All Forum Posts by: Joshua McMillion

@Nathan Gesner

Thanks for sharing! I have started focusing on my RE goals in 2019 and have been "obsessed is what my wife would say," driven towards reaching my targeted data of 2032 goals. Your portfolio is inspiring, and that is one reason I love BP's. Getting the opportunity to bounce ideas in real-time with seasoned professionals that have already paved the way is powerful.

Sincerely, 

Josh

@Glenn Hastings

Great advice!

Sincerely, 

Josh

BiggerPockets,

I asked this question to the REI military community; I know I'm curious what others have done to take action!

I wanted to take some time and reflect on how powerful setting a goal can be. I started this year with a straightforward goal to acquire my third investment property and broke up my yearly goal into quarters as a milestone to keep myself accountable and focused. At my current savings rate (I'm averaging 67%), I will have met and surpassed my 2021 goal by August. Recently the tenants in my Louisiana property expressed interest in purchasing the property we wanted to sell. After talking to the real estate agent, also a veteran and awesome, the buyers accepted the asking price and are pending appraisal. The home is forecasted to close by the end of March. It will provide the needed capital to fully exit that market and purchase two new properties in a much better market to springboard generational wealth building.

I contribute most of this success to the mastermind group I joined. Having that weekly push and reinforcement has been a game-changer. Additionally, after reading Vivid Vision, I created a 10-year goal targeted at my military retirement date. Each year I will slowly (I call it the BBQ method) eat away at it, and when I hang up the uniform, I can fully retire! BTW, Episode 448 with Dion Mcneely was ever similar to how I approach REI. It was refreshing to hear others being successful with the same strategy I am currently working towards.

Turning the table, are you on track to meet your 2021 goals? Do you break up your yearly goal into quarters? How long do you plan for?

2021 Goal: Purchase third investment property; Begin saving for a fourth investment property

Q1: Save up half the funds needed for the third property

Sincerely

Josh

@David Pere @Douglas Spence 

What advice do you guys have in the SD market? 

@Mitch Hankins 

David and Douglas are both active military and live or lived in the SD market, not in the army, but hey we can't all be perfect! House Hacking with a VA loan is the best way to enter REI at a low to no money down approach. That being said, I feel you need to map out your goals. If you want to invest long distances, do you have friends or family that could help you? There is numerous location in the U.S to target. It would be best if you determined what places best fit your crystal clear criteria. I also recommend reading Vivid Vision.

Below is a good thread to read. 

https://www.biggerpockets.com/...

Sincerely, 

Josh

@Nathan Gesner

I feel there are two types of REIs, those who only seek profit and those who seek profit with a purpose. Meaning that people who jump into REI often do not have a clear direction and will purchase homes with no clear avatar in mind or crystal clear criteria established. They only see the potential to make money (often doesn't happen) at the expense of tenants that have to live in poor conditions. I remember during my college years that our landlord allowed a human-size hole in one of the rooms exposing the elements. During winter, it would dip into the '20s or '30s; I fully acknowledge it was college. This type of landlord is where the stereotype comes from.

I always look for homes that provide the best possible amenities and conditions without compromising my renters. Entrepreneurs in the REI space provide flexibility to millions of Americans with short-term housing. Housing is not a right. However, it is a necessity. More is needed to provide less fortunate individuals with quality rental and primary finance education. If individuals were more educated on managing money, the majority of issues in our society would be easily mitigated.

"solely my opinion."

Sincerely, 

Josh 

@Kevin Lanphear

That's why I love REI; it is very modular with numerous bridges to the same goal........ Financial Freedom!

Sincerely, 

Josh

@Kevin Lanphear

I am more conservative when it comes to money and finance, but I use all my cashflow toward my next property. For example, if I have $500 per month in cash flow, I will save that towards my next property in a high-performance savings account or money market fund with Vanguard. If I need to save for a conventional loan, that $6000 extra yearly passive income will help me reach that goal. In your case, you would have $18000! Eventually, it becomes a snowball where you can rapidly acquire new property. 

My advice is centered around my long-term buy and holds strategy with a specific avatar and narrow search criteria. I also have a $5,000 CAPEX saved before entering the deal as a general rule of thumb. Crypto and stocks could provide you significant growth, but in turn, could also prevent you from scaling due to bear markets. 

Sincerely, 

Josh 

@Chad Griffin

I would recommend exactly what Douglas said. I Found a CPA that is also a veteran and specializes in RE. It has been eye-opening to have a tax professional on my team. If you would like, I can provide his point of contact.

Sincerely, 

Josh 

Thank you all for your input! 

Sincerely 

Josh

@Jason Roldan

No worries, glad I could help. 

Sincerely, 

Josh