Episode 119: Vince Gethings on The Military Millionaire Podcast

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Vince Gethings on The Military Millionaire Podcast

Episode 119: Vince Gethings on The Military Millionaire Podcast

00:00 - 05:00

David:

What's up military millionaires. Today's episode is going to be a lot of fun.

This is my friend Vince Gethings from Hawaii. And he and I have been investing about the same amount of time. And we met in Hawaii pretty when we were both pretty new investors. And I remember telling him that he was gonna be very successful because he was very systematic. Now he's got over 200 units. I've had him on the show before with his team tricity equity. But I wanted to bring him back on his own, so that he and I could chat, because he's very deep into personal finance and also personal development, and he has some really cool ways to make the property value on commercial properties go up in value, and he's done a very good job.

And this is just a fun interview where we're kind of reminiscing while talking about personal finance, personal development, and goals for young servicemembers as well as how to make multi families go up in value very quickly. So Lots of fun, lots of value. And I hope you enjoy this because Vince is just an awesome dude.

Intro:

Welcome to the military millionaire podcast where we teach servicemembers, veterans and their families how to build wealth through personal finance, entrepreneurship and real estate investing.

I'm your host, David Pere. And together with my co host, Alex Felice. We're here to be your no BS guys along the most important mission you'll ever embark on your finances.

Roger Vic one Oscar Mike.

David:

What's up military millionaires. I am your host, Dave Pere. I'm here with Vince Gethings, my friend from Hawaii, you may have seen him on the show before, but we're gonna do a solo episode today where we really just gonna kind of talk about life and personal development of what's going on for us because we're in somewhat similar situations where we're both exiting the military in the next year to go kind of looking reserves looking skybridge looking at some options, and a lot of that's due to real estate, or most of that or all of that, yeah.

So Vince and I got to know each other in Hawaii, and we'd hang out there a decent amount. And I remember thinking that Vince was smart and systematic and more systematic than I was and would be successful. And so it's really cool to see that that's exactly what's happening. And yeah, so I thought it'd be fun to bring him on the show. We're gonna talk about some personal development today and what real estate's allowed us to be able to do and some of the cool stuff he's got going on in the future.

So Vince, for those of you who may not have heard your full story before, you want to just kind of run through a little bit about you?

Vince:

Yep. Thanks for having me on. David.

So, I have been an active duty Air Force for 15 years, next month doesn't seem like that. But yeah, about 15 years in and I'm doing the unthinkable, especially for an airman who is getting out at 15 years, and you're so close to that 20 year mark.

David:

Yeah.

Vince:

They said it's pretty much on thinkable and you know, the Air Force to do something like that, but it's what's right for me. So it's what's right for my family and and, you know, the Air Force, I think, as well, maybe we'll dive into that.

But, um, yeah, so I started I've always been in like, financially savvy, I guess, I've always had great saving techniques, was pretty frugal as an airman. So I always had a high savings rate, things like that, we dumped a bunch of money into tsp. And then you get a little bit older, you belt things like stocks, start getting into like, value investing, things like that.

Day Trading, swing trading, and then long term holds, then get into ETFs. And as you know, when you get deployed to our TDY, that's usually the preferred method for investing for military people. Because it's accessible. And it's easy. It's kind of fun, especially swing trading day trading. Did that for a few years.

I think I got Okay, I got a little bit. Then I got burned a couple times. And then once I realized why I got burned, you know, I realized it was how much little control people have when they're dealing with paper, or dealing with Wall Street. And doesn't matter how much homework you do, doesn't matter how much you know, research you do, you literally have no control in terms of what a company actually does, what a CEO or CFO or whatever the board of a company actually does.

So at that point, and that was around 2000 and I don't know 14 somewhere around there. I was just having that epiphany and realizing I needed an alternative vehicle to keep going with my investing my portfolio started getting to real estate. You did the whole Rich Dad Poor Dad thing get the whole bigger pockets thing right all Brad Turner's books and kind of seem over my head. You know, all that.

05:00 - 10:00

Vince:

At the same time, right around this 2014 I was coming out of a BRRR so I VA house hacked my first house in the Bay Area California. Walked away with a check tax 330,000.
Again, right there, I had the powder keg full and went in full into real estate. Bought 20 units in 18 months, all small multi families because that's all I knew. So duplex, quads and things like that liquidated all my brokerage accounts and took every cent I had out of the stock market then went full into real estate, then I hit a wall. I'm both mentally and capital is that a word? Capitaly?

Yeah, I ran out of money and ran out of bandwidth at the same time, that was around October 2018 ish. And I knew and I've seen these guys like these other rock stars, similar my age, just just absolutely crushing it and not slowing down. So I knew there was something I was missing in my commercial real estate education. So I was smart enough to realize I didn't know everything and that other people did. So I went out and, you know, open the books, again, after kind of just working for 18 months, found out that there's a whole nother world of large multifamily, that opened a lot more doors and got into after, you know, looking at a couple of those coaching groups, mentor groups, picked one. And that was, again, fall of 2018, I made the absolute right choice and the group I want to go with, went through their, their mastermind, their education, everything like that.

By January of 2019, we are under contract, my newly formed group was a team that was under contract on a 52 unit. So I went from, you know, to me 18 months to get to 20 units. And then I went to 70 units in six months after joining a higher level group and got around a new set of new circles that forced me to grow and force me to, you know, educate myself and think bigger, close that 52 units. Managed that one.

About a year later, we got a 48 unit that we closed in the middle of COVID. So April 15 2020, we closed the 48 unit, our first syndication, and that is absolutely crushing it. Like we were talking before the show, we're already in year two of the pro forma that we are of our business plan.And we're executing that. So absolute crushing that deal.

And now we have three deals going at the same time. We have a 22 unit 62 unit and a 72 unit that we all hope to close before the end of year. So absolute exponential growth these last two years. And it looks like we're gonna continue on that trajectory. And you know, keep the momentum up as, as we, you know, transition out of the military.

David:

Yeah, it's exciting. And, man, what a crazy journey it's been. I remember talking to you, when you first took the dive I'll say at gencon Geno's coaching program. And I remember you, we talked about it, you know, right when you were going in, and it was like, Oh, yeah, that's cool. I don't know that I ever fully anticipated how cool it was for you. Like I knew you've always been up to big things. But you tell me, talk to me a little bit about maybe not necessarily their coaching program, but just in general, like, what were some of the things that you think helped you the most about getting into a coaching program? Like, are there? Was it the instruction? Was it the people? Was it like, it's a combination? Like, what was it that made that so explosive for you?

Vince:

The ball first, the instruction, so the education was really top notch, I don't know about the other ones, because I haven't done them. But the education platform, there was absolutely world class and definitely gave, you know, everything I needed to do to scale and miss a whole lot of potholes and mistakes that I probably would have made. So that was great.

But then now as once you get through the, you know, the curriculum, usually like four to six months in, that's where like the group, so you have like your coaches and the mastermind groups and just the community in general. That's where that really starts to like to start, you know, bolstering you up to give you that energy and give you that, that circle to just bounce, you know, ideas off of and, you know, find partnerships, find deals, just solve problems throughout within the community. And that's what is absolutely fundamental to our latest, you know, success round here is actually just community itself, not so much the education bit. But the ongoing support of the community.

David:

Yeah, yeah, being able to ask a question and because the reality is like, all the education in the world isn't going to cover every circumstance, but if you're around enough people, somebody's seen that problem before and already been through it. And so if you can crowdsource ideas like that.

10:00 - 15:00

Vince:

Well, you can also get, like perspective, say, I got a problem with, you know, XYZ issue, right? You're gonna get 20 different perspectives from operators or investors that have seen similar issues, and you can see how they handled it. So you're not just going to get like one like, this is the only way type thing. It's going to be, you know, very high level people giving you their perspective of how they would have handled that. So you can sit there, digest it and figure out what the best course of action is but you're getting absolute gold as far as, you know, knowledge and insight from people that are just absolutely crushing it in their own businesses.

David:

Yeah, well, and that's, I mean, that's powerful about any group for sure is being able to crowdsource because sometimes you like the idea might be right in front of your face. And you just like, you know, it fundamentally you just don't like it doesn't you don't think about it, or something's prime example. Last time, we were on a call, I don't remember if it was when we did your podcast or my podcast, but we're talking about my 10 units, the expenses, right? And you mentioned something about water filters. And I was like, hang on, wait, what, like you did, like, you basically saved me 50 to 100 bucks a month, over 10 years over the last five months, or however long that's been because I tweaked the filters in the bathrooms and kitchen sink. And there was one other thing that I've been debating doing anyway for a little while.

And it was like, I know all about cutting expenses. I never thought about the little plug on the frickin spout from a faucet being something that you could tweet, it was like three bucks apiece, or something like, I can't remember the numbers, but it cost me like two or 300 bucks to get it all installed. And it saved me more than that in the first four months. And so I was like, man, little things like this. Yeah, you know, simple concepts, but just something I've never even thought about tweaking that little filter piece. Yeah.

Vince:

Absolutely.

It's like that all the time. Like, just those little things that just keep adding up over time, just from being around a group that's just completely immersed in this in this industry. You can't even put a price on that just because it just adds up so much. It's pretty amazing.

David:

Yeah, absolutely.

So you're planning to get out. You're looking to do a skill bridge, which I actually have a video coming out. I think like next week.

Vince:

Good. I need it.

David:

Yeah. 26th of October. Oh, tomorrow. So tomorrow. If you're listening to this for a month, sorry. But yeah, a video where I basically wrote a blog post about skill bridge and talking through the program because that's what I'm looking to do. Like how to find one, how to get somebody who you know, the fact that you can do it with people who aren't on the approved list of skill bridges, employers, although I'm currently trying to get myself approved to be a skill bridge employer so I can have an intern or to come work with me. Because let's face it, my systems suck. Now, they're not that bad. I'm just, I'm too in my business.

But anyway, skill bridge is a phenomenal opportunity. And I'd love to chat with you about some of the things that like what made you lean into that idea? I don't know why enough people don't take advantage of this. So you want to just touch real quickly on what skill bridge is and why you're looking to do it so that those of us listening can hear it from someone else besides just me.

Vince:

Okay, yes, skill bridge is an absolutely phenomenal tool. I think most people don't just they just don't know about it. Like when I went to tap or your I don't remember, you mentioned your transition program. Like they It was like a slide like a one slide thing. And it just blew past it. So it's just that a lot of people don't really know about this program. But yet you get what it is, if you can pick a company, and you can intern or apprentice with them for up to six months SEO approval, and you leave your primary duty of whatever you're doing. And you go and learn the skills and a lot of it's meant to be trying to figure out what skills and experiences you have, from your active duty service transition, like trying to find those pieces, and how those skills that you have, and those you have transition to a civilian career field, but more of a soft landing, like you're not just like, their paycheck stops tomorrow, you know, and they push you out the nest and like go figure it out type of thing.

So you get out, you leave your primary duty, and you go work with this company, and you can work on those skills and build up whatever your new civilian career is going to be before you actually like to cut the cord with the military.

So it's like very much and whatever you wanna call a parachute or something like that shoots a soft landing into civilians so I think it's an absolutely phenomenal program. Um, just in the last year alone. I've seen a lot more applications in last year than I've had in my whole career. So it's definitely the words getting out slowly. And I think it's an awesome benefit for us.

15:00 - 20:00

David:

Yeah. 100% and It's cool because it doesn't like skill bridge has a lot of cool opportunities in the program like listed like they've got a you can go do an internship with Microsoft, you can do an internship with a couple different companies but um, you can help you can even be the White House has a spot, it's like the you work with like customer relations or something like that in like the press Room of the White House like, pretty cool.

So there's a lot of different opportunities out there. But the cool thing is people look at that list, and they might not see anything they want. But you can go and work for somebody else, you don't have to just work for one of those companies. And so, you know, maybe you want to go work with a real estate team and your market to see if you want to be an agent, well, you can go intern with a brokerage. And while you're there, you get, you know, paid by the military, still, you're still full time, you're still full military benefits. But you're gonna get access to you know, taking your exam to see if that's something you want to do to get that experience. Maybe you love it. And then you've got six months of runway to become a great agent, or maybe you hate it, but you got your license, and you still got paid by the military.

So it was pretty cool.

Vince:

Yeah, absolutely.

Just think of how much stress that relieves off a service member and their family. Like as they're coming down to that, that separation day. And then they're like, I got to figure out what I'm gonna do in the next chapter of my life and, you know, my life lines about to get cut, and I gotta figure it out. Programs like skill bridge, definitely, like said, give you that soft land, give that parachute to, like, really go and figure out what you want to do, and get proficient at it, to where you're, you're competitive for a good, you know, good rate, salary, things like that. Before you have to cut that cord with the military.

So I think it's an absolutely phenomenal program.

David:

Absolutely.

All right now, your personal development kinda like myself.

Vince:

Oh yes.

David:

I'm curious if you've been reading anything good. Or if you've got any good personal development stuff that you've been dabbling in lately? You've always got I know, you're Oh, man, I'm trying to think, was it thinking Grow Rich, it was think and grow rich, right? So you bought the super old school copy of?

Vince:

Yeah, absolutely. Yeah, yeah, so backstops and free to take it out of the box. I had to get a case for it or sound like they autographed 19 whatever, 30 something copy.

It's pretty cool.

David:

It's gonna be worth something someday, too.

Vince:

I hope so.

David:

I'm sure.

Vince:

Anyway, yeah, personal development.

Um, for me, a lot of it's been working on myself. So working on, obviously, we're talking about personal development, Ryan Holiday. So I've been going back through for my second time going through the Ryan Holiday series, the way he goes as the enemy and stillness is the key.

So I've read them all, once I'm going I bought the box set against I didn't audible the first time completely, you know, transformed my way of thinking and put words to feelings I had that I couldn't, I wasn't able to explain. Or this, you know, gave a, you know, life to this perspective of this vision I've had, you know, for myself and for my family, he's able to articulate those, those thoughts and those feelings.

So that was really energizing to know that you know, I had the right vision, but my tactics were a little off. So having Ryan Holiday act is kind of like those bumpers and like the little kid bowling that you can, you know, when when you get off course you can kind of just redirect you just keep going back to the words in those books and absolutely transformational for me.

So that's personal development wise, I'm going back and rereading those and I've had the daily stoic and all that, um, and just going through COVID and really assessing like myself, like, you know, this is this has been a big challenge for most families and most people. So definitely glad that I'm not hysterical. Like a lot of people that I've seen over the last six months, I'm like, Okay, I have the, you know, the mental and intestinal fortitude to still like, I didn't get weak, right? Oh, like mentally weak right over time. Like I can still you know, stay calm, cool, collected through the fray. So I'm glad you know, I still have that. That about me.

But for me, personally, going through COVID has definitely just been going back, kind of like back to the basic stuff. And just getting back into my daily routine that Miracle Morning. That really propelled me in the beginning, you know, 10 years ago and that when I started doing those things like early morning journaling, early morning meditating, this, you know, the whole was a scribes thing, vision board and stuff like that. Over the last year or so, I've been so busy. People tend to sacrifice that personal development that self care first, like that's always the first thing on the chopping block.

David:

Sleep.

20:00 - 25:00

Vince:

Yes, sleep, things like that. And so I've recognized that about myself is that I've haven't been doing those things as religiously as I used to. And those were those behaviors back, you know, four or five years ago, that gave me the fuel and the right mindset to excel my business to begin with.

So I kind of recognize that I'm, like, well, these are the behaviors that got me going, why am I you know, I've noticed I haven't been haven't been doing them. So definitely trying to take a step back and re implement those routines that, you know, that got me going in the first place. So that's what I've been doing.

David:

Yeah. And for those of you listening, who might be thinking like, Oh, COVID doesn't make that many people hysterical.

Vince is in Hawaii. So if you don't know anything about Hawaii's restrictions, they made the rest of us look pretty mild. And they stayed closed a lot longer. And they've actually had some long term effects. I heard that they straight up banned short term rentals, like permanently is that am I missing hearing things? I know you're not a term space but.

Vince:

I'm not really on Airbnb, but I know just just by virtue of them stopping tourism.

David:

Yes.

Vince:

Like, you know, we know, last time we talked, we had that turo company, right? I had those five cars on turo. And I was crushing it beginning of 2020. And then, you know, COVID hit, and I sat for a little while, I was like, oh, it'll blow over, you know, V shape recovery, all this stuff. I was like, it'll be gone by me. And it wasn't. And notice, you know, if you've ever been in Hawaii, you know that every 10 seconds of planes landing, you know, 760 seconds landing, you know, full of tourists. And there's never been a shortage of tours, since it's the lifeblood of this economy. And there have been any plans even now like the skies clear, there's no tourists here. So I made the decision to sell those cards. Luckily, I got out clean and didn't lose any money on those cars. So I bought it right. So I could sell right on those.

But yeah, Airbnb is. I don't see how people are surviving with any kind of those. Anything hospitality related is absolutely, like, butcher, there's things here like, you know, native institutions are closing down, like more motos in North Shore. Like I saw a thing in a post that like, you know, they're closing down after 75 years.

So it's like, yeah, so it's pretty bad here. And I don't I don't know, I'm not a I'm not a you know, Hawaii economists. But I just don't see how they can shut off billions and billions of dollars of revenue, and expect the economy to be fine.

David:

Yeah.

Vince:

And point, the railroad ran out of money and was insolvent. And they're doing a huli huli chicken sale on the side of the road to pay for it. That's the brilliant idea.

So I don't know if you want to cut that out or not. But I was like, this has to be a joke, right?

David:

Oh, no, I'm leaving that. That's awesome. I mean, the chicken Don't get me wrong, that chicken is delicious.

Vince:

But that was always the plan to save an insolvent billion multi billion dollar project was to sell chickens barbecued chicken on the side of the road.

David:

Which is a bummer. They need to finish that thing. Because the moment that thing gets finished any house on every beach is going to be nice and neat.

Vince:

So my house is in Capital A.

David:

Yeah, yeah, that's right. I forgot you used to commute. So that's where I wanted to buy. It was ever Capital A before. You know, I realized how long that commute was to K Bay with traffic. And I was like, Yeah, my wife's pregnant. That ain't happening.

Vince:

Yeah.

David:

But I mean, that's partially why you moved on to base, right?

Vince:

Yes. Yeah, the commute was, um, it was good for the audible. Because it was like, you know, two hours in the car every day, but it was soul crushing. So we chose to put a renter in that house and move on post on base for the last year. So I've in my career.

David:

Yeah so what's the future look like? What's uh, what's been up to when he, what is? What is driving? Actually no, I will ask that later? I was gonna ask you about what made you make this decision to exit?

Vince:

Okay, so my vision, right? A huge huge vision, huge mindset. Like I said before, you know, I'm trying to always been one of those big, like, again, we talked about thinking Grow Rich, Napoleon Hill, huge fan of Eric Thomas, um, and definitely absolutely 100% believe in, like law of attraction, and having a vision and you know, the universe conspiring to make it happen for you.

I've had too many coincidences in my, you know, my life over the last 10 years to not give some kind of credence to those types of things. Those activities.

25:00 - 30:00

Vince:

So, my vision right now is me flying my new plane, I'm going to upgrade my warrior but my new plane, probably Piper cert, turbo Saratoga, something like that with my daughter in the Copa de Bresse the family in the back and we're flying to whatever an island in the Bahamas for the weekend to hang out on a, you know, vacation rental for for a week or two. So that is my vision that I have, that pretty much drives me. And I think what most people do, and they set goals, and they set goals and they try to figure out how to achieve everything that they start in the wrong place.

I always start in a place of that vision of what you want the ideal life to work, and then figure out what vehicle and what tools and habits you need to be what kind of person you need to grow into. To make that vision a reality. And to me thinking like that approaching goals like that has been shored up rocket fuel.

For example, Piper Saratoga, the one I want about the $300,000 plane, not a cheap investment. flying to the Bahamas requires certain, you know, ratings that I don't have yet. Pilot ratings I don't have yet. You know, getting a private, you know, house for a couple weeks, probably not cheap, right? So all those things have price tags to them. And then so I have this vision in my head. And it's a great vision, I actually have it on my vision board.

And the exercise you do is go, Okay, that's a great vision. Very, very, you know, grand. Now let's go to work and figure out how much that vision costs. So how much is the plane? How much is a, you know, a life where we are traveling the world every, you know, whatever, a couple months, you know, how much is Vacation Rentals for a month in the Bahamas, Italy or wherever, you start pricing this thing out how much is like I do things like how much you know, I want to eat? You know, mostly organic diet. So I'm like, Okay, well, I don't know if anybody's been to Whole Foods lately. But trying to feed five people a whole food is not cheap, right? That's a serious consideration. So you price that stuff out? And you're like, Okay, well, in order to achieve this ideal life, I need, whatever it is $20,000 a month, boom, now I have a number and like, Okay, how am I going to get $20,000 passive income, I need find a vehicle to make that happen.

And to me, multifamily real estate was the only vehicle that I could access at the time of my knowledge to make that vision happen. So now multifamily real estate, okay, how many doors do I need to have? In order to have $20,000 in cash flow per month, to have this ideal, I have to have this vision.

And usually, you know, if you do a general rule of thumb, $100 store, okay, I need 200 doors right? Now that's achievable. That's something that people can buy on and 200 doors, we'll make that don't make that happen. So that is what my, my focus is right now. That's the future event of getting to 200 doors as fast as possible. So I can have that freedom and achieve that vision that I want for my family.

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30:00 - 35:00

David:

Love it. Love it. And yeah, I definitely agree with you on the vision thing for those of you who've been listening for a little while, you know that I, I didn't I don't think I shared it in December. But in December, I wrote, I put up a vision board with a lot of things on it. And one of them was a conference like, yeah, and like three years, I want to host a real estate conference for military people. Well, that happened in May.

So like, Oh, you know, obviously didn't happen in person in May, but it will next year, hopefully. And yeah, so yeah, there's definitely some things that it because people get so wrapped up in the well, that's not possible might not if you don't think it's possible. And like the goal isn't to sit around and say, Oh, I'm going to be worth a billion dollars. And here's how the goal is to sit around and say like, this is exactly what I want to achieve. And just focus on that, and opportunities will show up that will help you get to that as long as your focus is there.

Oh, I have a good question for you after I asked what made you like we got to cover it because I have been wrestling with this. You have been wrestling with this. This is not an easy decision. What was it that made you think exiting the military was the right option?

Vince:

Oh, so many layers to that.

David:

I know. And I remember, it's like, I'm still in my head about it sometimes.

Vince:

Yeah, so it's, it's scary even and I couldn't imagine, like I'm pretty, pretty set as far as where we're at in our portfolio in our passive income flow. But it is still scary, even after like, knowing that I'm not going to be you know, homeless in six months. And everything in my business is going up. So I couldn't imagine if I didn't have the house would be so different.

One. Um, um, as we said earlier, I'm a senior NCO. And I absolutely love the Air Force. And I love what I do. I love being a senior NCO and being that leader, and that mentor for younger airmen. Um, and yeah, once I realized that my heart wasn't in it, you know, I can almost pinpoint the day that, you know, my heart, my heart's not in this anymore, I realized I'm just in the way, I'm just breathing air. And I'm not helping the airman and I'm sitting in somebody's seat that deserves to be there more than me, the moment that that happens.

And so making like, being conscious of that day, where, like, I can almost like I can picture like, the day I can put on the uniform, and like, my shoulders just slumped over a little bit. And I was like, that's it like, like, it's a, it's a feeling you can you can explain, but you just know, like, your heart's not in this anymore. And then if you're honest with yourself, you realize that it's time for you to hang it up and get out of the way. Because there's, you know, there's E6 is in there in the Air Force, or Z5 that have the fire in them, and they have no problem filling your shoes, I know, I'm not, you know, my ego is not that busy, where I know that I'm the only one that can do this job. And, you know, the Air Force is a loss without me, I know that if I die tomorrow, the air force will be perfectly fine. And somebody will be cleaning out my desk, putting up their, you know, pictures of their family and their awards and all that stuff, you know, by the end of the week, so.

So that one layer is that, you know, I'm not going to be one of them, I'm not going to be a leader in the Air Force, that the heart isn't in the game. Because everybody, everybody around, will see that you're just hanging on for the pension, you're not going to be a leader at that point, you might be a manager, you know, people might, you know, do stuff because you have the rank and you have the authority, but they're not gonna follow you, right, they're not going to believe in you, you're not going to trust you. And I didn't want to be one of those senior NCO. So that, you know, is just, like I said, breathing, just filling a spot breathing air, and you know, just trying to stay alive long enough to get the pension. I'm not doing a service to the Air Force, and the airman that, you know, I mentor, and I supervise.

So that was one layer of it was just getting out of the way knowing when it's time and getting out of the way. Luckily, I have the, you know, the financial independence, to be able to make that choice, because a lot of people that hit that mark, and they don't have any choice, so then they just, you know, they're forced to stay in the military as long as possible. Because that is their only option. They have nothing else going for them. And again, I don't want to be one of those people. So just getting, you know, getting out of the way. So people that still have the fire, you know, can rank up and keep propelling their careers. I'm not holding anybody else back. That was one reason.

Another reason is so family. So my, um, my kids so I've been very lucky. I've served in two special duties almost back to back. So I'm an aircraft maintainer by trade, so anybody know, aircraft maintenance, pretty long hours flight line, you know, 12-14 hour days are pretty routine, lots of TD wise deployments, things like that, pretty much a grind. And a lot of time away from family.

35:00 - 40:00

Vince:

My kids really don't know that life, because I've been back to back special duties. And my three kids are so pretty little. At the end of next year, my special duty ends. And I would be, you know, kind of forced to go back to that career field, which is that, you know, the normal process of special duties, you just go back to whatever your primary career field is.

And I don't think I could go back and put my family through that again, like all of a sudden, you know, Dad's not around anymore, they don't have any stability, you know, I'm doing the grind and going TTY go read, deploying, again, because I did most of that stuff before they were born. And then I said, do the special duties, and now I go back to that. So it pretty much upgrades their whole, you know, stability at home, I don't really have warm and fuzzy feelings about that.

Another reason, you know, has been dragging my family around for about the last like 10 years or so around different bases. So no, no extended family, we don't have any grandparents, any cousins, any anything, you know, to, they don't know, any of their family, a lot of people are getting older, in our families and time is running short with those, with those people have those experienced who have those memories have been grandkids know, their grandparents, things like that. And, you know, I'd be doing 5-10 more years away, if I stay in the military. So being able to go back, put roots down somewhere around where their families are, around where the cousins are around where their grandparents are. So they can, you know, have testability of a, you know, they have an extended family that we just haven't known yet in the last 15 years. So those are two ways for three reasons.

David:

I like that.

Vince:

I think you've gone, there's a lot of them. Um, but those, those are the main ones that are really driving other ones, um, you know, the, when you have that entrepreneurial spirit, or that that spark, like once it gets in, you know, by chain, you get the venom in you, it's really hard to go back to a job where your, your potential or night potential, that sort of thing, but you're kind of capped on what you can, you know, on what you can achieve in the military, it's very structured as it should be, right, it's, you know, this rank this responsibility and stuff like that and this compensation, once you get the entrepreneurial spirit, and you realize that, you know, you can, if you have the potential, and you have that ability to provide value, your compensation will be directly related to the amount of value you bring to the market, whatever market you're in. And it's essentially limitless, which is very, not the military.

The military pays well, we have a ton of benefits. But it is capped, you're gonna it's more of a staircase, you're gonna go in your rank up a little bit, get an extra pay, get a couple of benefits, a couple of perks, and sit there for a couple years. And if you're lucky, maybe three, four years, you go to the next 3-4 years later, you go to the next one. So it's very structured, very regimented throughout somebody's career, and that works for a lot of people. But if you have that entrepreneurial Spark, it's really hard to, to balance the two out.

David:

Yeah, and heaven forbid, without having good ideas about how to make things more efficient.

Vince:

Yes.

David:

Like, you're like, Oh, we could just do everything on a Google Drive. Oh, no, sorry, that violates security rules.

Vince:

Yeah.

David:

We could just use zoom, which translates to calendly, which translates to, like, we could set up all our meetings in such a way that they're all automated at the same time every day. And it's like, no, like, Alright, well, we could continue using this piece of paper that we write meetings on. Bingo. All right. Yeah. Awesome. Yeah, that's, that's definitely the best solution.

Vince:

Yeah, exactly. Stuff like that, where those creators innovators are, it's, I will say the Air Force is pretty good at that, though. We do have a huge backing by our leaders to be innovative.

More or more at a more out of a need of survival than anything else, then than just the drive to be innovative. It's like, more coming from like, Hey, your budgets are getting cut by 30%. But your mission is not so you need to be innovative. So thinking creatively, um, but it's, it's really I would, I will say in the last few years, it's been pretty amazing.

The Airmen that have come up with stuff, we're given a lot of voices to airman these days to have their voices and their ideas, heard a lot of avenues, a lot of vehicles, like spark tanks and things like that.

40:00 - 45:00

Vince:

So that has been pretty exciting to see. Because when I was, you know, when I was in E3, and I had all the fire and all the smart ideas, I was just told, like Shut up, like, pretty much daily, right? Grab your toolbox, stop asking questions and go fix that plane. Right.

Um, so it, you know, it definitely the last like three or four years has been pretty amazing to see the voice that airman have now when it comes to innovative ideas, things like that, and abilities and avenues that they have in the money and the resources they have just to vet out their ideas and see if they work. So I will say they got it going for us.

David:

Yeah, it's definitely a big deal.

Man, a lot of cool things going. It's cool to see where we've gone in the last like, what, three years? Yeah, we were both, you know.

Vince:

Hanging out in a park in Kailua.

David:

Yeah, under a couple doors there.

Vince:

It's been pretty crazy. It's amazing.

David:

Cool. Both are gonna be exiting the military at about the same time. Kind of similar plans, different trajectories, different niches, different paths. But, uh, I think safe to say both achieve financial freedom in the military.

Vince:

Within a very short amount of time.

David:

Yeah.

Vince:

Most people could ever, you know, you know, envision for themselves. So usually, it's like, 20 years. If you're lucky, maybe by the time you're 60, you'll be good.

David:

When was your first property?

Vince:

2010 I bought my first house like my single family house using the VA when I got to Travis Air Force Base.

So I bought my house in 2010. And flip that in 2014. So I guess like my real estate investing...

Yeah, it was like 20 or no, on my dates are all off here.

David:

That’s all good.

Vince:

I bought the house in 2012. sold it in 2016. So 2016 and 2018. So that's when I really, so 2016 was the time so four years, it took me like when I realized real estate is going to be the way to go. I'm putting everything in that basket in 2016. Yeah, three years later, Matt, you know, by the end of the year, we'll be at 200. And I don't know 40 doors.

David:

My first duplex on December 28 of 2015.

Vince:

Yeah.

David:

So that's cool. Yeah, I'm not at 200 doors, but I'm at enough.

Vince:

Yeah. Yeah, it's more doors and more just an ego number.

David:

Yeah, well, it depends on the structure, right? Like one door owned on your own depending on financing. Could cash flow a lot more than the average door for a syndication for 10 units.

But it scales like it's it's all yeah, it's all totally lost in translation. It all varies so much.

Vince:

Yeah.

David:

Yeah, I'm a small ownership in a syndication. And per door, it makes me way less money, and it will make me way less money than per door, I get on my little 10 unit. But in the grand scheme of things per amount of money I put into it, it's gonna do pretty dang well. So it's like, yeah, yeah, yeah. That's awesome.

Man, you guys are doing some cool stuff. I'm really excited to see where, where you are a year from now, two years from now. And obviously, you know, one of these days I'm gonna bug you and come to the Bahamas because you never let me go fly with you in Hawaii, because I actually it wasn't your fault. But I'm gonna blame you anyway.

I don't think i don't think you actually got the license.

Vince:

Yeah.

David:

Like you were working on licensing. And there were issues with an instructor or whatever, I think and you weren't able to get the license until like, the month before I left.

Vince:

It was like, yeah, it was a huge pain in the butt. Um, but we got through it now. Yeah, so I got my private. Um, I'm just working on my ratings. Trying to get on my ratings before I leave.

David:

Yeah. That's exciting, man. Cool.

So I got a few questions I ask every guest and I know you've answered them before. But I'm curious to hear as things have shifted over the years. The first one is like if an E1, E2 was to come up to you just asking for advice on finances or life or whatever. What would be like, what's the one thing you wish someone had told you when you were 18?

Vince:

Oh, man, get new friends. That was for me. I spent the first two years of the military. Is there a statute of limitations on what? Yes, in the dorms. Doing not so good things.

David:

The typical things, yeah.

Vince:

Yeah. So, you know, I joined right at 18. Um, so it took me took me about 21 to realize that the people I was hanging out with are really almost 22 the real people I was hanging out with were just a bunch of losers, um, you know, fun to hang out with, but their lives going absolutely nowhere, and they were dragging me with them.

45:00 - 50:00

Vince:

They were the kind of people that like, you get a cool idea. And they were like, no, that's stupid, let's go drink. Like, and it's like a Tuesday at like, you know, three, you know, 3pm they're like, let's go to the bar and just drink until, you know, they shut us down and go to work tomorrow. Right?

So that, and you know, when you're young, it's kind of fun. That's fun stuff. But definitely, as you get older, you start seeing that, like, wow, this is, this is it like this is all this group of people aspire to be, and to go for, they have no, no, no goals, no aspirations to do anything more than this just just exist for beer money, and to get through the weekend, and hopefully not be in the red by the end of the month. Um, because we already weren't getting paid a whole lot, you know, back in back in early 2000.

So yeah, so good shedding that group. And for me, it was a forced shedding of the group by my commander. Because I was at the point where it was like, you're, you got one foot out the door, you need to go do something else. And for that, they kind of told me to go to like, on a guard, I did base on a guard. And that was like, my, my probation type thing at the time, which, for them, it was not really a punishment, but it was like, we just need to get you out of this element that you're in and get you around, you know, a different group of people. If you've ever done based on guard, you know, what I'm talking about, it's one of the most rewarding things I've ever done in my career to this day, and was definitely the, the nudge I needed to get to step back, look at my life, give some perspective, and get around people that actually want it to do things with their life that had goals that you know, go to college or things like that, or go go buy a house, and just literally anything other than partying or, or just like all sudden, like, Oh, I'm gonna come here and go and get my degree, and then I'm going to go out and go be a, you know, whatever a doctor commissioned officer, things like that.

So that would be the number one thing I would say, is, if you're looking at, and I'm gonna steal a quote from Nipsey Hussle. Um, but it's like, if you're, you know, if you're looking at, you know, your group of friends, and they're not, you know, there's your circle of friends, right, and they're not pushing you to achieve your goals and to be a better version of yourself every day, then, then you don't really have a, you know, a supportive group of friends, you have a cage. So something like that is what he is saying.

In that quote, and I thought that was very transformational having on my vision board, at work. But it was very, very important. So if you, if you're looking at your group of friends, and you have aspirations to do bigger and better things, and they're not, and they're trying to convince you, those those goals are stupid, or they're not achievable, and all that stuff, you know, what they're saying is really, I can't achieve those goals. And I don't want to see you succeed. So I'm going to convince you that those goals are stupid. That's usually what's getting transmitted, when your friends try to tell you that whatever you're excited about, whatever you're passionate about is not a good idea. They usually have insecurities about themselves. So they're gonna try to convince you that that's a stupid idea. And that you really don't want that anyway.

Um, so that's what I've learned after, you know, 10 years of being an adult, I'm 32 now so one of the things that I've learned so is definitely get around a better group of people that share your passions that will motivate you that will push you hold you accountable. If you say you're gonna do something, because those people are going to excel at breakneck speeds. I'm not just interested in their careers, but just life in general.

David:

I like it. Yeah, that's good. It's very good. And it's definitely helped me a lot in life. Getting rid of some of those knuckleheads for sure.

Resources, what kind of resources would you recommend anybody looking to get started in real estate or just personal development generally, I know, obviously, we talked about thinking Grow Rich, but give any books, courses, websites, whatever that you would recommend?

Vince:

So many, um, let me think I got a stack right here, I just took out of my bag, um, a bunch. And it's, I'm getting to the point for precious Vaughn where I've read most of like the top 100 list, and you're realizing there's their tools and there's gonna be a different tool for a different problem you have in your life at that moment. And what that you know, what I'm saying with that is like you got to find, identify, be honest with yourself, identify the problem you're having and then go find a book or resource that will solve that problem. And then also realize that you might have a similar problem where the same book or same resource can help you a different way, years later.

50:00 - 55:00

Vince:

So when you find a good book or find a good resource, it's not one of the things that especially professional development never stops. It's an everyday thing. Um, you might find something where you read a book, and it was good when you're 20. And you'll read that same book when you're 23. And you read the same book when you're 27. And each time you read it, you're pulling different things out of it. And just different aha moments that just like Wow, I didn't see that the first three times because I'm a different person than I was. back then.

So, specifically, you know, I already plugged the Ryan Holiday books, um, man if this especially military people, um, this series here, especially the ego is the enemy, man, if you want to be an effective, you know, NCO and build effective teams. I think that's one of the best books I've read recently, in the last few years. Also. What have I got here? Stephen Covey's Seven Habits of Highly Effective People.

David:

I'm literally rereading that right now.

Vince:

Yeah, this again, this is one that you're gonna want to reread several times. I'm just gonna go down. I literally have a stack here because I just did a professional development seminar at work and I just grabbed a bunch of books off my shelf.

So rich dad's cashflow quadrant. So this is the follow up to you know, Rich Dad Poor Dad. absolutely vital to understanding you know, the way you should be going about your wealth creation. Cashflow quadrant is an awesome book, their top three of all time, Dale Carnegie's How to Win Friends and Influence People. This is one of those books where you have to reread it, you know, once a year, once every other year. Absolutely. Every time you read this book, you just need to refresh, you're gonna pull something new out of it every time. Yeah, How to Win Friends and Influence People.

What else I got? The one thing I'm sure you plug this a couple times. You know, this book is absolutely awesome. For being effective and efficient. When we talk about here, we got the Miracle Morning, talk about that. However, this is like there's no excuse.. Those people that say you're not a book reader. This book is like 80 pages long. Yeah. It was in like, you know, they were right now it's Sunday afternoon, 10am. I could finish this by dinnertime. If I wanted to.

David:

And it’s an easy read too.

Vince:

Yeah, um, I think there's like one page, you can pretty much just sum it up, just go to the scribes, you know, checklist and like, okay, so you can read in like two minutes.

What's another going so if you're talking about, you know, understanding that most millionaires and financially independent people don't rely on one stream of income, that's a foundational truth that they live by, is, you need to have multiple streams of income, complimentary if possible. So we were talking earlier about being vertically integrated and have complimentary complementary businesses.

Most very successful people understand that and they intentionally build those multiple streams of income. So if one gets cut off, they're still good to go. And you don't ever want to get too tied to one one stream of income. Like for us, you know, the military, it's one stream of income. We don't want to just because then I'll come back to that in a second.

But the Honeybee is an absolute awesome read. This is actually by my mentors, Jake and Gino wrote this book, and it's all about building those multiple streams of income to achieve, to achieve fire to achieve that financial independence. And if you do it intentionally, and you focus and cut out all the clutter in your life, you can achieve it. So you can choose that financial independence so quickly, quicker than you could even imagine, like said where I started four years ago. And most people in our life and our generations like a 40 year retirement plan.

You know, and these people that I see do it, you know, 5,6,8 years, you know, have a whole lifetime left to live on their terms, where they don't have to punch a clock, because they were intentional and focused, laser focused for just a short amount of time. We're able to, you know, pretty much save their entire lives from having to punch a clock.

Man more, Richest Man in Babylon. Do you plug that one yet? It's a great again, easy read. Nothing, nothing too crazy, but it's good. Just a good reminder of getting you in the right mindset. I will say that the first if you're having problems with spending money, the first half of this book is really good. I pretty much disagree with almost everything Dave Ramsey says about investing.

David:

From negative zero.

55:00 - 58:37

Vince:

But yeah, when it comes to budgeting, you know, if you lack the discipline, or just don't know how to budget or have debt, you know, his stuff is really, really good that I can just keep going for just 4 hour work.

David:

I feel like we covered a lot. But yeah, I see traction back that you've got some good books up on your shelf

Vince:

Yeah never stop learning that's, that's a thing, never stop learning, never stop reading. And then always, like, understand that, if you have a good book that goes revisit a couple years, you're gonna find something different at it, you know, books, and all those things are just tools. And, you know, use them and use them to solve problems. And you might have the same problem or similar problem different years later, pick the book up, reread again, you're going to find something new. Just to help solve your problem.

David:

I agree. Yeah, that's awesome.

In fact, it's funny because a lot of these books that you mentioned are books that I read when I first started getting into you know, personal development. And I've been doing a lot of cycling of them training for like designer man or whatever. And so I have read, what I'll do is it's kind of hard to hear every word if I'm going too fast on the bikes, I want to listen to it like a new book. So I'm just listening to old books that I need to read again. And in the last month, I re-read `` Richest Man in Babylon, Miracle Morning, How to Win Friends and Influence People, Seven Habits of Highly Highly Effective People.

So it's just funny because like, a lot of these books are like, Oh, yeah, I literally just finished reading that again for the second or third or I read Rich Dad Poor Dad for like, the seventh time. You know, just like yeah, definitely worth revisiting some of these books for sure.

Where can people get a hold of you? If they want to reach out Vince? I know you got an active multi family Facebook group now but you know, is that the best spot? Where should people reach out?

Vince:

Yeah, it's pretty good. Um, the Honolulu multifamily and more Facebook group, um, that's mainly about multifamily investing. That's a good group on Facebook. We have our website tricityequity.com is a good spot. If you wanna hit our main page it's going to or email is going to be [email protected] or you can just email me I still use my [email protected] we got a cool commercial on there too, promo video. should watch that. On the tri city equity.

David:

Oh, yeah.

Vince:

Yeah, we had a guy here do some footage for us. It was a pretty fun little project.

David:

I’ll have to go check that out.

It’s pretty cool.

Dude, I'm excited about what's happening. We're gonna have to stay in touch as we go through the skill bridge thing and we'll have to like, find some way to collaborate on like, some videos or something where we walk through like, because we have like, hopefully the exact same timeline. Like it sounds like our EAS is mine's October 10. They're fairly close.

Vince:

If everything goes alright, I'll be like mid November next year. So.

David:

Yeah, so we should be rolling out around the same time. So pretty cool. excited to see what that is and how that works out for you and for me.

It's always a pleasure, man. Thanks for joining me again today.

Vince:

Yeah, Absolutely.

End:

Thank you for listening to another episode about my journey From military to millionaire. If you liked it, be sure to visit Frommilitarytomillionaire.com/podcast to subscribe to future podcasts. While you're there, we'd love for you to rate the show. Give us a review on iTunes. Now get out there and take action

Vince Gethings Quote from about professional developmentst

Episode: 119

Vince Gethings

Join David Pere and Vince Gethings as they talk about achieving financial freedom while on active duty and successfully transitioning from military to civilian life.

Vince is a multifamily investor, real estate investment coach, and the co-founder and chief operating officer at Tricity Equity Group, all while being an active-duty airman. His frugal ways, solid saving techniques, and entrepreneurial spirit allowed him to explore the multifamily investing space and build multiple streams of income along the way. Now in his 15 years of service, he has successfully reached financial independence and is looking to transition to a civilian career soon.

In this episode, Vince shares how he managed to create passive income and cash flow through multifamily investing, why personal development should be a constant thing, and how service members can best prepare for civilian life. Stay tuned!

About Vince Gethings:

Vincent has over seven years of multifamily investing experience and currently has 120 units valued at over $5M under management. He specializes in market research, due-diligence, strategic planning, project development, and execution. He recently held the position of Resource Advisor for the U.S Air Force, where he drafted and managed the operational funds and projects for a $1.4B enterprise.

He is finishing up on a Bachelor’s Degree in Aeronautics, holds a Green Belt in LEAN Six Sigma Process Improvement, and is completing the Real Estate Finance and Investment Certification from the prestigious REFM. Lastly, Vince lives out his passion for education as a real estate investment coach at the Wheelbarrow Profits Academy, founded by Jake Stenziano and Gino Barbaro. They have over 1,500 apartment units, which also aid as his mentors and advisors.

Advice to an 18-20-year old:

Find new friends! Hang out with winners who support you and your goals.

Recommended resource(s):

Recommended books: https://www.frommilitarytomillionaire.com/kit/

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Outline of the Episode:

  • [02:23] Being frugal and having great saving techniques while on active duty
  • [03:26] Looking into real estate and multifamily as an alternative investing vehicle
  • [05:23] Diving into the large multifamily space
  • [08:37] The benefits of having coaches and being part of mastermind groups
  • [12:25] How SkillBridge can help you transition from active duty to a civilian career
  • [17:19] The importance of personal development and self-care
  • [20:50] Hawaii’s strict COVID-19 restrictions and how it affects their economy
  • [24:40] Turning your vision a reality through the right vehicle, mindset, and habits
  • [29:56] Deciding to exit the military life
  • [34:48] Putting roots down closer to the family after retirement
  • [37:22] Having an entrepreneurial spirit when you’re in a structured job. It’s hard to strike a balance.
  • [41:00] Achieving financial freedom while in the military is possible!
  • [44:01] Vince’s advice for young service members
  • [49:17] Why you should consider rereading books you’ve already finished before
  • [52:44] The importance of having multiple streams of income

 

Resources:

 

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My name is David Pere, I am an active duty Marine, and have realized that service members and the working class use the phrase “I don’t get paid enough” entirely too often. The reality is that most often our financial situation is self-inflicted. After having success with real estate investing, I started From Military to Millionaire to teach personal finance and real estate investing to service members and the working class.

As a result, I have helped many of my readers increase their savings gap, and increase their chances of achieving financial freedom! – Click here to SUBSCRIBE: https://bit.ly/2Q3EvfE to the channel for more awesome videos!

THIS SITE IS INDEPENDENTLY OWNED AND OPERATED. ALL OPINIONS EXPRESSED HEREIN ARE MY OWN. THE VIEWS EXPRESSED ON THIS SITE ARE THOSE OF THE AUTHOR OR THE AUTHOR’S INVITED GUEST POSTERS, AND MAY NOT REFLECT THE VIEWS OF THE US GOVERNMENT, THE DEPARTMENT OF DEFENSE, OR THE UNITED STATES MARINE CORPS.

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David Pere

David Pere

David is an active duty Marine, who devotes his free time to teaching personal finance and real estate investing for service members, and the working class!

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