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All Forum Posts by: Matthew McKee

Matthew McKee has started 1 posts and replied 164 times.

Post: James from St Louis introduction

Matthew McKeePosted
  • Real Estate Coach
  • Boise, ID
  • Posts 177
  • Votes 285
Quote from @James Wilcox:
Quote from @James Hamilton:

Hi everyone, I introduced myself to BP last week but wanted to post in the new member forum as well. I'm James from Kentucky but live currently in the St Louis area after 11 years in the USAF. I have caught the real estate investing bug and have set my goal to obtain my first property by June 1st, 2023. My thinking at the moment is to buy and hold a few properties long-term, then work my way into the STR world and possibly BRRRR or flips once I get enough capital. I would like to start out in the St Louis area, but am not opposed to buying turn-key properties out-of-state if I can make it work. Just joined our local REIA here in St Louis and looking forward to the first meetup next Tuesday. Can't wait to start making connections and building a team of trusted colleagues to hopefully be done with my W-2 in three years! May be ambitious but i'm determined and motivated. Thanks to all of you for your knowledge and contributions to making this website an amazing REI tool.

Hi fellow James. My father was in the Air Force as well. With your military experience, consider joining the national guard. You might be able to take advantage of the VA loan program. It is the best available mortgage program anyone could ever hope for. You could be buying before your target date. GL with all your future REI ventures.
You don’t have to be currently enlisted in the military to use the VA. Honorable discharge, 6 years in national guard/reserves or 90 of active service will qualify you for a VA loan. Just need your DD-214

Post: Newbie getting started! Suggestions? Advice?

Matthew McKeePosted
  • Real Estate Coach
  • Boise, ID
  • Posts 177
  • Votes 285
Quote from @Landen Reed:
Quote from @Matthew McKee:
Quote from @Lexey Vezzoso:

Hey Landen!

I think if you could get into a duplex of some sort where you could live in one side and rent out the other that may be a good start for you. Some sort of house hacking in general. 

I work with an agent who is Military and knows a ton about the VA loan and what it can offer you. I would reach out to @Matthew McKee and I'm sure he could help point you in the right direction. 

Good Luck!

-Lexey 

 Thanks Lex!

@Landen Reed The VA loan is without a doubt, the most powerful financial tool top leverage money on the face of this planet. With that and your savings you'll be able to leverage an virtually overnight portfolio. Great work getting to this point!


 Hi Matthew

Yes sir, that is the goal! If you don't mind me asking, why exactly do you say the VA loan is a top financial tool?

As Lexey Vezzoso mentioned, some sort of house hacking would be a beneficial way to get started in REI. And I like that advice a lot. Is the VA loan a great tool because I can always refinance the property I bought with the VA loan and reuse?

Thanks for your time!

It’s the most powerful tool because you can buy a property that’s up to 4 units, refinance and do it all over again with 0% down. Aside from closing costs this can bring you free money.

let me lay down what I did. Bought a brand new SFR in an appreciating market for $450k. ~$5500 came out of my pocket for closing costs. I’m house hacking and cash flowing $250/month a house that I live for free in. I have a 50% ROI just from my cashflow at this point, now factor amortization, tax benefits from owning a home and appreciation. 

Post: What is your strategy in this current market?

Matthew McKeePosted
  • Real Estate Coach
  • Boise, ID
  • Posts 177
  • Votes 285
Quote from @Anthony Napier:

So, it looks like you have your answer...Sitting on their hands. Good and even Great deals are not a function of fear in the marketplace. I have heard that fear can be seen as an acronym. False. Evidence. Appearing. Real. Yes, interest rates are high and going higher as per the Feds own plan to quell inflation. Fear to me is opportunity calling. It's time to be creative. It's time to think, how can I make this work, not when will I be able to continue with my old way of doing things. It's a call to growth in business. After serving 6 years in the Air Force, I took a sales job I wasn't qualified to do. A new sales consultant was hired by the dealership to help take sales to a higher level. It was the beginning of winter and snow was killing sales. At our first sales meeting Barry, the consultant, started by saying that, "We all know that the weather, i.e., snow is going to kill sales, don't we? Everyone in the boardroom agreed shaking their heads in agreement. Barry, standing at the front of the room, immediately slammed his hands down on the conference room tabletop and said, NO! He said, that's what every sales team in town thinks! We are going to be successful because we have no competition! We are going to treat everyone like a buyer desperate to find a salesperson so they can buy a vehicle. I made three times my normal income in December of 1986 and was awarded Top Salesperson for the entire city of 500,000 people. Fear and lack of belief in a successful mindset creates a group I'm not interested in joining. My hands are working. Not supporting CMA. Additionally, Boise Idaho inventories are growing rapidly. I'm lease optioning and doing long and short-term tenant leases. My option is subject to the current market value when exercised in 36 to 60 months. I'm making cashflow until prices settle down and the exodus begins. The Locusts always go back, HOME! Like a dog returning to their vomit!


 I agree, though pointedly written. I may be biased but I'm especially bullish on the Boise and surrounding markets because of the scheduled expansion such as:

Water table approval allowing new development in east Boise

Micron expansion of 15 Billion and 17k jobs.

Highway 16 adding streamline access to the surrounding cities.

Post: Newbie getting started! Suggestions? Advice?

Matthew McKeePosted
  • Real Estate Coach
  • Boise, ID
  • Posts 177
  • Votes 285
Quote from @Lexey Vezzoso:

Hey Landen!

I think if you could get into a duplex of some sort where you could live in one side and rent out the other that may be a good start for you. Some sort of house hacking in general. 

I work with an agent who is Military and knows a ton about the VA loan and what it can offer you. I would reach out to @Matthew McKee and I'm sure he could help point you in the right direction. 

Good Luck!

-Lexey 

 Thanks Lex!

@Landen Reed The VA loan is without a doubt, the most powerful financial tool top leverage money on the face of this planet. With that and your savings you'll be able to leverage an virtually overnight portfolio. Great work getting to this point!

Post: Emotional Support Animal and House Hack

Matthew McKeePosted
  • Real Estate Coach
  • Boise, ID
  • Posts 177
  • Votes 285
Quote from @Michael Paling:

Hey all,

I'm just starting off my REI journey by househacking a duplex. The 2nd unit is rented out and now I'm trying to rent out one room on my side of the building. I've had someone with an emotional support animal (a dog) express interest and I know if this was a seperate rental, I can't deny them based on the ESA. However, since this is a room in my own house AND I have a cat, would that allow me to say an emotional support dog would be an "unreasonable request"? I've advertised as "no dogs" because of my cat.

I know that fair housing laws shouldn't apply in this sittuation, but I thought I'd see what others had to say. 

This isn’t legal advice. 

it seems like fair housing laws don’t apply in this situation. If the person only “expressed interest” and didn’t fill out an application then it seems like there isn’t much reason to respond.

Post: looking for private money lender suggestions!!!

Matthew McKeePosted
  • Real Estate Coach
  • Boise, ID
  • Posts 177
  • Votes 285

@Christian Dozier best place to start is local RE groups, find a wholesaler or someone in acquisitions and figure out how to add enough value to take you under their wing. BP has a 4 part series with Amy Mahjoory (ep 636, 637, 654 & 655) that will give you a good start.

Post: Tenant not paying and collection

Matthew McKeePosted
  • Real Estate Coach
  • Boise, ID
  • Posts 177
  • Votes 285
Quote from @Drew Sygit:

@Matthew McKee why should she specifically look for a new PMC?

 @Ruby Trinh mentioned that her PM “wasn’t the best in the world” and has double charged her in the past.

Post: Opportunities in this market and weathering the storm. Creative

Matthew McKeePosted
  • Real Estate Coach
  • Boise, ID
  • Posts 177
  • Votes 285

Don’t keep your knowledge to yourself. Use the power of social media and educate your clients passively. I consider myself an educator first, be a reasonable voice in the mass hysteria and spread what I’ve learned as far and wide as I can, for free. I believe the law of reciprocity; what you put out there will be returned to you.

Post: Tenant not paying and collection

Matthew McKeePosted
  • Real Estate Coach
  • Boise, ID
  • Posts 177
  • Votes 285

@Ruby Trinh sounds like you should hire a new property management company.

Post: House Hacking in Expensive Market

Matthew McKeePosted
  • Real Estate Coach
  • Boise, ID
  • Posts 177
  • Votes 285

Have you read the book Set For Life by @Scott Trench ? Great book that seems to be geared for where you’re at. Focus on cutting costs and getting a side hustle, especially as a firefighter with so much spare time on your hands. Do what you can to whittle down the time it takes you to buy because 5% in 1-1.5 years will be a whole lot more than it is today. (Inflation + who knows where interest rates will be.)

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