How We House Hacked in San Diego Using the VA Loan

As some of you know, my wife and I are both active-duty military. A few months ago, my wife received orders for a command in Virginia Beach, VA so we started making plans to move to Virginia from San Diego. We told our landlord in San Diego that July would be our last month, and we found a real estate agent in Virginia and started submitting offers on homes. 

Then, the Navy threw us a curveball. 

We found out at the very end of June that we would be staying in San Diego instead of moving to Virginia. Our landlord had already found tenants to take over our condo in Little Italy, so we had to find a place to live in San Diego ASAP! We had also just arrived in Hawaii on vacation to visit family for two weeks, so that made matters even more complicated. Thankfully, I used my network of military real estate investors to find a fantastic mortgage lender, Jon Lallande of Cross Country mortgage and real estate agent Herbert Knox of Sentry Residential, and we aggressively started looking for homes in the San Diego area. Jon Lallande was able to provide a very competitive VA loan product which is usually unheard of: the 17 day close on a VA loan. Most lenders advertise 30-45 days to close a VA loan, and we knew that was too long and would not be competitive enough to get an offer accepted.

Finding a Home in a Competitive, Seller’s Market

We had to be especially aggressive not just because of our short timeline, but also because we had to lock down a house in the hottest seller’s market in U.S. history in one of the hotter markets in the country (Southern California). 

We submitted 5 offers on homes in San Diego from Hawaii, solely based on the video walk-throughs our agent sent us. We relied heavily on his feedback regarding the neighborhood, the layout of the homes, and the overall “feel” of the properties. 

When we were shopping for a new home, many of the homes we encountered were being sold by home flippers. These entrepreneurs had purchased a distressed 3 bed 2 bath single family home, fixed it up to look very nice, and put it on the market at full retail. We were not opposed to a regular single family home, however I knew finding a property with the added benefit of a separate unit to rent out would give us a huge advantage, both in the short-term and long-term. 

Finally, a seller accepted our offer. 

Of all the homes we looked at, this one was my personal favorite. It was far from a perfect home like those flips and it needed a fair amount of cosmetic work, but it had something most of the other homes we looked at didn’t have: a second unit to rent out. My real estate brain was magnetically drawn to this property because I know the best way to use the VA loan is to buy a 2-4 unit property, live in one unit, and rent out the others, also known as a “house hack”.

What is a house hack?

A house hack is when you purchase a 1-4 unit property usually conventional, VA or FHA loan as a primary residence, and rent out the other units, or rent out the extra bedrooms if its a regular single family home. Its considered a “hack” because you are using the extra income from the rent you collect to pay your mortgage. 

This strategy is especially effective using the VA or FHA loan because those lending products require little or no down payment, as opposed to a conventional loan which usually requires a 20% down payment. 

Exterior view of the home. Those stairs on the left go down to the downstairs unit.

Our New (Old) Home!

Let’s talk about the house itself. It’s a two-story, single-family home built in 1956 in La Mesa, CA – a suburb about 9 miles east of downtown San Diego. The larger, main floor of the house is the top floor which may seem odd, but the neighborhood is very hilly, and this home is built on the side of a hill. The driveway comes down steeply from the street, and when you walk in the front door, you’re actually on the second floor of the home. There’s a staircase going down to the bottom floor, which previous owners had drywalled off to create that separate living space on the bottom floor. So, all they needed to do was add a kitchen downstairs and they had their second unit to rent out. 

The home has lots of light and an open floor plan as you can see here. We have since sanded and refinished the hardwood floors.

The previous owners had been renting out the unit to a lady and her two sons who did not take care of the unit. There was no significant damage, it just wasn’t kept clean and there was a lot of minor damage from years of neglect. The owner was charging the tenant $1200 per month for the unit which is nearly half the market value for that unit. So we planned to clean it up a bit, get it painted, and find an excellent tenant to live below us. 

The home we ended up purchasing is definitely not one of those homes fixed up by flippers! It has “good bones” meaning there are no significant structural, foundation, or other major issues but it just needed some basic updates and minor repairs. For example, the seller didn’t know how old the roof was, so we had a roofing professional come out and make some repairs. Also, the home has original hardwood floors that looked weathered and discolored in many locations, so we had a professional flooring company sand and refinish the floors and they look fantastic now! We also had a painter come in and apply a fresh coat to the ceilings, walls, and kitchen cabinets. 

This is the downstairs unit we will rent out to a lucky tenant!

The “No Money Down” VA Loan Myth

Something that surprised me during the VA loan process, was the realization that the VA loan does not cover closing costs! You can include the VA funding fee (2.5% of total price) in your loan, but the closing costs must be paid out of pocket. Unless of course, you can negotiate for the seller to pay your closing costs, or have a large enough seller credit to offset these costs. Make sure you consult your lender on this so you don’t get yourself in trouble. The VA loan has strict rules on what you can and can’t do. 

Depending on the price of the home you purchase, your closing costs may only be a couple thousand dollars. Most of the homes I have purchased in the past have been investments and have been $100,000 or less, which means the closing costs have been $1000-2000. However, when you’re buying a primary residence in the San Diego area, you’re paying a lot more than $100,000! So the closing costs were significant to say the least. 

Don’t let this deter you from using your VA entitlement. In my opinion, the VA loan is the best way for military members and veterans to get into real estate. 

We should be getting a tenant in the downstairs unit within a week or so, and we’re continuing to make updates and improvements to the upstairs part of the home where my wife and I live. If you’re already a homeowner, you know that no matter how much work you do, there are always more projects popping up! Thankfully, we found a fantastic handyman that can do all kinds of work for us at a reasonable price. 

If you want to learn more about the house-hacking strategy, Craig Curelop and BiggerPockets published a book about it called The House Hacking Strategy: How to Use Your Home to Achieve Financial Freedom. I have not personally read it yet, but I’ve read many books published by BiggerPockets and they have all been fantastic.

I hope you found value in this article. Please send me a message on Instagram @honorandequity and let me know your thoughts!

The Importance of Having Great Tenants

This notice of a Milwaukee code violation (committed by my tenants) was sent to my old address in Pensacola.

A common mistake that new landlords and real estate investors make is not recognizing the importance of accepting the highest possible quality tenants for a given property. Rather, many will sign a lease with the first prospective tenant that comes along, or accept a tenant that says all the right things but does not complete a background and credit check, cannot provide proof of income, and can’t provide references for prior landlords. 

I recently experienced firsthand the value of having an exceptional tenant. I own and self-manage a single-family home in a great neighborhood in Pensacola, Florida. I also own a few single-family homes in Milwaukee, Wisconsin that are managed by a professional property management company. 

Since I used to live in the Pensacola property, I occasionally still get mail sent to me at that address. About a month ago, I received a text message from the tenant in Pensacola stating that I had two important-looking letters addressed to me from the City of Milwaukee. I immediately knew this was not your typical junk mail envelope, and my Pensacola tenant sensed that as well. A less considerate tenant may have just ignored the mail or thrown it away without alerting me. I asked her to open the envelopes and send me pictures of the contents. Thankfully she didn’t just throw them away, because the letters were notices from the City of Milwaukee that one of my Milwaukee properties was in violation of local ordinances. 

One of the Milwaukee tenants allowed the grass to become overgrown, and regularly left the garbage bins on the street. The notice from the city stated that if the issues were not corrected, I would be issued fines as the property owner.

One of my tenants in Milwaukee had not been keeping up with the lawn maintenance!

I immediately reached out to my Milwaukee property management company, Smart Asset Realty in Waukesha, Wisconsin, and told them about the situation. Thankfully, Smart Asset Realty is fantastic and told me they would contact the tenant immediately to remedy both issues and let the tenants know that if any fines were issued to me, the tenants would be reimbursing me for those fines. The property management company later sent me pictures of the recently mowed lawn and reminded the tenant that per the lease agreement, they are responsible for lawn care and correct use of the garbage bins. 

While the focus of this particular article is on tenants, this story also emphasizes the importance of having great property management and not just hiring the first company that shows up when you search for one. 

You may be thinking “if having great tenants is so important, why didn’t your Milwaukee tenants do the right thing and take care of the lawn better?”. This is a fair point, but I think the important thing to remember is that no tenant is perfect and you can’t expect every tenant to treat the property as well as you would. Also, I believe the Milwaukee tenants just needed a reminder that caring for the property is their responsibility. This is also the first issue we’ve had with those tenants. Thankfully the management company did their job well by handling this for me. This is why they make 8% of the total rent every month!

It’s also important to remember that folks who can afford higher rent in a nice area are not necessarily better people who will take better care of your property. You can have high-quality tenants even in a property with lower rent and you can have low-quality tenants in a property with higher rents! That’s why it’s so important to screen them well, regardless of their monthly income. 

Fantastic tenants will treat your property better, keep you advised of any repair or maintenance issues, pay on time (or early), and generally make your life as a landlord or property owner much easier. 

Thorough tenant screening will prevent a lot of problems!

Tenant screening tips to reduce landlord headaches:

  1. ALWAYS perform a background and credit check (or ensure your management company does this).
  2. Minimum 650 credit score.
  3. Get references from past landlords.
  4. Ensure the prospective tenants earn enough monthly income to afford the rent. My rule is they must earn four times the monthly rent each month, and I ask for a recent pay stub to verify this. 
  5. Have a conversation with them to determine why they are renting and how long they plan to stay in the home. You can learn a lot from a 10-minute conversation that you can’t learn from a rental application. 

Pro Tip: Be wary of any tenant who wants to pay 1 year in advance. This is a strategy sometimes used by individuals who plan to use the home for illegal activity like drug dealing. They pay upfront to reduce the chances anyone comes snooping around the property looking for rent!

I hope you enjoyed this article and found value in its content. Make sure you follow us on Instagram @honorandequity. We love hearing your feedback! Send us a direct message on Instagram, or email me directly at doug@honorandequity.com

How I Made $5,000 by Sending an Email

First revenue! (aside from rental income from the duplex)

Last summer, I decided I was going to start BRRRR’ing properties out of state. Once I put the team together to do this, I quickly realized that finding deals would be the toughest part. Due to the current market, I knew that I would have to create my own system to generate leads rather than rely on agents and wholesalers to provide them for me. Creating this organic deal funnel took months of trial and error, multiple software systems, and lots of time spent finding the right virtual assistants. I finally have developed a system that generates leads for property owners who are motivated to sell. 

You might be wondering why I don’t just buy properties through an agent or a wholesaler. For the most part, those individuals are asking for too high of a price for me to make the numbers work. A key component of the BRRRR strategy is finding a property well below market value. 

Here’s the basic formula I use to quickly assess if a property makes sense to buy:

Estimated After Repair Value (ARV) X .75 minus repair cost = Maximum Offer Price

By developing my own process to find motivated sellers who aren’t talking to anyone else yet about selling their home, I’m in a much better position to purchase the home at the discounted price I need. I’m also providing value to these homeowners who don’t want these homes anymore. Many are in poor condition and have been neglected, and the owners don’t have the money or desire to fix them up to sell on the retail housing market. Also, most homeowners are purchasing homes using bank financing, and these banks will not usually approve lending on homes in need of lots of work. 

Leads for properties with motivated sellers are always in demand. Real estate agents and wholesalers will have a list of buyers (real estate investors) that are ready to purchase a property at the right price. In this hot market, there aren’t many deals to be had on the MLS, so investors are increasingly having to look elsewhere to find deals. 

But why wouldn’t you just keep all the leads for yourself? The simple answer is that not every good lead fits my strategy, but that doesn’t mean that it isn’t a great lead for someone else. I have very specific criteria for the properties that I want to buy, so most of the properties that come through my deal funnel won’t work for my strategy. That doesn’t mean that I can’t still benefit from those leads or provide value to others in my network. For a given property that I don’t want to buy, there will probably be another investor that does. 

I’m very bullish on Oklahoma City real estate! (Photo by Raychel Sanner on Pexels.com)

Here’s how the process works:

  1. Receive motivated seller lead from virtual assistant team
  2. Send lead to a local agent
  3. Agent talks to the seller, walks the property, gets an idea of what the home is worth, and what offer number works for the seller.
  4. If it works as a BRRRR, I buy it. If it doesn’t work as a BRRRR for me, but the agent thinks another investor might be interested, he puts it under contract and presents the deal to the other investors. 
  5. If the agent thinks the property will sell on the MLS, he can list it and I will get a referral fee. 

I love this strategy because no leads are wasted. I’m spending a lot of money on marketing each month to generate these leads, so I want to make sure to extract any value from them that I can.


They paid me $5,000 just for bringing them the lead. All I did was send the contact info and property info to my agent and he did the rest. Could I have made more money by keeping it and flipping it myself? Probably, but flipping is not my business, so I was happy to pass this opportunity on to other investors and collect a fee for finding the lead. 

A few months ago, I sent a lead to my agent for a home in fair condition and in a nice neighborhood in Oklahoma City. The agent and his partners saw value in the home, so they decided to purchase the property themselves, rehab it, and list it on the retail market to hopefully make a profit. 

This is the property that made me $5,000! It just needs some love and it will make a great new home for someone!

For the record, this is the only time this has happened so far but as my lead generation team brings me more and more leads, I believe I will get more and more of these deals. 

I will keep the best ones to BRRRR myself and sell the rest of the leads to other investors. 

Is it easy? Of course not, because if it was easy everyone would be doing it. But it is simple, and it’s something that can be replicated in any market in the country. 

In real estate – as with any other business – if you can solve people’s problems, you can make money. Real estate is so amazing to me because you can create these scenarios that are win-win for everyone involved. The seller received cash for her home, the flippers make money on the sale of the improved home, the next buyer of the home gets an updated home to live in, and I get $5,000 to reinvest into the business. 

I hope you enjoyed this article. Please let me know your thoughts by commenting below, or sending me a direct message on Instagram @honorandequity. You can also email me at doug@honorandequity.com

RElationships: Q&A with Adventurous REI’s founders, Suzy Sevier and Michael Barnhart

Suzy Sevier and Michael Barnhart started Adventurous REI to help others achieve what they believe is the greatest ROI: Return on Impact. They want others to start enjoying life and leave an impact now, not later. I first connected with Michael Barnhart last August, and he inspired me to build a team and start utilizing the BRRRR strategy (Buy, Rehab, Rent, Refinance, Repeat) to purchase real estate in Oklahoma City from San Diego. 

Michael and Suzy are unique because not only are they business partners in real estate, but they also are married and invest in the United States while living in Europe! Michael and Suzy were kind enough to share their time with me and answer some questions about their business, their legacy, and their fantastic new podcast The Adventures of a Real Estate Investor

How did you get started in real estate?

Suzy – We got started in real estate because of COVID-19 and the lockdowns. We did not know how long the first lockdown was going to last but we knew we needed to find something to do during this time.  We decided to start a mini book club with one another. The first book we read was Slight Edge By Jeff Olsen.  We loved it so much that we bought some of the books that were on his recommended reading list. One of those books was,  Multiple Streams of Income by Robert Allen. A few chapters in, there is a chapter on real estate, and Michael asked me to skip straight to it. After I read it, he said let’s try this and I said okay!  From there we started listening to all the podcasts and reading all the books. We searched as many online forums as we could because we realized that so much of the space had gone virtual. We knew that it was a great opportunity for us to get into real estate because we had all the same opportunities at this point as everything else did from anywhere in the world. 

What software or tools do you use in your business that provide significant value to you?

Suzy –  The tool that we use in our business that brings significant value is a project management tool called Asana. Everyone in our team has access including the property management staff. This has eliminated the long strings of emails. We can all see the tasks that need to be completed, we can take notes on those tasks, we can add attachments to the tasks such as bids from vendors. It clears up so much miscommunication in regards to when tasks are to be completed because there is a function to add “due dates.” The software has streamlined a lot of our processes. 

What do you want your legacy to be?

To create a ripple effect where people have been inspired to positively impact someone in their life at least 1% every day.

How do you balance working together on real estate with being married? 

Suzy – Our why and our passions are so intertwined, but the balance is just there. We truly are best friends and so there was no way that it was out of the question that we are going to do this together. We actually think it’s easier to work together because we are married. We still need to communicate effectively as a business partnership would and we still have expectations for one another, as a business partnership should. We have the advantage though because we have created a safe space where being intimate and vulnerable is valued. 

How do you balance owning and operating a real estate company while active duty and living on a different continent?

Michael – I don’t sleep. Just kidding. But in addition to the real estate investment firm, we actually own an eCommerce business and a Land Rover Defender import business as well (got to have those additional income streams!). So, we spend the majority of our free time and weekends hustling. We chose not to have a TV because of the distraction it causes. We would rather spend that time working on our businesses or working on personal growth or just spending quality time with each other. We wake up early, at or before 5 am, and knock out our morning routine (read, journal, meditate, and exercise) and then get straight to work on the business. Suzy and I both work the traditional 9 am – 6 pm hours and then when I get home at 6 pm, I jump straight into working on the business again until 10 pm or sometimes even midnight. The great thing about being overseas is that we get to take advantage of the time difference. When I get home from work at 6 pm, it is only 12pm in my market. Therefore, I have 6 more hours to work during their “business day” so I can call brokers, lenders, and other vendors during their normal working hours. Also, the silver lining to COVID is that it has forced a lot of things to go virtual so, being overseas, we were able to take advantage of that. We were able to attend conferences and meetups that would have normally been in person, and we were able to network 1-on-1 with a lot of potential investors. But to wrap up this answer, to create a “balance” we are always working on systematizing our businesses so that we can hire out the $10/hour tasks, which frees up our time to focus on the $10,000/hour task. We currently have two assistants; one that helps us with everyday tasks and one that does all of our video editing. And of course, we are not editing our own podcasts. We are just recording, and our team does all the rest. 

Photo credit: Gregory Ballos

How did you put together a team for your Tulsa multifamily projects?

Michael – Networking and having intention going into meetups and conferences. We started posting about our real estate experience on social media and a connection of mine reached out and wanted to chat about my experience thus far. I had known him for 15 years as we went to prep school and the academy together so the know, like, and trust factor had already been established. He became our “boots on the ground,” and because of that, we then had a market to tell others we were in. Once we started going into meetups stating our market, organic introduction occurred and from those introductions, we met our mentor. The other partners on our team were also met through various meetups and mastermind groups.

Just get yourself out there, no one knows what you are doing until you tell your story. 

Why did you decide to start a podcast? 

The podcast had always been something we wanted to start but “didn’t have enough time for”. Our original goal was to have it started by the end of 2021. But as we started to become guests on others’ podcasts, that exposure from the podcast world was something we were missing. In order to truly have our message be heard, we needed to start our podcast sooner.  During our 1:1 calls, we have found that many people are motivated by creating an impact, whether they realized it or not. We wanted to create more exposure about the amazing good that people are doing for themselves and their family while leveraging real estate investing. It has really been a blessing to help others see that they were born to make a difference in this world. 

What advice do you have for military members and veterans out there who are interested in real estate investing?

Michael – Just do it! Learn about all the different types of real estate investing and decide which one best fits your personality. Then, learn everything about that niche of investing and start taking consistent action day after day. Even though it may not seem like you are making any headway each day, those actions are compounding on each other, and then one day – boom! – you’ll be exponentially growing! Pro tip: start documenting all the systems and processes from the start so that when you hit that exponential growth you can hire that out immediately so you can continue growing.

For me, I enjoy being a program manager and leading teams to accomplish large goals. Therefore, I really enjoy being the lead sponsor for multimillion-dollar acquisitions. Not to mention the impact that we get to have on a larger number of residents across the apartment communities that we acquire. Our whole focus is on a different ROI – Return On Impact. What impact do you want to make?

How to find them:

All of their info and social links to connect with them can be found here: https://adventurousrei.com/info

Check out their podcast which focuses on a different ROI – Return On Impact: https://adventurousrei.com/podcast

Check out their YouTube Channel that will focus on multifamily real estate education and mindset. It launches 1 July 2021 and will have 2 mini-series ready to view, one on acquiring a multifamily asset and the other on asset management. Check it out here: http://bit.ly/AREI_YouTube  

My First BRRRR – By the Numbers

Signing the closing documents for the cash-out refinance at First American Title in Edmond, OK.

On August 11th, 2020, I had a conversation with Michael Barnhart of Adventurous REI that inspired me to use the BRRRR strategy (Buy, Rehab, Rent, Refinance, Repeat) to purchase an investment property. I decided on a market, put together a team, and started looking for properties. Four months later, on December 10th, 2020, I closed on a duplex in Oklahoma City that already had tenants and needed mostly cosmetic renovations.

Nearly 7 months after that closing, on June 1st, 2021, I signed the closing documents for the cash-out refinance which was the final step in my first BRRRR. 

I learned a lot from this experience which I will discuss more in-depth in my next article, but first I want to share the numbers! Was it a home run, a base hit, or a strike-out? I’ll let you decide! Send me a message on Instagram @honorandequity or doug@honorandequity and let me know your thoughts!

The Purchase

Purchase Price………….$100,000

Closing Costs……………$2203.02

Agent Commission….$0

I used private money at a 10% interest rate to fund the purchase price. My agent brought me the deal, and she was paid her commission by the seller. The closing costs included title fees, title insurance, the home inspection, the notary’s fee, and other minor administrative costs. I had to pay a notary to bring me the closing documents because I was on a work trip in North Carolina at the time of closing. 

The Rehab

I estimated the rehab cost to be $20,000 and my private lender agreed to lend this amount in addition to the $100,000 purchase price. The rehab went over budget by $5,115.80, and I contributed the capital to cover the additional costs.

 

Foundation

5 Steel Piers Installed……………………………………….$2,875.00

Exterior

New Gutter System…………………………………………..$1,439.67

New Porch including railings…………………………..$3,500.00

New Fascia and Trim…………………………………………$4,000.00

Paint entire exterior incl

new fascia and trim………………………………..$2,000.00

Remove overgrown vegetation……………………….$125.00

Plumbing

Faucet repairs……………………………………………………..$75.00

Water line repairs……………………………………………….$75.00

Kitchen

New tile in both kitchens installed…………………..$2,500.00

Windows/Doors

New windows for both sides, installed……………$5,676.13

New trim, caulk, and paint around

new windows……………………………………………$2,250.00

New storm door…………………………………………………..$300.00

Replace back door threshold on both sides…..$300.00

Estimated Time to Rehab………………………………….3 months

Actual Time to Rehab………………………………………..6.75 months

Total Rehab Cost…………………………………………………$25,115.80

You can see the new fascia, trim, and paint on the exterior of the home. The overgrown vegetation you see here will be resolved this week as one of the final tasks needed to put the home on regular home insurance.

Renting the Property

Thankfully, the property was already rented to solid tenants at closing, so there was rental income from day 1. The current tenants have leases through November of 2021 and January of 2022. They wisely renewed their leases once they heard the property was selling so they could lock in their current rate for another year! My property manager says that because of the work that has been done on the property, we will be able to raise rents $100-200 per side once the current leases are up. 

Current Total Monthly Rental income……………………$1,465

Estimated rental income once current 

leases are up……………………………………………………..$1,765

Total Rental Income from the first close to refi

(December 2020 – June 2021)………………………..$8,266

The Refinance

I worked with a mortgage broker to help me find a bank that would do an 80% LTV (loan to value) cash-out refinance with no seasoning period. This is a key component of the BRRRR strategy, because I wanted to pull as much capital out as possible and not have to wait 6 months for the loan to ‘season’. 

Property Appraisal……………..$161,000

Closing Costs………………………$1,994.44

Loan Term…………………………….20 years

Loan Interest Rate……………….4.75% (Fixed for 3 years, then variable)

Loan Principal………………………$128,942.44

Origination Fees………………….$2,848.00

Appraisal Fee……………………….$600.00

Monthly P&I…………………………$838.15

Total Capital Invested…………$8,365.80

You may have noticed there are a lot of fees and costs associated with these transactions. Real estate has high transaction costs relative to other goods and services. I paid a total of $7,645.46 in closing costs and origination fees for the initial purchase in December and the refinance the following June. This is important to keep in mind when analyzing potential deals. 

Private Money Lending

I used private money (a loan from an individual to another individual or entity) to fund the purchase price and rehab. I like this funding strategy because I’m able to provide value to the lender via interest income, and the lender makes a solid return on a low-risk deal. The loan is collateralized by the property itself, meaning that if I did not pay her back she would be able to take ownership of the property. 

Lending Costs

Principal………………….$120,000.00

Interest rate……………10%

Lending Period……….6 months 23 days

Total Interest Paid….$6,750.00

So was this deal a home run, base hit, or strike out? Send me a message on Instagram @honorandequity or an email to doug@honorandequity.com and let me know!

Investing in Real Estate while Active Duty

When people find out that I do real estate investing in addition to my “9-5” as an active duty Naval officer, they tend to be surprised. It can definitely be challenging at times, and I’ve made a lot of mistakes along the way. However, in order to reach my long-term goals, I know that investing in real estate in my free time is an absolute MUST. 

I know there are a lot of fellow military members out there who have similar goals, but they just don’t know how to get started or what it will take to achieve those goals. 

If you want to be successful in real estate while serving your country, starting with the right mindset is absolutely critical. There are also some practical steps you can take every day to make your goals become a reality.

Focus On Why

Having a strong ‘why’ is critical to achieving any goal, and real estate is no exception. Any journey worth taking will have significant obstacles along the way. Are you mentally strong enough to push through these obstacles and stay on the path to success? Your ‘why’ does not have to be limited to your business or personal life. I have strong ‘whys’ for both my personal life and for Honor and Equity.

For example, one of Honor and Equity’s long-term goals is to be able to provide free housing to veterans. I have no idea how H&E will achieve this, and it may take years to accomplish, but the only way H&E will not hit this goal is if I quit. When I hit obstacles, I just take a step back, take a deep breath, and think about how awesome it would be to help out veterans in need of a good home. It helps me re-focus on the big picture and on why I’m doing this. 

If you are married, I highly recommend working on your personal ‘why’ together with your spouse. My wife and I have a long-term goal to completely replace our W-2 income with passive income from real estate and businesses by the time we’re both out of the Navy. This goal will give us the freedom to live where we want, spend more time with friends and family, and only do work that gives us a strong sense of purpose. 

If you want to learn more about the value of a strong ‘why’, I go more in-depth in this article.

Your Network Determines Your Net Worth

Photo by fauxels on Pexels.com

Real estate is a team sport. There are simply too many elements in real estate investing to reasonably expect to do them all by yourself. Some of these elements include finding deals, closing deals, financing, project management, improving and repairing properties, finding tenants, managing tenants, and bookkeeping. If you try to do all of these yourself, you will likely fail. 

If you are just getting started in real estate investing, the first thing I would do is join a mastermind group with a focus on real estate. In doing so, you will surround yourself with people much more experienced than you and will benefit from their experiences and wisdom. Real estate investors are highly motivated to help others! Don’t be afraid to ask for some advice. 

You should also consider partnering with someone you trust when you’re getting started. Make sure your skill sets complement each other. If you are more of a numbers guy/gal and enjoy analyzing the deals and figuring out the financing, then you should partner with someone who excels at managing a project, communicating with vendors, and perhaps finding the deals.  

Regardless of who you work with and what task you’re doing, make sure you are providing value to others. No one likes the person who only takes from others – be it time, money, or advice. I recommend adopting a generous mindset and focus on helping others however you can. It will come back to you!

Make the Most of the Time You Have

Photo by Jordan Benton on Pexels.com

Juggling a full-time job such as a military career with real estate investing on the side is demanding, however, my Navy job always takes priority over anything real estate-related. Managing my time effectively is crucial, and it’s always something I’m trying to improve upon. 

Something I have learned the hard way is: don’t try to do too much in one day or one week. The intensity of my work schedule ebbs and flows, so some weeks I have more free time to work on the business/real estate than other weeks. I’ve learned to adjust my weekly business goals to make them attainable based on my work schedule. The weeks I didn’t do this, I found myself overwhelmed and frustrated at the total workload. This is a marathon, not a sprint, so I have to constantly remind myself to adjust my weekly and daily goals to make them attainable and not overwhelming. 

If you want to succeed at anything, you must take consistent, daily action. I started using a daily planner to help me be more consistent. Last summer, I used Brandon Turner’s Intention Journal, and while I enjoyed it, I have since transitioned to the Panda Planner Venture Edition. It is reasonably priced ($13 on Amazon), and has sections to write down business-focused elements such as your core purpose, core values, and long-term goals, in addition to quarterly, weekly, and daily to-do lists. 

I wake up early every day (usually by 0530) to work on the business. This gives me a couple of hours each day to reply to emails, analyze properties, create content, or whatever I have prioritized for that day. 

I use my daily planner to track not only business items, but also use it to make sure I exercise and read every day, and I use the notes section in the back to write down ideas, meeting notes, and more. 

Bonus Tip: You Don’t Have to Live Where you Invest

This concept was first introduced to me by David Greene’s first book Long-Distance Real Estate Investing – one of my favorites. Once I realized that you don’t have to live where you invest, it opened my eyes to the endless opportunities available to investors. Most people believe they have to live in the same location they buy property. This is simply not true. Why do we feel the need to walk through a home before we buy it? Unless you’re a professional inspector or appraiser, this doesn’t add much value for a home you will never live in. People are uncomfortable buying a property they haven’t seen before, but are perfectly comfortable buying shares in a publicly-traded company they know almost nothing about.

If you are facing this mental hurdle, I challenge you to look past the emotional components of this limiting belief and try to think more logically about it. Read the aforementioned David Greene book, and connect with other investors who have overcome this mental hurdle. You’ll be glad you did!

I hope you enjoyed this article. If you’re interested in more real estate, personal finance, and investing insight, follow @honorandequity on Instagram and Facebook. If you want to connect, send me an email at doug@honorandequity.com!

Oklahoma City Duplex – Progress Update

After months of searching for homes that fit my criteria, I finally closed on my first property in Oklahoma City on December 10, 2020. I plan to BRRRR (Buy, Rehab, Rent, Refinance, Repeat) this property, which is currently in the rehab phase as of February 2021. Below, I’ve provided an update on the property itself, rehab progress (spoiler alert: this one is slow-going), and what I have learned so far.  

The Property and How I Found It

The property is a 1300 square foot, 2 bedroom 2 bathroom duplex located in the growing Northwest side of Oklahoma City. My agent, Abbie Davis, actually presented this property to me while it was off-market.  Abbie and her husband own a property management company called The Property Center in OKC, and one of their clients reached out to Abbie saying he wanted to sell this property for $100,000. His property was already rented for $695 per side per month with solid tenants. Thankfully, Abbie reached out to me after recognizing that this property would be a great fit for my OKC strategy. 

Here are the numbers as we estimated them before putting the property under contract:

Purchase Price: $100,000

After Repair Value (conservative estimate): $156,000

Repairs (mostly cosmetic): $20,000

Time required to make repairs: 3 months

Total Monthly Rent: $1450 total (both sides plus pet fees). Once repairs are complete, property would rent for $1650-1850 total

As mentioned, the property was already rented out and cash-flowing, and since the repairs were mostly cosmetic and on the exterior of the property, we felt confident that we could keep the tenants in place while making the repairs. 

After we put the property under contract at the seller’s asking price, we proceeded with a  thorough inspection. The inspector confirmed that the repair costs would be very close to our original estimate of $20,000. I’ve always heard that rehabs regularly go over budget and take longer to complete than you think, so I made a mental note estimating the rehab would be closer to $25,000 and would take 3 months. 

The Northwest side of OKC is very hot right now! The heart marks the duplex

How I Funded the Deal 

I had finally found the property – now, I needed to come up with $100,000 cash to buy it. Thankfully, I had already been telling friends and family about what I was doing in Oklahoma City and sharing my journey via Instagram (@honorandequity), so I had a few different people already expressing interest in lending money to the LLC. My sister-in-law reached out and said she would 100% be on board lending the money. I contacted a real estate attorney in Oklahoma City to help draw up the contract and promissory note to make it all legitimate. She wired the money directly to the title company in time for closing and that was it! Honor and Equity’s first OKC property was in the books. 

My sister-in-law also agreed to fund the rehab (which we estimated at $20,000-$25,000) and we worked that verbiage into the contract. I felt pretty confident the rehab would go over $20,000, and I decided I would just fund any additional repairs out of my own pocket. 

The Molasses Rehab

If you want to get started on a rehab immediately after closing on a property, don’t buy it right before the Christmas holidays in the middle of a worldwide pandemic! The rehab, already moving like molasses, was slowed down even more by the coldest weather Oklahoma City has seen in over 100 years!

Before I get into the rehab specifics, I want to say that I’ve been working with some fantastic people at The Property Center. This is the property management company I use, and they have been kind enough to let me work directly with their folks who handle the maintenance coordination for the properties they manage. Paul and Sally at TPC have been the project managers on this rehab, including scheduling estimates, coordinating dates and times of the estimates with the tenants, and providing me progress updates, pictures, and confirmation that the work has been completed. As an out-of-state investor, I would not be able to do this strategy without great people like this to help me out! 

In order to figure out the must-do items of the rehab, I reached out to my local insurance agent Shane Jones at State Farm in Oklahoma City. He looked over the inspection report and told me which items I would have to fix in order for State Farm to insure the property. I passed this info along to Paul and Sally at TPC. I then chatted with Paul, Abbie Davis, and Eli Davis to determine what cosmetic repairs to make. We sent that info out to a few different companies to provide estimates and decided on a handyman company they had worked with before.

Here’s a list of most of the repairs:

-New porch decking and handrails

-Exterior Fascia and Trim

-New Windows

-Paint exterior of home, including new fascia, window trim, and porch

-New kitchen tile

-Remove overgrown vegetation

-Install new front door on one unit

-Faucet repairs in bathroom

-New Gutter system

New Fascia and Trim were installed on the exterior of the property

A single company has done a majority of the work, whereas the windows will be completed by a window specialist, and the gutter system will be completed by a separate company as well. 

When we got the first estimate for the window repair, the company told us it would be a 6-week delay at a MINIMUM to get the windows delivered. This was due to the COVID pandemic affecting worldwide supply chains, especially for home improvement items. I’m guessing this is because lots of people have been improving their homes over the last year, and many of these supplies come from China. 

To make matters even worse, in February Oklahoma City saw some extremely cold weather. Because of this, they couldn’t work on the paint and they couldn’t install the gutters until the weather got back above freezing. The city saw below-freezing temps for about 2 total weeks! 

Now that temperatures are back to normal in OKC, we’re making more progress. The biggest delay now is the windows, which still haven’t arrived. Once the windows are installed, the handyman company will update the trim and paint around the windows and most of the work will be complete by that time. We will do a final walkthrough to address minor issues, and then we’ll be on to the appraisal and refinance portion of the BRRRR process.

The new porch being installed!

Lessons Learned So Far

  1. You must have fantastic people on your team! I already knew this one, but the process so far has just reinforced it. If I did not have Paul and Sally at TPC to help project manage this, I would be in a real bind. Also, Abbie and Eli have been extremely helpful with advice on what work to do and what not to do, based on the condition of the home and the neighborhood. 
  1. The rehab will take longer than you think! Thankfully, I had always heard this on BiggerPockets episodes so I knew to expect it – and it is definitely true. The holidays, combined with COVID, compounded by super cold weather have caused the project to take at least twice as long as it would have otherwise. Typically, these longer rehab times would really annoy an investor like myself since I’m paying high-interest rates, but the money is going to my sister-in-law! So the longer the rehab goes, the more money she makes and at least we’re keeping it in the family!
  1. Take Action! Investing from out of state can be stressful. I’m not able to personally see these properties before putting in offers. I’m not able to evaluate all of these contractors in person, and I’m not able to personally inspect the work. This would paralyze many people into inaction. You have to trust your team and accept that you will make mistakes along the way. It’s much better to take action, make a mistake, learn from it, and move on than to be completely paralyzed and do nothing. Successful people take massive action!

I hope you enjoyed this article. Please share your thoughts and questions in the comments below, and make sure you follow @honorandequity on Instagram! Feel free to email me directly at doug@honorandequity.com

Honor and Equity 2020 Year in Review

What a year! I started 2020 in Iraq – halfway through a 6-month deployment. Neighboring Iran attacked our base with ballistic missiles, which was a significant moment in U.S./Middle East relations. The COVID pandemic soon overshadowed the attack. Thankfully the pandemic didn’t delay our return from deployment in late March, but we came back to a very different America. 

I was excited about not having to go to work for the first month or so after returning. This freedom meant more time to read, relax, and spend time with my soon-to-be-wife, Caitlin. I enjoy reading, but I was voraciously consuming books, sometimes reading over 100 pages per day with all that downtime. We had planned to be married on May 9th in Miami (we live in San Diego), but like many people in 2020, we had to adjust our life plans. We were married here in San Diego, with only a few family members in attendance. It wasn’t the wedding we expected, but it was pretty fantastic, to be honest. Getting married to Caitlin was, without a doubt, the happiest and most significant moment of the year for me. 

Joining A Mastermind Group

The second most significant moment was when I decided to join a real estate mastermind group for military members and veterans. A friend and mentor named Stuart Grazier (of Storehouse 3:10 Ventures) co-founded the War Room mastermind with David Pere (From Military to Millionaire). I was inspired to join a mastermind group after reading “Tribe of Millionaires,” an allegorical book produced by the founders of Gobundance outlining the benefits of joining a mastermind. (Check out my article about mastermind groups here). Being surrounded by motivated individuals with goals that align with yours is critical for personal growth. I started virtually meeting active duty service members who own multiple properties – and not just single-family homes; I’m talking apartment complexes, RV parks, and mobile home parks. I thought, “Wow, I need to up my game!” So I did

I distinctly remember a post that Stuart Grazier made in our War Room Facebook group in which he challenged everyone to create a ‘thought leadership platform.’ This platform could be a blog, a YouTube channel, a Twitter account – basically any medium through which you can talk about your journey and experiences in real estate. I knew this was something I had to do, so I took action and created Honor and Equity, a personal finance and real estate blog for military members, veterans, and their families. I didn’t know how to design a logo, start a website, create content, or dance in TikTok videos, but I figured it out (minus the TikTok vids!) with the help of family, friends, and fellow War Room members. I’ve always enjoyed talking with anyone who will listen about personal finance, investing, and real estate. The platform would help me share what I have learned with others and document my journey. 

Investing in Oklahoma City

Photo credit Gerson Repreza via unsplash.com

I try to connect with a different War Room member every week because each person has a unique military and investing background. I enjoy hearing about what everyone is working on and what they have done in the past. One of these conversations inspired me in a significant way. Michael Barnhart is an active duty Navy officer like myself currently stationed in England. He told me about how he and his wife were aggressively pursuing real estate in the Midwest utilizing the BRRRR strategy (Buy, Rehab, Rent, Refinance, Repeat – a must-read book by David Greene, by the way). This conversation was my lightbulb moment: if this guy is doing the BRRRR method from England, why am I not doing something similar from San Diego? Almost immediately, I started researching markets and eventually decided on Oklahoma City (check out my article about why I decided on OKC). I re-read Long-Distance Real Estate Investing by David Greene and read his BRRRR book while carefully putting together a team of real estate professionals in OKC to help me achieve my goals. 

Progress has been slow, but I write down my goals every day to stay focused and stay in the right mindset. We finally closed on the first property – a duplex – on December 11th, and everything is going smoothly so far. The home is already rented and needs mostly exterior cosmetic work. We are going to do all the rehab work with the tenants in place and the work should be complete in January/February after which we will do a cash-out refinance. My goal is to acquire two OKC properties per quarter, so if you know of anyone involved in real estate in Oklahoma City, send me a message! I post updates occasionally via the @honorandequity Instagram page, so make sure you’re following to get the most up to date information.

Beyond OKC, we also own a single-family home (SFH) in Pensacola, and we just closed on our third SFH in Milwaukee, Wisconsin. We closed on this home in Milwaukee and the duplex in OKC within about 4 days of each other, which doubled the total number of doors we own (3 doors to 6 doors)! Back in April of this year, we invested in a mobile home park (MHP) syndication in Cañon City, Colorado (check out the article here). My favorite part about that MHP investment is I know about half of the other investors (who are also on active duty). The team who put the deal together is led by a husband and wife team (both Army veterans). You may have noticed a theme with my network: I like to work with fellow military folks! I think that someone with 10+ years of service in the military tends also to be someone you can trust that communicates well and has grit and integrity – the same type of person with which you want to invest.

The Milwaukee turnkey properties we own are performing better than expected (thanks Storehouse 3:10 Ventures!), and I hired a new property management company back in May, which was a fantastic decision. The Pensacola property is the star-performer, though: of the properties we own, it has the highest cash-on-cash return and has appreciated the most since it was purchased in 2016. 

Honor and Equity in 2021

Photo credit Immo Wegmann via unsplash.com

H&E has grown a lot since its inception in the summer of 2020, and we will experience substantial growth in 2021. This growth is driven by a desire to help fellow military members and veterans in their personal finance and investing journey. One of my favorite parts about doing this is connecting with people, so if you want to connect or know someone who might want to, please reach out!

Priorities

  • Grow Honor and Equity via the creation of content designed to inspire and educate others within the scope of personal finance, real estate, and investing. 
  • Grow our portfolio in OKC via flips and BRRRR’s. Partner with others to scale and expand with the long-term goal of providing investment opportunities to other military members and veterans.

Thanks for reading this article! Please send me a message on Instagram @honorandequity or send me an email at doug@honorandequity.com!

7 Simple Ways to Improve Your Personal Finances

I love personal finance! Check out these tips and send me a message on Instagram @honorandequity and let me know what you think! 

Disclaimer: This article does not constitute legal or financial advice, so you should consult professionals before making any important decisions. 

Don’t Keep Lots of Cash on Hand

Maybe you’re already a great saver! You track your expenses, you have a budget, and you live below your means. However, if you’re keeping all of your money in a checking or savings account, you are losing money! This is because of inflation: the gradual increase in price of good and services and corresponding decrease in the value of money. $1 today is worth more than that same dollar 5 years from now! So don’t keep your money in your checking account – put it somewhere that money will compound for you like a retirement account, money market account, or lend it to real estate investors. 

Use Personal Capital for Budgeting, Tracking Net Worth, Tracking Expenses

You’re probably on your phone too much already, so you might as well use your phone to increase your awareness of what your money is doing. I prefer the app Personal Capital, but there are many other options like Mint and YNAB (You Need A Budget). If you are going to be in control of your personal finances, you need to know where your money is going and how much you have! It might take an hour or so to connect all your accounts to Personal Capital, but I promise it will be worth it. Sync all your accounts and view your financial world in one app. Set short-term goals for your monthly expenses, long-term goals for your net worth and use Personal Capital to track it all. 

Review your TSP – Don’t Use the G Fund!

If you make automatic contributions to your TSP (Thrift Savings Plan – the low cost retirement account plan for federal employees) then I think you’re awesome and you’re way ahead of most Americans. However, up until a few years ago, when you started a TSP account the default fund was the G fund. This is a very low risk, low reward fund made up of non-marketable U.S. Treasury securities guaranteed by the government. This is a great fund for people in retirement age who just want to preserve the money they have, but unless that describes you, you should put the money into a different fund! Which fund to use is a whole other discussion, but you can’t go wrong with the Lifecycle funds which target a future retirement year based on your age and automatically adjust the allocation as the years go by. Bottom line: if you’re under the age of 60, your money shouldn’t be in the G fund. 

Refinance Loans while Rates are Low

As I’m writing this in October of 2020, interest rates are the lowest they have ever been. Lots of people are refinancing their home mortgages to lock in the lower rates, and if you haven’t done so you should look into it immediately! Personally, I think rates will stay low for at least the next year or so while the Federal Reserve tries to keep the economy propped up, but you never know what the future holds. 

You should also look into refinancing any other substantial loans like auto loans or student loans. It may not be a good idea to refinance those depending on your specific situation, but its worth looking in to. For example, if you are doing the the Federal Student Loan Forgiveness Program (working in the Federal government for 10 years so the government pays off your loan) you likely don’t want to refinance out of that federal loan. Consult with a professional before doing any refinancing! 

Don’t Play the Stock Market!

I am not a big fan of purchasing individual stock, because there are just so many variables and and if you are not a student of that company and how it operates, you probably don’t know enough to throw money at it. Professionals like Warren Buffett invest hundreds of millions into individual companies, but they also have teams of people poring over data such that they know everything there is to know about the company. Many people purchase stock in companies based on emotions or 1-2 nuggets of information the read about the company in a Forbes article – that is not enough information to make a truly informed investment decision! 

In my opinion, it’s a much smarter long-term play to invest in an index fund that owns shares of many different companies. It’s not sexy investing, but you’re statistically more likely to make money in the long-term as opposed to investing in single companies. 

Make Sure Your Daily Purchases Align With Your Long-Term Goals

This one is huge! So many people make impulsive decisions with their daily purchases. These purchases can add up and over time prevent you from accumulating wealth. Sit down (with your spouse if married) and think about your long-term goals, then decide on a budget that fits those goals. Stick to it! You should absolutely allocate some fun or discretionary money into the budget, but your spending should be intentional. No more impulsive Amazon or Target shopping! You know who you are! 

Get a Will!

If you don’t have a will, talk to an estate planning attorney ASAP! Even people that are good with money frequently fall short with their estate planning. People don’t like talking or thinking about death, so they just ignore it for years until it becomes a huge pain for their surviving family members. If you’re in the military, you can go to your base legal assistance office and get a will for free! You need to designate who will get your X-Box and rights to your TikTok account, otherwise who knows what will happen to it! Seriously though, even if you’re in your 20s, you should get a will to save your family the time it will take them to sort through all your property and financial accounts. 

Check out @honorandequity on Instagram and Facebook! I love connecting with people and chatting about personal finance and real estate so please reach out!

What’s Holding You Back From Investing in Real Estate?

Photo by Pixabay on Pexels.com

Before I bought my first investment property in 2018, I thought real estate investing was only for the extremely wealthy. I envisioned a real estate investor as someone like Donald Trump buying massive apartments and office buildings next to skyscrapers in New York City and other large metropolitan areas.

It wasn’t until I started listening to the Bigger Pockets podcast that I realized normal people like myself were not only real estate investors, they were crushing it! I learned you didn’t have to be wealthy, you didn’t have to come from a real estate family, and you didn’t even have to live where you invest!

Millions of people have preconceived notions about what it takes to invest in real estate, just like I did. Combine those notions with a scarcity mindset, a desire to stay within your comfort zone, and the lack of a defined ‘why’, and it’s no wonder why more people aren’t real estate investors. 

But this doesn’t have to be you. You can invest in real estate. 

A limiting belief is a conviction or state of mind that keeps us from achieving something. What are some limiting beliefs that keep people from investing in real estate?

Limiting Belief #1: I Don’t Have A Lot of Money, So I Can’t Invest in Real Estate

If you talk to enough real estate investors or listen to real estate podcasts, you’ll hear stories of people that have created large portfolios and have become millionaires after starting their journey with almost nothing. They didn’t make excuses – they decided on a goal and took action to achieve it. 

Brandon Turner, an experienced investor and host of the Bigger Pockets real estate podcast, talks about three things that have to exist for a deal to work: 

  1. Capital (money)
  2. Knowledge
  3. Hustle

You don’t personally need to have all three – or even two – to get going on your first deal. You only need one. Maybe you don’t have the money or the knowledge, but you have the hustle and time to get out into neighborhoods and find deals. There are always real estate investors looking for great deals (myself included). If you can drive around a neighborhood and look for vacant properties with overgrown lawns, then you can get started in real estate investing. 

If you have some knowledge and some hustle but you just need some capital to get going, there are lots of people out there that want to invest in real estate but don’t have the time or desire to get started in real estate. If you present them a great deal and show them you can successfully turn the deal into a successful BRRRR/Flip, they will likely lend you the money you need to get the deal off the ground.

Photo by Oliver on Pexels.com

Limiting Belief #2: My Market is Too Expensive, So I Can’t Invest in Real Estate

For those of you that have this mindset, open a new tab on your browser right now, go to amazon, and purchase “Long-Distance Real Estate Investing” by David Greene. This book opened my eyes to the concept of living where you want to live (or where the military tells you to live!) and investing where the numbers make sense. 

I live in San Diego and home prices here are ridiculous, so I invest in the Midwest and the South/Southeast where the home prices are a fraction of what they cost in Southern California. You can also get a much better return on your money because the homes cash flow so well! For example, one of my Milwaukee properties rents for $1250/month and my mortgage payment is $544! Its very difficult to find that much difference between rent and your mortgage payment in Southern California and other expensive markets. 

Limiting Belief #3: I Don’t Know How to Invest in Real Estate!

This is the worst excuse of them all because there is so much free information available to anyone with an internet connection. We all consume information differently, and thankfully there is a wealth of information across all formats. 

-Books! This is my favorite way to consume information. I wrote an article highlighting my favorite real estate books, which you can read here. I recently finished David Greene’s BRRRR book (Buy Rehab Rent Refinance Repeat) so it is not in that article, but it’s probably my favorite real estate book!

-Podcasts! This is my second favorite way to consume information. Bigger Pockets has a few fantastic podcasts all about real estate and personal finance. The original BP podcast is real estate focused as you would imagine, the new BP Rookie podcast is designed for beginners, and the BP Money podcast is more personal finance oriented. Check out the article I wrote about my favorite podcasts here

-YouTube! Historically, I’m not a big consumer of real estate/personal finance info via YouTube, but I have been watching a lot more videos recently. YouTube has fantastic content with experts who will walk you step by step through the ins and outs of all things real estate. Want to see how to analyze a deal? There are a thousand videos showing you how to do it. How does real estate financing work? There are experienced lenders with videos walking you through the whole process. 

In addition to books, podcasts, and YouTube, there are countless blog articles and forums not only with the information you’re seeking, but with people who are eager to help others get started in real estate (like myself). 

Photo by fauxels on Pexels.com

So what’s keeping you from taking that first step and investing in real estate? Is it fear? Is it lack of knowledge? If you know you want to do it, but you just need someone to kick you in the ass and get you motivated, I highly recommend joining a mastermind group. If you are active duty, a reservist, or a veteran, check out the War Room real estate mastermind here. It’s a fantastic group of people all involved in real estate in some capacity. We hold each other accountable for our goals, bounce ideas off of each other, and do 2-3 webinars per month with speakers, Q&A sessions, and more. Reach out to me at doug@honorandequity to learn more!

If you enjoyed this article, please share with a friend! Make sure you follow @honorandequity on Instagram to see personal finance and real estate investing content designed for military and veterans.