All Forum Posts by: Bryan Drury

@Dave Meyer Thanks for helping me understand the value of engaging on BP. I was doing it because @Brandon Turner said that's what we should do. I appreciate you time and effort in explaining. Looking forward to the next post on the monetary value.I know its very positive. Thanks

@Michael D.,Is the duplex going to cash flow a 50% return in 1 year? If its a smoking deal it might. Add up all the other returns from the duplex and it would probably beat 50% return even for a marginal deal. But I'll bet the duplex is more management and headache intensive than investing in the 401K.I would convert the 401K to a self directed retirement account after they fire you,down-size you, or you get fed up and leave.In the mean time do both. Max out the 401K and save up for a down payment for the next deal by working your butt off so they don't fire you.To do the duplex deal use other peoples money for a down payment. You seem bankable. I think @Brandon Hall had a blog post on this subject that may interest you. Look up his writings, he's a sharp CPA

@Account Closed, We are in the process of planning  a project similar to yours. Planning on adding 2 bedrooms in basement and possibly a small living room. Egress window in each bedroom is mandatory according to code.I'm budgeting $5K-$8K for total cost. The tenant will pay an extra $250/Bedroom/month after construction completed.It takes cash reserves to weather the storms that buy and hold investing brings and plus finishing out basements.I hope you have them to handle such situations.If your not comfortable,and don't want to educate yourself about landlording it may be best to liquidate. But if you are up to the challenge take it one step at a time.Save up some cash reserves. Get comfortable managing tenant relations before tackling a renovation in the basement.Learn on BP about landlording first and the rest possibly later. Good luck

@Patrick Rowe I got a term and rate sheet last month from a local community bank for a commercial loan titled in our LLC name. It was for a 5/1 ARM,amortized over 20 years,80%LV with an interest rate of 4.25%. This was a cash out refinance loan on a free and clear property.We bought carryout seafood at Tony's back in January. Excellent eating. Going back in April to see the daughter

@Bob Baldwin Not sure I'm following what you want to accomplish? I know nothing  about Lady Bird Deed of Trust.Sorry can't help you there.But I know a tad about Medicaid.They have a look back period to determine if the patient had assets prior to applying for Medicaid.It use to be 3 yrs. but was changed to 5 yrs I believe.If you put Mom in a facility you will have to spend down the assets on her care to around $2K.Then she may be eligible for Medicaid.You really need to talk to an Elder Law Attorney to get the facts as they relate to your situation.Good luck

@Mark Devens You need to check out John Fedro and Aaron Kinney's blogs and posts about  mobile home investing.They specialize in this sector and have a lot of useful information.Good luck

@Mary lou L.I'm 54 yrs old.My father passed away when I was 21 and my brother was 20.Parents had some properties that we had to tend to.We  1031 exchanged some into other properties.Bought personal homes and then rented them out after moving on.Didnt get real serious about building wealth until 2006.I was 45 yrs old then, realizing retirement yrs were right around the corner.We accelerated real estate investment to retire comfortably.Accumulated 8 more rentals,flipped some,and started private lending.Yes I wish we were more aggressive in our 20's and 30's.But we didn't have anyone or BP to to teach us what or how to do it and why it was important.Lord knows our educational system did not teach us about wealth building for retirement.We learned it ourselves and and a lot of times it was the hard costly way.So in order to keep history from repeating itself we are consciously trying to educate our children and other youngsters  on the importance of financial literacy and the implementation of that knowledge.Father time stops for no one and doesn't care how you spend your life.It's up to us to create our financial future no matter what age we start.Good luck to all us old farts and young farts.

@Amadeus Hladun,We utilize several methods to access financing for projects. Personal savings,HELOC on personal residence,SDIRA,private lenders,and conventional banks.Each method has its own set of pros and cons. For your own situation it sounds like you need to take inventory of the resources you have at your disposal and go from there.Good luck in the future

@Kedian Jimenez,the number one strategy to finding private money is developing relationships first.Without that your going upstream without a paddle.

@Jimmy Warr

@Jimmy Warr, depends on your balance sheet,credit worthiness,relationship with your banking contacts,ect. Call around and see what they will do. Another option would be a private lender. That may be a viable option if the deal makes sense.We can get an unsecured line but thats because we have a relationship with our portfolio lenders.It pays to develop those relationships.Good luck in the future