All Forum Posts by: Joshua McMillion

@Daniel Esposito

Congratulations on making the leap into REI. There are tons of veterans and active duty service members investing. Do not hesitate to reach out!

Sincerely, 

Josh  

@Benjamin Branson

Is your wife co-signing with you? If so, and she has a retirement account or other assets, that is one easy way to get your DTI up. My recommendation is to reach out to a lender you trust and ask the question.

Sincerely,

Josh 

@Stephen Weiss

I would recommend changing your mindset. A recession can be a great investment opportunity, but you have to find deals that cash flow. The most important part of the REI, in my opinion, is the initial acquisition. If you buy a property and hope for appreciation, you will be overleveraging yourself. That being said, I would invest in areas that would still cashflow. I am focused on a region with several pockets, but I plan to retire here one day, and I am building my business around my life, not the other way around. I am also focused on SFH's to scale into large multifamily once I retire. 

Sincerely, 

Josh

@Padric Lynch

Amazing deal! 

Sincerely, 

Josh 

@DeAndra Lipscomb

I use Brandyn Cox or BMC accounting. He is a veteran, specializes in REI, and can work in any state.

https://www.bmcaccountingllc.c...

Sincerely, 

Josh

@Malik Jones

Welcome to BiggerPockets, Brother! Let me know how I can help. 

Sincerely, 

Josh 

@Fahadbin Alam

That is fantastic! Enjoy the book and glad I could help.

Sincerely,

Josh

@Fahadbin Alam

Investing from a long distance is one of the most challenging aspects of REI, but you had the advantage of seeing the property first hand. In our last investment, we had to purchase site unseen and relied on the team we created to guide us in the right direction. I would wholeheartedly recommend David Greene's The Book on Long-Distance Real Estate Investing". 

Congratulations on the deal. $ 900 a month is a great return. It goes to show that investing in a position of strength with reserves in place can work, but it takes a long time to get there (at least for me, I don't have that sweet tax-free deployment money:). I'm curious, did you renovate the property at all, or was the $57K all toward the purchase. 

Stay Safe! 

Sincerely, 

Josh 

@Kevin Reinhardt

In my opinion, you should never purchase an investment property and pay down the loans. I encourage you to focus on your finances and ensure you have a strong cash reserve in place. It's hard not to take action, and you almost get a scarcity mindset about taking the plunge into REI. I never purchase properties unless I have a cash reserve and the full amount to place for a down payment.

I am more conservative than others, so please don't base your decision on mine alone. We plan to purchase one to two SFH's per year under retirement (9 years) that are all bought and holds. Then use that portfolio to enter into large multifamily. One of the first things I did was creating a Vivid Vision (Read the book) and mapping out our REI journey with long-term, short-term, and near-term goals centered around the SMART acronym (specific, measurable, attainable, Relevant, Time-based).

Good Luck! 

Sincerely, 

Josh

@Account Closed

Thanks for the clarity. I will reach out to my friend that is a lawyer and get his opinion. 

Sincerely, 

Josh