097: 5 Years and 30 Flips: Military Veteran Smashes Multifamily Space

Dec 3, 2019

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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:

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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