All Forum Posts by: Cameron Miles

Brant Richardson I don't think the HOA applied to the multifamily deal (correct me if I am wrong because I am new), but instead the HOA was part of the condo deal he first mentioned. If the multifamily doesn't have HOA (his post didn't mention it) then I think it would actually be a good deal with positive cash flow.

Tim Gross Hello! I will be moving to the Houston area in either December or January and am new to REI. My current plan is to use my VA loan to buy a fourplex and rent the other 3 spaces. I would love to connect with you!

@Leigh Ann Smith , thank you very much for the advice! I really do appreciate it and you gave some very valid points as well as great ideas. When I get further along in the purchasing part, I could use some good referrals for local contractors and other services needed.

Just a piece of friendly advice, instead of asking for someone to "really put the time in to help" you, maybe you could mention what value you would bring to a mentor. Your post is all about you and your needs/wants/desires but offers nothing in return for a mentor. Something as simple as "allow me to continue your legacy" or some type of return from your investments that the mentor would get, could go a long way in helping you find someone willing to teach you. I would also recommend a fantastic book called "How to Win Friends and Influence People" (highly recommended by Warren Buffet, the world's greatest investor) as it may change your life and the way you interact with people. Anyways, good luck and I hope you find what you are looking for!

@Ben Daniel , she has worked with quite a few investors and still works with them today. I would have to ask about wholesales specifically, but I know she works with a lot of real estate investors. My parents have done a few property flips themselves.

I am also active duty military currently stationed in Japan (Okinawa) and I had no idea we could buy property here. I would love some more information as well!

Hi @Leigh Ann Smith , thank you for your response! The problem that concerns me is if I use my VA loan (which isn't my only option) then I have to reside there and show proof of my orders heading to that area. This is what USAA told me last year when I was looking to purchase in a possible duty station change. The problem this time is that the orders I have are to report to California for 10 days to be separated. I know USAA and Navy Federal will definitely know what this means and ask about future employment.

I could use vacation days to visit and view properties ahead of time if I needed to. My original goal was to have a place to ship my household goods to etc, but storage might be my best option.

For location, I am looking as far as Galveston. I don't necessarily want to live near the university. One of my options for tenants is to respond to other students looking for a place to live and say "Hey, I just moved into this great fourplex and I think one of the other units is available... " If they don't have a vehicle we could work out a carpool situation. I don't want anyone to know I am the owner, so I will need a property manager so I can just be another "neighbor" while keeping an eye on my investment and calling the property manager when I see issues.

I am definitely continuing my education and LOVE the podcasts!! They are hilarious and informative so I listen to them daily.

My mother is a realtor in Austin if that would help you at all with anything. I am new and not experienced in the wholesale approach, but if you need a realtor at some point for those deals I am sure she would be happy to help! Just let me know if you would like her information. Regards, Cameron

I am new at this but will try anyways. I believe he added up all of the rent and then divided it by the purchase price of the house. So $3,190 a month divided by $200,000 is roughly 1.5% (forgive my math if it's wrong because I'm not using a calculator). This is the return on your initial investment account, however this doesn't have the expenses listed so it will be less than that. For anyone more experienced at this, please let me know if I am on the mark or incorrect so I make sure I am understanding it correctly as well!

Thank you to everyone who has responded so far!

@Wade Sikkink Does the lawyer I consult need to be a Real Estate Attorney or some type of business/corporate lawyer?

@Greg Fend Yes, I will be taking 30 days PTAD and have 60 days of terminal leave. I understand I will still be employed, but I expect I will be asked when I separate during the loan process. I am sure more questions will arise when I notify them of my separation date. I am attending the separation classes this month and will do smooth move classes to find out the storage possibilities. Thank you for the info!

@Account Closed My parents live in Austin and I was thinking of living with them for a few months until I could close on a property, but my concern is trying to start college classes in January and working a job in Houston if I have to drive back and forth to Austin. My mother is actually a realtor for Austin and my father is a loan officer, but they don't have licenses or access to the lists in Houston. Also, working with family can be a slow process. She answers a lot of my questions, but I am lower on the priority list because her clients bring her money and I bring her love.

Regards,

Cameron