Dec 3, 2019
Every year in the United States, we observe Nov. 11 as Veterans Day to honor those who have served in the U.S. Armed Forces. Rather than spending your signing bonus on a Harley, Charger, or Mustang upon your return, spend your well-deserved chunk of money by buying a home.
Today, I’m talking to Phil Capron, U.S. Navy veteran who served as a Naval Special Warfare Combatant Craft Crewman (SWCC). He purchased his first property in Norfolk, Va., while serving in the military. Five years and 30 flips later, Phil’s in the multifamily business and author of a new book, Your VA Loan: How It Can Make You A Millionaire.
Topics on Today’s Episode:
- From Navy SEALS to Multifamily Space: Phil’s story and journey into real estate
- SWCC—What they do: Jump out of planes, drive fast boats, and shoot big guns
- Veterans Administration (VA) Loan: Enables service members and qualifying veterans to purchase a primary residence at 0% down
- House Hacker: Being resourceful is big component to live for free, make money
- Assets vs. Liabilities: Pros and cons to living on/off base with family or friends
- Multifamily means more work, but more opportunity to build cash flow
- Lessons Learned: Don’t kill profit by raising all rents at once and losing tenants
- Do Something: Difference between big kahunas and people without portfolio
- Multifamily Space is a Team Sport: Partner with someone with some experience and take less; it’s better to have a slice of watermelon than a whole grape
- Commander of the Ship: Know how to negotiate and when to keep or sell property to cash out for cash flow
- Version 1 is better than Version None: Write a book and teach what you know
- Move On: Never let a failure/setback define you for an extended period of time
Links and Resources Mentioned:
- Phil Capron
- Your VA Loan: How It Can Make You A Millionaire
- Phil Capron on Facebook
- VA Loan
- Rich Dad, Poor Dad by Robert Kiyosaki
- Michael Blank
- CoStar
- The Miracle Equation by Hal Elrod
- Copy Your Way to Success
- Kahuna Investments
- Multifamily Legacy Podcast on YouTube
- Multifamily Legacy Podcast on Facebook
Quotes:
“Being multifamily guys, we know about the power of leverage. It can be a tool that works for us, but it can also really mess us up, if we use it improperly.” Phil Capron
“I didn’t mean to be a house hacker. It just seemed like I wanted to have my buddies around, and I wanted to give them a place to live for cheap.” Phil Capron
“These guys and gals are returning home with a good chunk of money, and they’re going to drop it on a Harley, a Charger, or a Mustang. That’s a mistake.” Phil Capron
“What I would never do again. I would never allow a failure or set back to define me for an extended period of time.” Phil Capron
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