All Forum Posts by: Doug Spence

Does your dad still have his VA entitlement? You could rent out the St Pete home, and buy the GA home zero down (using the VA loan). It really depends on what their goals are and if they want to own a property in another state.

Many people have limiting beliefs around being a landlord and "dealing with properties out of state" even though there are many ways to do that effectively and create passive income for themselves, all while keeping the property!

@Veronica Giggers You need to chat with @Cara Sides! She works with the property center and they manage in both Tulsa and OKC, not sure if they manage in Grady county as well. 

I've had two properties with them for a while now and i highly recommend. 

@Jack S. What are your long term goals? My first reaction to your question is that you should sell and put the capital elsewhere, mostly because your return on equity (ROE) is abysmal. You could take that 250k-300k profit and put it to work in many other places that will yield a higher return!

Good luck and keep us updated on your decision and your RE journey as a whole. Most of my portfolio and real estate experience has been doing out of state stuff as well. I live in San Diego and own properties in Wisconsin, Florida, and Oklahoma, as well as multiple syndication deals around the country. 

That's a good plan! Also, I recommend chatting with your wife about exactly what you want your life to look like in 5 years, and in 10 years. Be as detailed as possible! That will help you narrow down your strategy. 

@Patrick J Tanglao Welcome to Bigger Pockets! You're in the right place to learn about real estate. I'm also active duty, and I do real estate on the side. I'm also originally from Houston, but I'm currently stationed in San Diego. 

Don't hesitate to reach out if I can help with anything. I have experience with out-of-state BRRRR's and flips, turnkey rentals, investing in syndications, and VA loan house hacking.

Good luck and keep us all updated on your progress!

@Jamie Lamont No need to put it into a separate bank account, unless you just want to keep those funds separate for your own sanity. From a legal or accounting perspective, it doesn't matter since you own it in your personal name. 

Are there any meetups in Anchorage? Seek out other owners who use PM's and get their recommendations. You can seek them out either virtually or in person (think local meetups hosted by RE agents, Alaska RE FB groups, etc) and ask who they use. I guarantee there are other landlords who have already gone through a few PM's and found a good one! 

Good luck and keep us updated!

@Casey Adams I recommend sacrificing the better cash flow right now in exchange for buying a better property in a better area. Over the long term, this will build more wealth for you due to better appreciation, better tenants, and less wear and tear on your property. 

Especially since you have a good W2 and don't need the cash flow right now. 

My properties in B and A-class neighborhoods have appreciated way more than the ones in the C class neighborhoods, and are much less management intensive. 

@Gabriel Meyers There aren't as many deals out there these days because of current interest rates! Are you planning to use your VA loan? I would find a rock star real estate agent in Fayetteville and get them to start sending you properties.

I would start learning about the house hacking strategy as well. 

@Zach Foster How did you determine the monthly insurance payment? I would contact insurance companies and get quotes, making sure they know that it will be used as an MTR!

@Account Closed That reminds me of another one "My buddy has a property and his tenants didn't pay rent for 3 months so I'm not going to invest in real estate" or "My buddy's property was trashed by tenants so I don't like real estate". People let one bad experience, or someone else's bad experience prevent them from even getting started!

I think many people are just afraid to get started and/or unwilling to put in the effort and time it takes, and just used these anecdotes as excuses.