Making More Money While in the Military with David Pere

February 11, 2022 melissa Real Estate Comments Off on Making More Money While in the Military with David Pere

Making More Money While in the Military with David Pere

Is it possible to make more money and become a millionaire while serving in the military? The founder of the Military Millionaire Community, David Pere, explains how it can be done through real estate investing! From listening to an audiobook to house-hacking his first duplex, he has come a long way toward financial independence and wealth creation. Now, he is helping other military personnel in doing the same.

The following points are taken from the 21st episode of the Real Estate JAM, in which David Pere narrates his journey to becoming a real estate investor while serving as an active-duty Marine and the challenges and lessons he’s learning along the way. If you want the full experience, tune in to the full episode on YouTube, Spotify, or Apple Podcasts.


 

How an Audiobook Sparked an Idea

David recounts how he became interested in real estate investing in 2015. A friend persuaded him to listen to an audiobook of “Rich Dad, Poor Dad,” which he was hesitant to do at first. However, after he started listening to it, he became engrossed and finished the audiobook in two days! In less than three months from listening to that audiobook, he bought his first property in Missouri, a duplex which he decided to house-hack.

 

Living for Free through House Hacking

House hacking is a real estate investing strategy that involves buying a property with the goal of renting out a section of it, such as a room or an entire unit, to help pay off a portion or all of your monthly mortgage payment. By doing this, you can actually live rent-free and even earn passive income.

David discusses how house-hacking persuaded him of the enormous potential in real estate investing. He was able to save money on rent while stationed in Missouri, where he was originally paying $550 per month for an apartment. He reasoned that if he instead bought a duplex for $615 and rented out the other unit for $500, he could cover the majority of his monthly mortgage and live almost rent-free. He used an FHA loan to buy the property and was able to find a tenant in less than a month. When he relocated to Hawaii, that duplex property continued to generate passive rental income for him year after year, and it has paid for itself three times over.

Figuring that it worked and that he wanted to keep doing it, he bought another ten-unit apartment in Missouri while he was stationed in Hawaii. He currently has a portfolio of long-term rental properties and is also involved in house flipping, all while serving on active duty as a marine.

 

Taking the First Step

Success stories like David’s are extremely motivating, particularly for military men who want to ensure a stable life after retirement. But all of your big ideas will be for naught if you don’t have the guts to take risks and start somewhere. Don’t get caught up in analysis paralysis! If you’re feeling overwhelmed or unsure where to begin, house-hacking is a good place to start for first-time real estate investors.

 

Want to learn more about David Pere’s tips and tricks? You can listen to the full episode on YouTube, Spotify, or Apple Podcasts.

 

Outline of the Episode:

  • [02:37] How reading the book “Rich Dad, Poor Dad” motivated David to buy his first house.
  • [05:42] Breaking through analysis paralysis to getting things done.
  • [07:43] The start of the “Military to Millionaire” journey and its growing community.
  • [11:46] Talking about the hard spots in real estate investing.
  • [15:06] The challenge in finding good contractors. Are they from another planet?
  • [16:54] Getting your assets to pay for your living expenses through short term rentals.
  • [19:50] Trying to strike a balance between putting on the throttle and pulling back to analyze.
  • [22:31] What is dynamic pricing, and how can it benefit your rental business?
  • [28:25] How to find time for real estate investing when you’re on active duty?
  • [32:08] Time blocking and batching – you should give it a try!

 

Resources Mentioned in the Episode:

 

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