New military REI in Clarksville TN

New military REI in Clarksville TN

Investor · Clarksville, TN · Member since 2017 · 12 posts · 2 votes

Hi! kind of late on the introduction, but anyway My name is Preston Biggs. I'm 22 years old and am married to the most wonderful woman on earth. I've lived in Clarksville for the last 3 years and during this current deployment I decided that instead of buying a new car (my 2001 isuzu trooper is still kicking!) or gun, I decided I wanted to finally invest in real estate so I got with my agent whom I had met 2 years ago at a bbq and am now about to close on a duplex that we found on the MLS in 37042! It is going to be a house hack as im utilizing my VA loan entitlement so it is costing me (almost) nothing out of pocket (obviously needs some paint and minor updating, it was built in the 70s). I am really excited for this learning experience I will have with this property. I know this is my first post on here but I have been silently watching the forums and reading blog posts, listening to podcasts. Reading books has been my biggest source. Ken Mcelroy's ABC's and of course Brandon Turner's book on rental property investing, have not read J. Scott's books yet but they are in transit from Amazon now and I am definitely looking forward to reading them. My plan with this 1st property is to use it mostly as a sandbox to learn the management side of rental properties and just seeing if I can make it work with my job. My father was a GC and always brought me along on his jobs every weekend throughout my schooling "career" and I have learned a lot in terms of renovations so I am hoping that experience will help me to eventually get into the BRRRR method (I really need to get better at talking to people though) and build lasting relationships in the Clarksville TN area. Things I do for fun: Bourbon (before you ask, Bulliet 10 year), Cigars(Padron little hammers and Roma Craft Neanderthals), canoeing, shooting recreationally, playing music with my friends, and of course video games (I'm 22, give me a break). I know what you're thinking "expensive hobbies" but I found that with a little self control and some budgeting I can afford them pretty easily by sacrificing other non necessities, like cable or HBO etc, etc... Anyway, that's about all I've got and if you've made it this far through my rambling I appreciate it! Also, any advice or words of encouragement are appreciated, Thanks!

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Realtor · Smyrna, TN 37167 · Member since 2013 · 248 posts · 147 votes
9y

Good to have you here, @Preston Ellis Biggs!  Same to the rest of the Clarksville contingent: @Ron Dayley, @Nicholas Earls.  One of my best friends just signed on a house in Clarksville - one of those "too good to pass up" deals.  

Since you asked for advice and encouragement - in order of importance:  

1. Love your woman as she needs and wants to be loved.  

2. Keep reading and learning, and apply what you learn.

3. In real estate, play long term strategy over short term tactics.  

4. In life, put the social and emotional needs of your family above financial prosperity

You'll do fine if you do those things.  Support from your immediate family is a huge benefit.  Since every decision you make affects those closest to you, they need to know that you are doing your best with their interests in mind.  Depending on your relationship, this might mean that sometimes you hold back some, or that you ask the other person to hold back.  The point is that you are taking risks and receiving rewards together, so do things as a team.  Working together has its own rewards.

I wish you the best, and look forward to hearing of your adventures!

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  • Clarksville, TN · Member since 2016 · 238 posts · 96 votes
    9y

    Good luck and best wishes.  Nice to see another Clarskvillian on here.  

  • Honolulu, HI · Member since 2017 · 6 posts · 0 votes
    9y

    Congrats brother! I am currently stationed at Andrews AFB in Maryland. I just put my first offer on a triplex that I planned on house hacking as well. Keep us posted on the reno. Good luck!

  • Investor · Clarksville, TN · Member since 2017 · 12 posts · 2 votes
    9y

    Thanks @Ron Dayley and @Lennie Brown! I will give updates as they come.

  • Investor · Indianapolis IN · Member since 2016 · 34 posts · 8 votes
    9y

    Welcome! I may have to dispute the most wonderful woman statement but we'll let it slide for now. Congrats on starting your real estate journey so young. I'm still in the lurk and learn stage but I'll hopefully pick up a 3-4 unit in Clarksville sometime late this year/early next. If you don't mind my asking, which agent did you go through and how did you like them?

  • Investor · Clarksville, TN · Member since 2017 · 12 posts · 2 votes
    9y

    Hey nicholas, I used Rhett Barnes with Keller Williams. I liked him a lot because he was very flexible on time which is what I needed since I am overseas. He also knew a whole lot about the VA loan process and what houses would be approved. I will admit he did not seem very investor oriented but I was specific enough in my criteria so that he was still very helpful and never complained when I asked him to submit somewhat lowball offers. And the lender and inspector he recommended are both fantastic as well. I can PM you the contact info for them if you'd like.

  • Realtor · Smyrna, TN 37167 · Member since 2013 · 248 posts · 147 votes
    9y

    Good to have you here, @Preston Ellis Biggs!  Same to the rest of the Clarksville contingent: @Ron Dayley, @Nicholas Earls.  One of my best friends just signed on a house in Clarksville - one of those "too good to pass up" deals.  

    Since you asked for advice and encouragement - in order of importance:  

    1. Love your woman as she needs and wants to be loved.  

    2. Keep reading and learning, and apply what you learn.

    3. In real estate, play long term strategy over short term tactics.  

    4. In life, put the social and emotional needs of your family above financial prosperity

    You'll do fine if you do those things.  Support from your immediate family is a huge benefit.  Since every decision you make affects those closest to you, they need to know that you are doing your best with their interests in mind.  Depending on your relationship, this might mean that sometimes you hold back some, or that you ask the other person to hold back.  The point is that you are taking risks and receiving rewards together, so do things as a team.  Working together has its own rewards.

    I wish you the best, and look forward to hearing of your adventures!

  • Lockport , NY · Member since 2014 · 265 posts · 124 votes
    9y
    read Landlording on Autopilot by Mike butler, NOW! your tenants are not your friends! even though they live in your house, right next to you...give them privacy! it's the law. manage this one 6-12 months before buying another one...you'll learn a ton. God speed!
  • Cary, NC · Member since 2017 · 8 posts · 7 votes
    9y

    @Preston Ellis Biggs since you like cigars, check out a group near you called the Tennessee International Tobacco Society

  • Investor · Clarksville, TN · Member since 2017 · 12 posts · 2 votes
    9y

    Thanks for the advice @Aaron Lovett, I am going to adhere to those as best I can. and @Jeff Sprunger, Thank you for the recommendation i will put it next on the list. Also @Philip Hensley, wasn't able to find a website for them do you happen to know when they meet/where?

  • Rental Property Investor · Carlisle, PA · Member since 2013 · 1k+ posts · 543 votes
    9y

    @Preston Ellis Biggs, congrats on the impending purchase.  That will be a great way to learn.  As a fellow military member, it is great to see more folks to getting into RE.  Leverage BP throughout the process.  There are tons of really smart people here that have been through exactly what you are getting ready to embark on.  Good luck!!

  • Investor · Clarksville, TN · Member since 2017 · 12 posts · 2 votes
    9y

    Thanks @Kevin Hunter, yes I will definitely keep diving into the many resources available on here.

  • Clarksville, TN · Member since 2017 · 32 posts · 12 votes
    9y

    Welcome! I'm an attorney and new real estate investor here in Clarksville. Just started this year, myself. 

  • Investor · Clarksville, TN · Member since 2017 · 12 posts · 2 votes
    9y

    @Eric Yow that's great! We should get together sometime and see if we can help each other in some way shape or form. 

  • Involved In Real Estate · Nashville, TN · Member since 2014 · 70 posts · 26 votes
    9y

    Great advice @Jeff Sprunger .  I made the mistake of thinking that my first tenants were my friends.  3 evictions in the same year later, I decided that there was something to this property management thing.  I told myself that I woudl always help anyone avoid that setback if I could.  So, @Preston Ellis Biggs , if I can offer any advice, feel free to ask.

  • Investor · Clarksville, TN · Member since 2017 · 12 posts · 2 votes
    9y

    @Matt Leavell thank you. i'm sure i will have plenty of questions come up as soon as i assume control of the property and i will gladly pick your brain.

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