1.3 million, 8 properties later we ACHIEVED success!!!

Real Estate Deal Analysis & Advice
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1.3 million, 8 properties later we ACHIEVED success!!!

Elizabeth Colegrove
Hanford, CA · Member since 2013 · 5k+ posts · 1k+ votes

Tonight I sleep easy knowing that tomorrow will be my last day of work thanks to our 4th military move (5th duty station) in 6 years of marriage. Instead of fretting about finding a job, I am looking forward to growing my empire, and spending more time on here, reluctantlandlord and enjoying our next duty station. None of this would have been possible without baby steps, 1.3 million dollars of leverage (debt is good!), 8 properties and way to much ambition. 

I share this not to brag but to illustrate that anything is possible. If you ask the average person if its possible to build real estate as a portable career they would tell you no. Not only do we only 8 properties in 3 states (working on our 9th in our 4th state), I manage all of our properties myself from all over while being a military wife!!

My two pieces of advice

1) Let nothing stop you - Turn your biggest challenge into your biggest advocate! Being a transient family has become our biggest blessing not our biggest challenge.

2) Be ACTIVE on Biggerpockets- this is the community that supports, advocates and pushes you outside of your box. 

Happy Investing!!

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Account Closed
Woodbury, NJ · Member since 2015 · 9 posts · 10 votes
10y
You go girl. My husband and I are also military and plan on getting started asap. This is motivating!!! Thank you for sharing.
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  • J. MartinPro Member
    Rental Property Investor · Oakland, CA · Member since 2011 · 3k+ posts · 2k+ votes
    10y

    @Elizabeth Colegrove, 

    CONGRATS!!! Well earned Elizabeth!!!

    It's been a long journey in different places for you, and you turned that into sweet, sweet lemonade!!!! I love the remote landlording gig, and getting out of the W2!!! Congrats on the next move, and to the next step! I had to buy @Sandeep S. a pitcher because he beat me buy a few weeks, so maybe I'll have to have you buy me a pitcher too for beating you by a a week or two! ;) lol Always nice seeing other young folks enjoying the RE life, especially those helping others and spreading the important (but sometimes painful) landlording truth. Looking forward to seeing you out at the Summit! Thanks so much for being so helpful to everyone on BP, and to me and for the event!! Appreciate it so much :)

    1Reply
  • Elizabeth Colegrove
    OP
    Hanford, CA · Member since 2013 · 5k+ posts · 1k+ votes
    10y
    Originally posted by @J. Martin:

    @Elizabeth Colegrove, 

    CONGRATS!!! Well earned!!!

     Can I just say how awesome it was that we both posted about our freedom the same week! I remember talking about our dreams and plans over the past couple of years. Pretty cool to be able to celebrate together.

    0Reply
  • Account Closed
    Woodbury, NJ · Member since 2015 · 9 posts · 10 votes
    10y
    You go girl. My husband and I are also military and plan on getting started asap. This is motivating!!! Thank you for sharing.
    3Reply
  • Dmitriy Fomichenko
    Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    10y

    @Elizabeth Colegrove

    Congrats on achieving your financial freedom! Yes, debt is good, and using Other People's Money to build your business takes a lot of learning, so good job again. Good luck for future deals and keep glorifying your career! 

    0Reply
  • Mark Brogan
    Investor · Roanoke, VA · Member since 2012 · 1k+ posts · 374 votes
    10y

    Great job @Elizabeth Colegrove

    Thanks for sharing your success story here 

    We all need to here about this

    0Reply
  • Percy N.
    Developer · Philadelphia, PA · Member since 2015 · 2k+ posts · 904 votes
    10y
    Great job Elizabeth Colegrove , congratulations! How do you manage the properties remotely? Do you have a PM company or deal with tenants in different states?
    2Reply
  • Karen Morgan
    Wholesaler · Leander, TX · Member since 2015 · 80 posts · 7 votes
    10y

    Well done - congrats!  

    Have you ever thought about doing a real estate course, or writing a book, specifically for military?  Your story is so inspirational, and you prove there are substantial rewards if you handle your military moves, loan options, etc. in a wise way.

    0Reply
  • Mike Warner
    Howell, MI · Member since 2016 · 11 posts · 4 votes
    10y

    Way to go Elizabeth. As a newcomer to real estate I think the advice you gave is something to remember

    Great job

    Keep learning, keep earning. 

    0Reply
  • Elizabeth Colegrove
    OP
    Hanford, CA · Member since 2013 · 5k+ posts · 1k+ votes
    10y
    Originally posted by @Mike Warner:

    Way to go Elizabeth. As a newcomer to real estate I think the advice you gave is something to remember

    Great job

    Keep learning, keep earning. 

     Thank you I appreciate it! I am already on to my next projects, my poor husband. More time means more the ability to try crazy things in the real estate world!

    0Reply
  • Elizabeth Colegrove
    OP
    Hanford, CA · Member since 2013 · 5k+ posts · 1k+ votes
    10y
    Originally posted by @Karen Morgan:

    Well done - congrats!  

    Have you ever thought about doing a real estate course, or writing a book, specifically for military?  Your story is so inspirational, and you prove there are substantial rewards if you handle your military moves, loan options, etc. in a wise way.

     Thank you! I actually already have a book on lease management, and am working on one right now about how to self manage from anywhere. I do write about our story at reluctantlandlord (the net not the com lol) and am pretty active in the military landlords forums, along with here. So I try to share , help out and pay it forward whenever possible. 

    0Reply
  • Elizabeth Colegrove
    OP
    Hanford, CA · Member since 2013 · 5k+ posts · 1k+ votes
    10y
    Originally posted by @Percy N.:

    Great job Elizabeth Colegrove , congratulations!

    How do you manage the properties remotely? Do you have a PM company or deal with tenants in different states?

     No I self manage all of our properties. I have a  18 page lease that is very specific on my expectations and I hold my tenants feet to the fire. I buy in areas where I attract professionals, so they show the house for me and than I fly in to do the exchange. I put together a step by step post on how I manage my houses from anywhere. PM and I can share the link. Its had many moments but overall been beyond financial beneficial for us.

    0Reply
  • Yoochul C.
    Financial Advisor · Glendora, CA · Member since 2015 · 209 posts · 94 votes
    10y

    Congrats Elizabeth.  We have 6 properties spread out over 3 states.  We are on our way too.  Only reason I work is that I want to try and pay off the properties faster.   Also, thank your husband for his service.  

    0Reply
  • Bhekizwe M.
    Bulawayo, Zimbabwe · Member since 2015 · 1k+ posts · 253 votes
    10y

    Congratulations @Elizabeth Colegrove. its fascinating how debt has been used to create opportunity(cashflow from 8 properties)

    Thanks for sharing and all the best forward

    0Reply
  • Jason Yarusi
    Investor · Murfreesboro, TN · Member since 2013 · 430 posts · 178 votes
    10y

    That is incredible news! Congratulations and best on your continued growth.

    0Reply
  • Jen Hoang
    Investor · San Diego, CA · Member since 2015 · 96 posts · 37 votes
    10y

    Congrats @Elizabeth Colegrove!!! Nothing wrong with bragging! You motivate and inspire us all and Im looking to post my own success story one day:)

    0Reply
  • Matthew Murphy
    Investor · Rochester, WA · Member since 2013 · 221 posts · 30 votes
    10y

    Congrats!!! Awesome that you can walk away from your W2 and move full on into building your portfolio!

    0Reply
  • Brianne Frey
    Investor · Columbus, GA · Member since 2015 · 9 posts · 3 votes
    10y

    @Elizabeth Colegrove My husband and I are both Army (I will be out next month) and just started buying RE, SFHs, ourselves. Do you all have any property in Texas or Hawaii? I ask because our 2 homes that we own are in Georgetown, TX and we are moving to Hawaii in July! 

    If anyone else military or otherwise has property, particularly in Hawaii-feel free to jump in. We are trying to do our research on where the best places are to live (as subjective as that is!).

    0Reply
  • Elizabeth Colegrove
    OP
    Hanford, CA · Member since 2013 · 5k+ posts · 1k+ votes
    10y

    @Brianne Frey we have 5 houses in CA , 2 in SC and 1 in Virginia. So none in TX or SC. 

    0Reply
  • James Moore
    Investor · Kapolei, HI · Member since 2016 · 17 posts · 1 vote
    10y

    @Brianne Frey where to live all depends on where you will be working and what sort of place you can afford. The farther West you go, the cheaper in is generally, with the exception of Ko'Olina resort, and there can be a lot more traffic depending on the time of day. 

    0Reply
  • James Moore
    Investor · Kapolei, HI · Member since 2016 · 17 posts · 1 vote
    10y

    @Elizabeth Colegrove congrats, that's awesome!

    0Reply
  • Brianne Frey
    Investor · Columbus, GA · Member since 2015 · 9 posts · 3 votes
    10y

    @James Moore We will be looking for somewhere not too far away from Schofield Barracks. My husband is in the Army and I really don't want him to commute too far. I don't mind driving a bit farther to get to work. As far as affordability, we are looking to finance a home with a VA loan. We already have 1 VA loan here in Texas. We used my husband's benefit to quality for the VA loan with a little over 200,000 left over for his. We still have not used my benefit, as I am a veteran as well. Since I am getting out of the Army and do not have another job lined up, it will be interesting to see how financing a VA loan will/can work. There are others ways as well.

    Analyzing the Hawaiian market has been interesting. I've noticed that the western part of the island, particularly in places like Waianae are relatively cheaper. Mililani seems to be a hit and miss for affordability...which we are interested in since it is so close to Schofield Barracks.  The avg home seems to be upper in the 600,000s to mid 700,000s. We are looking for something more in the 400,000-500,000 range, which seems doable.

    0Reply
  • Joel W.
    Investor · Eastlake, OH · Member since 2015 · 174 posts · 85 votes
    10y

    @Elizabeth Colegrove Thanks for posting your success. I have used your model as I continue to add to our portfolio. Following this last year of investing while deployed I do not really want to do it again, but know it is inevitable. We will be moving to our next duty station this summer and have already put under contract a tri plex that will allow us to live comfortably (family of 6) and pay no rent or mortgage. Great job Elizabeth!

    0Reply
  • Sheriff Shoetan
    Part-time Investor · Stafford, VA · Member since 2015 · 7 posts · 4 votes
    10y

    @Elizabeth Colegrove, Your story is very inspiring. I have used your strategy to acquire three properties in Northern Virginia and very close to getting the fourth one. You are definitely not bragging but showing to us; especially the military community, that it is possible to retire early from the military. Thank you for the countless advice you offer people on BP and I wish you success on your next PCS.

    0Reply
  • Kristina Inglis
    Real Estate Agent · Northern Virginia · Member since 2016 · 61 posts · 15 votes
    10y

    Wow, amazing!  Congratulations @Elizabeth Colegrove!  Thank you for sharing...inspiring for sure!   I'd love to PM you for your step by step post on how you manage your houses if that is ok?  Also, my biggest challenge right now is learning about all the financing options that would be available to me.   Do you have a one stop shop place that you would recommend that I go to learn as much as possible?  For sure I have been scouring BP and listening to podcasts but I feel like I need one place that I can learn the very technical aspect of financing options, how they work, their requirements etc.   Any thoughts you may have would be much appreciated!  

    0Reply
  • Elizabeth Colegrove
    OP
    Hanford, CA · Member since 2013 · 5k+ posts · 1k+ votes
    10y
    Originally posted by @Kristina Inglis:

    Wow, amazing!  Congratulations @Elizabeth Colegrove!  Thank you for sharing...inspiring for sure!   I'd love to PM you for your step by step post on how you manage your houses if that is ok?  Also, my biggest challenge right now is learning about all the financing options that would be available to me.   Do you have a one stop shop place that you would recommend that I go to learn as much as possible?  For sure I have been scouring BP and listening to podcasts but I feel like I need one place that I can learn the very technical aspect of financing options, how they work, their requirements etc.   Any thoughts you may have would be much appreciated!  

     Feel free to pm me. I am happy to help if I can.

    0Reply
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