I have learned a lot from the podcast so far. On 5/15 I listened to the J. Scott’s podcast, what he said about getting the RE license just suddenly wake me up. On 5/17 I signed up the online class, on 6/24 I passed my exam, on my way to get my license! I not only see the convenience it brings to the investor, also it opens many more doors for a licensed agent. Now I am working with one of the guests from the podcast to start my marketing campaign. Thank you all for putting the efforts and educate us. As many people remember how Rich Dad, Poor Dad change their vision, their life, a lot more will remember BP’s role in their investment path.
    James W. Vermillion III
    Replied over 7 years ago
    The podcasts are awesome. It is cool to see someone putting the information to good use Eve. Keep up the great work and good luck!
    Joshua Dorkin
    Replied over 7 years ago
    Hey Eve – Congrats on getting out and making it happen. I think your quote may be one of the nicest things anyone has had to say to us about the impact of BiggerPockets. Keep listening, and engage with us here and on the forums as you move forward with your investing….
    Taylor Jennings
    Replied over 7 years ago
    You sold me on getting the real estate license by saying, “It’s a control thing.” I hear ya. Btw Keeneland is awesome. Hope to see you out there! My wife and I try to go in spring and fall.
    James W. Vermillion III
    Replied over 7 years ago
    Thanks for listening Taylor, the control was a big selling point for me as well. Keeneland is amazing, I only live about 5 minutes away so I am the quite often…let me know if you come in the Fall. Cheers!
    Rocky Li
    Replied over 7 years ago
    Very inspiring episode. It does leave no excuse for the rest of us. Great work.
    Joshua Dorkin
    Replied over 7 years ago
    Agreed, Rocky!
    James W. Vermillion III
    Replied over 7 years ago
    Thank Rocky, I appreciate it!
    Bryan Snider
    Replied almost 7 years ago
    James, Excellent podcast. I was particularly interested in your podcast since I am also flipping houses on a part-time basis while working a full time job. It is great to hear the tips you shared and how you have been successful building your business part-time. I’m continuously refining my own business model to flip houses part-time, and the tips you shared are very helpful in doing that. Thanks, Bryan Snider
    Warren
    Replied over 6 years ago
    Just finished listening to Show 23. It was very informative and seems that I can have a career in real estate while working a full time job. So here is where I am. When a property is acquired and work needs to be done, how/when do you get the work done while working a full time job. If anyone reading this post, would like to partner up…I would love to hear from you at the same time see where we can best help each other out. Also my state does not allow for an online real estate course so any realtors that have a passion for investing are welcome to leave me their contact information. I would like to have a realtor license so if any one is able to recommend a state that has online courses near Greenville, SC….may also be an option for me. Thank you to Josh, Brandon and James!
    David Ferrette Developer from Austin, TX
    Replied about 5 years ago
    I have listened to all the the podcasts that preceded this one and I have to say it is one of my favorites. I really like the insight James brings to partnerships and his W2 job. My partnership is only 2 properties deep but we hope to grow as you did while maintaining our W2 jobs.
    David Ferrette Developer from Austin, TX
    Replied about 5 years ago
    I have listened to all the the podcasts that preceded this one and I have to say it is one of my favorites. I really like the insight James brings to partnerships and his W2 job. My partnership is only 2 properties deep but we hope to grow as you did while maintaining our W2 jobs.
    Julie Marquez Investor from Seattle, WA
    Replied about 4 years ago
    That was a great podcast! It is great to hear from someone flipping real estate while working a full time job. I’m inspired and so much great information presented. Thanks for sharing your story with Bigger Pockets!
    Kristopher Kyzar Rental Property Investor from Norfolk, VA
    Replied about 2 years ago
    I’m a little behind in my Bigger Pockets access. Found the site a few months ago, and just listened to this episode. I’m glad I did. Much like you, James, I’m in the military (Navy) and have spent a lot of time overseas (Guam). I’ve been letting my real estate dreams fall by the wayside while focusing on this career, and your podcast has reinvigorated me to get it moving again. Thank you!
    Joseph M'Mwirichia Rental Property Investor from Sarasota, FL
    Replied 6 months ago
    GREAT show...had me at bourbon 😉. Thanks for the tip on open class, and also reiterating why a RE license makes sense.