Newbie from Stillwater, Oklahoma

[Ryle Lowe]

Hello All!

My name is Ryle Lowe and my wife and I just moved to Stillwater, OK in Jan of this year. The gentleman we bought our home from does quite a bit of REI and it has peaked my interest. I currently work rotating 12hr shifts at an oil refinery. We are expecting our first child (a little girl) in just a few weeks. This major life event has me analyzing priorities and looking to take my financial choices in a different direction. If nothing else, to diversify income streams. It would be nice to be home every night with my wife and daughter. REI, particularly rent and hold, is my primary interest. The BRRRR is an angle that I haven't thought of though and seems great too. Multi-family will probably be my main focus. The idea of constructing a fourplex does peak my interest if it would be financially viable.

Anyways, I'm excited to have stumbled across the bigger pockets community!

God Bless

[Michael Lee]

Hello and welcome to BP!  I was born and raised in Dallas Texas but I don't know where you are. Rental units where your tenents "make" your payments is the way to go, especially if you have a money solution going in.  If you are getting financing from a local instruction, get a pre-approval loan letter that states how long they'll take to close and the maximum amount you qualify for.  That or a proof of funds letter should be submitted with your offer to make the seller feel better by you.  MF complexes are better than 1to 4 unit houses because of the existing competition.

Another thing you should consider is forming some type of corporation or a LLC depending on your financial worth and plans on what you are doing. You probably ought to get advice from an Attorney and/or a CPA (or tax accountant) to help you decide. Do all the learning yu can before you start with investing. Any practice you do will be a plus. Do not try to do everything yourself. One more thing you need to do before starting is to locate your office somewhere with the least distractions.

That could be in your place but it is important that it is formal.  Do what is average for that neighberhood.  Do not to start off doing anything that is not normal.  Be patient and consistent with what you do.  Do not make decisions based on emotions.  Only do what makes sense.  Feel good about what you are doing, not just for the money.  Work smarter instead of harder.  Trust your gut!

Always do the math analysis and try to look at your prospective property before you make an offer or at least have a clause in the sales contract that allows you the time (usually about 10 days) to make a detailed inspection of the subject property and possibly back out of the deal without a penalty that will hurt y'all too much. Also, before you start find and hire a Team full of professionals that are local, experienced in what you do, and will return your phone calls promptly.

I am 60 years old and have a bunch to say.  The bulk of my experience has been in the construction business and I have a little experience in real estate. After I graduated from college, I kept an active real estate broker license for about 30 years but I never did that full time.  My father has been buying and selling real estate for about 45 years and he has taught me a little bit.  Goodbye and good luck to y'all!