All Forum Posts by: Doug Spence

@Michael Smythe Very true! I've been referred to as a slumlord countless times at work. Once they find out I own multiple properties.. thats it. I need a slumlord t-shirt. 

@Alecia Loveless Good for you for at least educating someone on a HELOC! That's a win. I think 'ignorant and uninquisitive' are good adjectives for most of my coworkers too in the context of real estate.

Most folks are content just grinding it out at a W2 and living paycheck to paycheck. There are so many limiting beliefs people have about real estate and entrepreneurship. 

I bring real estate up as much as I can without being 'that guy' ha!

@Erik Browning Thanks for the tag!

@Cameron Ezzell Whats your vision? Do you have an idea what your long-term goals are yet? Wholesaling may or may not be the strategy for you, but I'm happy to help however I can. 

@Isabelle Trepkoski I agree! The "never talk about money" stigma is so outdated and harmful to people's personal finances. I'm all about being open about finances and getting advice from others and giving advice when people ask for it. 

I have a SFH in Pensacola, three in Milwaukee, a duplex in OKC, SFH in Tulsa (both of those were out of state BRRRR's), and I'm a LP on four syndications and a GP on an RV park fund.

We're also house hacking in San Diego with my wife's VA loan entitlement! Are you guys focused on Columbus and SD?

@Erik Browning Those are good! Reminds me of another one: "I don't want to be a landlord because I don't want to fix toilets". Classic limiting beliefs based on fear and lack of knowledge!

It's relatively uncommon to find folks in the military that also invest in real estate (unless you count owning just a primary residence). I've gotten some entertaining responses, especially since I mostly invest out-of-state from San Diego. 

For example, when I was buying properties in Milwaukee, people asked me "Are you from there?" No, I replied. "Are you going to retire there?" No, I replied. "Then why are you buying properties there?!" To make money! Lots of folks assume you have to live where you invest, but I knew early on that I would have to get comfortable buying out of state in order to be a successful military investor. "Live where the military tells you to live and invest where the numbers make sense". 

Have you received confused expressions and crazy questions when people find out you invest in real estate?  

@Jason Hawkins What would your current primary rent for?

@Linda Weygant Is great but I'm not sure if she's taking more clients right now. My wife and I are both active duty and we own rental properties in multiple states, we house hack in San Diego, and we invest in syndications. She has always been able to answer our questions and file our taxes for a reasonable price. 

@Shiloh Lundahl Its possible if he's going to be doing business activities (like wholesaling or being an active agent, as I said in my post) but if he's looking for an investment vehicle to double or triple in one year, I think thats a stretch and more risk than its worth. 

Too many people want to just "get rich quick", vice the slow, steady, time-tested strategies (like buy and hold).

@Richard Purdy What are your long term goals? Why do you want to do it in a year? Real estate (and wealth building) are get rich SLOW games, not fast. Anything that can promise doubling or tripling within a year is either very high risk, or its a guru selling something that is probably bs. 

You're more likely to lose it than you are doubling or tripling. Unless you're going to try to become a full time agent or wholesaler or something, but thats not investing - thats starting a business.