Real Estate Strategies for Millennials with Mark Douglas, Episode 47
After working four years as a mortgage underwriter, Mark Douglas realized his passion was music and corporate America was not for him. However, he didn’t want to be a starving artist and needed steady income to help pay the bills while he pursued his interests. This 25-year old started investing with a house hack, where he lived in one unit and rented out the other. He then purchased a four-unit that allowed him to quit his job and focus on the things he loves, including his music. In 2017, he launched Freeing Tomorrow to help other millennials learn about real estate investing and wise money management and today he shares his tips for other millennials seeking to pursue their passions.
Key Market Insights
Musician & creative who did not do well in the structure of a full-time job
Did not believe in working for retirement
Worked for USDA home loans to help rural investments
Knew real estate was the path to help him based on his research to see who was having success
Came across BiggerPockets and came across the term house-hacking
House-hacking: buy a multifamily property, live in one unit, rent out the other units to pay off the mortgage
Purchased in March 2016, took rent from $650 to $850
Paid $725 for a 1-bedroom in Nashville, mortgage was $716
Stayed at his job long enough to get another property
Duplex in Nashville, four-plex an hour north of Nashville in Clarksville
Military town, rents are considerably less as 2-bdrs rent for $595
Put down FHA loan for both properties, refinanced to acquire Clarksville
Lots of tear downs, people are buying $250k cash, tearing them down and building two $450k homes
New construction is popping up in Clarksville
Was concerned that the area would be “seasonal” as a military town, but is a great alternative to Nashville
Hancock Tires just opened a plant, Google has opened up a regional office
Commercial development, new restaurants
Businesses open up to serve working class people, which is aligned with the renter demographics
Started the blog to try to reach the masses and help other Millennials going through the same struggles
Recorded a music video and song last week and looking forward to launching it
Real estate is about lifestyle design and focusing on passions
Bull’s Eye Tips:
Winning Your Market: Research your market and work on your own timeline
Tracking Market Changes: Staying in the environment and meeting with other real estate professionals
Daily Habit: Look at the big picture and get clarity on his direction
House Hack Nation Course (Use Promo Code “Casmon” for 20% Off)
Best Business Books:
Richest Man in Babylon by George S. Clason
Tweet This: "We are driven by pain or pleasure"
"If you don’t know where you’re going, you’ll make decisions that don’t take you anywhere"
"Don’t let your tenants problems become your problems"
Places to Grab a Bite in Nashville:
Connect with Mark:
BiggerPockets: Mark Anthony Douglas
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