Multifamily Insights: Ep. 47: Real Estate Strategies for Millennials with Mark Douglas
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 and a 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
- Buy a multifamily property, live in one unit, rent out the other units to pay off the mortgage
- March 2016, had a terrible tenant, but 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
"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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