Jan 10th, 2020
Former Naval Officer, Real Estate Investor, Mike Foster. He is a graduate of the Naval Academy, hosts of the popular "Active Duty Passive Income” (ADPI) Podcast as well as the co-founder of ADPI. The goal of ADPI is to have financial freedom for all veterans through real estate education and motivates action-taking. He always enjoys eating great food while traveling the world and sharing amazing experiences with other people. Mike's passion is helping veterans achieve success and their desired lifestyle in and out of uniform. As a real estate entrepreneur for the past three years, he has dabbled in every aspect of real estate investing from Airbnb to Multifamily.
- He started investing back in 2016. This was right after he got back from Japan. And he served in Japan, in the Navy for a little bit. And then I came to Norfolk, he realized that he didn't want to stay in the military forever.
- When he was gone on deployment, he continued to rent out the bottom up until a few months ago, he finally let the tenants and the bottom go and he got the property turned over. And now he's going to start Airbnb.
- Build yourself up because investing in anything is a challenge
- Confidence to navigate through those mistakes, whatever they are, and to continue to push forward
- Mindset is the key
- Tell us what is your best investment, what's your worst investment is and what you learned from both? Honestly, I think that my best investment was this property that I bought out in Mississippi. I think that that was the best one that I've done because I took a lot of lessons that I learned from buying that duplex buying another property that I did in Virginia and then applied it right in this market.
- What is the number one thing you think you need as a new investor to get started? The number one thing you need as a new real estate investor is confidence.
- What type of market research did you do before you got into that property? I went to go take a look at the the property prices in the area, just to kind of see if it was something that was going to meet the criteria that I set for myself, which was investing in, you know, those markets that have lower cost of entry.