All Forum Posts by: Joshua McMillion

@Jason Roldan

No worries, glad I could help. 

Sincerely, 

Josh 

@Jason Kim

Congratulations on finding BiggerPockets and making the leap into REI. Joint Base Lewis-McChord is a great duty location and is unique because it's a joint installation, meaning it is home to Air Force and Army. Optimizing the assets you currently have is smart. I did a similar strategy when I moved from Louisiana. Without REFI, the property cashflow was a little over $100, but my cashflow tripled once I did a REFI. 

Sincerely, 

Josh 

@David A Auffarth

Great question. Essentially the contractor is providing you with direct and indirect labor cost estimations. In that cost estimation, all material, fees, and labor has been calculated to the best of both the buyer (you) and the seller (contractor). An incentives-based contract would provide a lump sum to the contractor if they complete the agreed-to job on time. For example, I hire you to build a fence, and you estimate it will take three days to complete. I will draft a contract for the work to be performed and state if the contractor finishes on time, an incentive of $500 will be paid to the company on top of the agreed-to price. However, if the contractor fails to meet the deadline, the incentive will be lost. You can also have price reductions for each day/week the contractor is behind, let's say $50 a day—that why the contractor is focused on you and only you to complete the job. 

You don't need to have a lawyer to proof your contract, but it is a good idea to do so. 

Sincerely,

Josh

@Misael Carlos Vera

This reminded me of a quote I heard. 

@Shawn Knight

It is hard to say what a good deal looks like in your market. I am always open to setting up a phone call and walking though how I determine a good deal. Essentially you need to determine what KPIs are important to you. 

Sincerely, 

Josh 

@Mitchell Tyburczy

You already completed one crucial step, which is to create a Bigger Pockets account. My advice on where to start is to develop a routine and stay consistent. For example, I am also in the military and found it imperative to protect my most important asset (TIME). I read the book Miracle Morning and started his SAVERS program. It completely changed my level of commitment and balance between my passion (REI) and ensuring I am performing at my top with my military job. Create your routine and keep carving away each day. You are young and already have a significant amount of savings to start, and make sure you have a strategic reserve in place. You can achieve this by getting a VA or FHA loan for your first property and still have room in your budget for repairs if needed. Below are my recommendation for podcasts and books!

Podcasts:

-The Military Millionaire Podcast @David Pere

-BPs Money Podcast

-BP's Rookie

-BPs RE Podcast

-BPs Daily

Books:

-Miracle Morning

-Vivid Vision

-Rich Dad Poor Dad

-The Book on Rental Property Investing

There are several more I would recommend, but if you're just starting, you need to learn the basics and align your goals.

Sincerely,

Josh

@Nasire Gilben

Congratulations on what you have already accomplished! Having that size of equity and rental portfolio is still no small feat. What are your goals? I would first listen to the latest BiggerPockets podcast, Episode 447. The author of the book Vivid Vision discusses how to establish goals to achieve the future you want. I recommend reading Vivid Vision and taking the time to sit down and map out what success in real estate means to you. 

Sincerely, 

Josh

@Colin Williams

Thank you for sharing your investment story! One advantage of being in the military is the secured payment, which allows you to be a little riskier with investments. I have seen this several times where service members will purchase properties; it breakeven cash flow. I am currently in the process of shifting my portfolio to a single market. I found it too time-consuming with properties in several states. 

Sincerely, 

Josh

@Shawn Knight

If I had to do it all over again, I would use the VA loan to target multi-family. If you are in a position to live in the property, the VA loan could allow you to enter into multifamily with low money down and additional funds for other investments. Check out this thread for a similar question.

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

Sincerely, 

Josh 

@Zackery Martinez

That will make for a unique STR; I can't wait to see pictures!

Sincerely, 

Josh