All Forum Posts by: Brian Wilson

I was Navy (still in the reserves) so we had NEC's not MOS tags. I've done what you would call 35F and 35M type functions along with some other stuff. Good experience, just didn't like it enough to spend the rest of my life doing it. 

@Logan Beckner,

Listen to Russ. The area isn't common for having small multi families. 

I would instead look at buying a town home in a good HOA, or a SFH and then renting it out after the 12 month period has been satisfied. If I remember correctly, Frederick, MD is cheaper than Northern VA, but still pretty expensive compared to Midwestern markets. That being said, if you do a deal right, lots of appreciation potential and strong cash flow in later years. The DMV is one of the few high priced markets that actually makes sense for investors. The strategies you hear in those books typically work more for the Midwest more than high priced coastal areas.

@Russell Brazil is an active agent in the DMV area, at the very least, you'd be smart to see if he's looking for new clients or knows any good agents in your area. No nonsense, and if you snoop around on the forums you'll see his insight is valued by most. 

@Michael Warinner,

Bluff: 

Go to school online for your BM degree check out Park University, the course loads are manageable and the school is affordable. I'd bet you could finish your entire degree for about 15k or less. College is useless for most people, but that piece of paper holds value in the eyes of many hiring managers. 

We're also due for a huge correction in the business world (cheap money no longer cheap) this affects the sale of homes, and now you as a new RE agent. Just food for thought. If you have any questions, feel free to dm me man.

This is what I posted in another thread like this yesterday, I think it'll provide some perspective from someone who doesn't sing the praises of college.

"Let me tell you a little story (the super condensed version)

I graduated high school a little early and was such a hard charger that I had all my credits to graduate by the end of my sophomore year, so I punted school (I HATE SCHOOL). Then my parents said I needed to go to college, so I enrolled in the local community college at 17 and hated it. I had pretty good grades but ended up with a 1.17 GPA (I know, I know, it was bad) because I stopped going the last 4 weeks. I punted the college because I was joining the military to work in intelligence, and thus I thought I didn't need a degree.

Fast forward to today, I'm almost 24 and I graduate college this summer. I go online to a pretty good school. I work full time in my desired field (no longer intelligence), and I have a 3.9 GPA. What did I learn in school? Well honestly about 1 thing per class (that I can apply). Do I think college is worth it for most people? Nope. Do I think online school is the best option for more people? Yep. The truth is, you need a job. Most jobs require that piece of paper, regardless of how little it actually translates into the real world of what you majored in.

You shouldn't drop out. Unless the job you want doesn't require college (like a trade), excluding RE. RE has more failures than anything, plus if you wake up one day and decide you don't like it anymore, what HARD skills do you have that will help you get a new job? Sales, and if you hate sales well then you're stuck.

You don't have to choose a job that makes a killing, find something you like even if it pays less. Hustle on the side with your RE/REI while in college. Retire in 4-6 years after graduation if you don't like what you do. I can guarantee you won't regret it."

Good luck.

Get your RE license. It's probably your best bet at making a livable wage in RE.

Any jobs non RE related you can use those two bachelors degrees for? Teaching? Middle management? 

Realistically, I don't think there are many positions that employ your English/philosophy education in RE, let alone ones that pay well.

You could write yellow letters for investors that want to send hand written letters. But again, probably not a well paying task. 

@Nick Quarandillo, Let me tell you a little story (the super condensed version)

I graduated high school a little early and was such a hard charger that I had all my credits to graduate by the end of my sophomore year, so I punted school (I HATE SCHOOL). Then my parents said I needed to go to college, so I enrolled in the local community college at 17 and hated it. I had pretty good grades but ended up with a 1.17 GPA (I know, I know, it was bad) because I stopped going the last 4 weeks. I punted the college because I was joining the military to work in intelligence, and thus I thought I didn't need a degree. 

Fast forward to today, I'm almost 24 and I graduate college this summer. I go online to a pretty good school. I work full time in my desired field (no longer intelligence), and I have a 3.9 GPA. What did I learn in school? Well honestly about 1 thing per class (that I can apply). Do I think college is worth it for most people? Nope. Do I think online school is the best option for more people? Yep. The truth is, you need a job. Most jobs require that piece of paper, regardless of how little it actually translates into the real world of what you majored in. 

You shouldn't drop out. Unless the job you want doesn't require college (like a trade), excluding RE. RE has more failures than anything, plus if you wake up one day and decide you don't like it anymore, what HARD skills do you have that will help you get a new job? Sales, and if you hate sales well then you're stuck.

You don't have to choose a job that makes a killing, find something you like even if it pays less. Hustle on the side with your RE/REI while in college. Retire in 4-6 years after graduation if you don't like what you do. I can guarantee you won't regret it.

Just curious whats your major?

Edit: Forgot to mention, I wish I hard learned more of the STEM material (math in particular) in high school as working as a construction manager, because I use it DAILY. Kicking myself now.

@Josh C.

Like Russ said. 

Also maybe the type of properties you're looking at are the problem. Why do you think you can purchase a 135k property for 90k? Is it a value add play? I'd try looking off market. Most on market properties are going to be closer to market value, hence why they are on the market.

RE agents only make money when you get a deal or they sell one. So if your metrics don't match the properties you're looking at then they won't work with you. They have to make a living. 

But don't let it discourage you, correct and adjust brother! 

@Ian Ippolito

Okay that all makes more sense now. 

Though, I'm still a little confused by how you associate leverage with each category. For example, if you have a core level 4-plex in San Diego worth 800k. Investor has plenty of capital but decides to use leverage so they put down 25-30% and rent it out. Still a core asset, just leveraged. Or, is the leverage in relation to return an additional factor that determines it's category?

@Ian Ippolito

Can you explain what you mean by the portion of your post quoted below?

"The different strategies are (in order of risk) core, core plus, value added and opportunistic (ground up development). If you follow a core/satellite approach to diversification, you’ll put most in your core as conservative allocation, and a smaller satellite portion with more risk." 

Value add I'm familiar with but core, core plus, and opportunistic (I'm assuming you mean land development on this one) I haven't heard before.

Thanks in advance!

@Cameron Dye

If you find your selected major to be interesting I would say stick with it. It'll provide very solid income upon graduation.

A few things that you should probably do.

- First 2.5 years at a community college and live at home with your parents. Save all the money you can and work as many hours as possible in something real estate related. This at the very least will reduce your education cost in half.

- Use saved money to buy a small MFR near your college (when you go to the big university after you finish your gen eds). This will be your house hack. You can start looking at that market now to get familiar so you know how much you need to save and where you want to buy.

- Get 3 credit cards. Probably have to get the first one as a secured card. After a year or two you will qualify for unsecured cards. I like to travel so I have 2 travel credit cards in addition to my original secured card that is now just a standard card. It will only take a few years but you will build credit pretty fast. Your student loan will help diversify your debt (increasing your credit score).

- Minimize your student debt.

- Don't spend money on stupid stuff. Set a budget.. on paper... stick to it.

The additional potential benefit of the house hack is that if you buy right and depending on your remaining student debt, you could sell the property and clear your student debt. Or use the residual cash flow to pay down your loans. I've paid my way through college (last semester this summer) and will leave debt free and +40k in the bank to use toward REI. HARD work, but so worth it.

Good luck man. If you ever need anything shoot me a message.

@Clifford Paul Just wanted to say congrats on beating cancer man!

@Alexander Churchill

@Alexander Churchill

@Alexander ChurchillUse the additional capital to buy properties without leverage. Still allows for growth without messing with good loan rates. My plan is to grow with leverage until I have achieved my freedom number, then use all of the annual income to buy properties outright until that number has doubled. After that's done I'll be able to start buying large MF. 

Everyone is stocking up on cash.. We're due for a correction and MANY are over leveraged, meaning properties on the cheap (not 08 cheap for most markets) but definitely for a discount. 

Just my two cents.

Good luck!