All Forum Posts by: Bryan Drury

@Barry Rosenberg, The payback amount and terms are the result of what you and the private lender negotiate. It may or may not look like conventional bank loan terms.Most likely it wont be a loan for 30 yrs at 4%. Most private money is shorter term.Interest rates will most likely go up over time so why would a PML lock himself into that type loan product?They wont.A common strategy is use PML for short term, for purchase and maybe rehab then cash out refi with a bank at more favorable terms.

@Brandon Hall,I always look for your writings and posts.I think they are full of content that helps the everyday REI.After spending significant amounts of time reading you soon realize who's content to look for.You have obviously given a lot of your time,talent ,and treasure.Thanks for everything you contribute

@Amanda Han.I purchased the book package Friday and finished it last night.Very well written and applicable to my situation in a lot of ways.The emphasis on self -directed retirement accounts especially since I converted a conventional IRA to a Solo 401K with@Dmitriy Fomichenko help last year.There is a lot of opportunity there and so many people are not aware of it.They get that glazed eye look you referred to in the book when asking if they have any experience with the self directed retirement options.I now realize I have a jack of all trades CPA.Has no experience with self directed retirement and does not specialize in investment properties taxation.After tax season I will be contacting you about possibly helping us.Another aspect of your writings that I thought was helpful and enjoyable was writing about real life stories of REI investors relating their tax experiences.There were many stories I could relate to and apply to our current situations.Bottom line is you don't know what you don't know,and that can be very costly to real estate investors.We are blessed to live in USA and I don't mind paying my share of taxes,it's just that I don't want to pay more than my share.And I need to know about every loop hole that I can apply to our situation to leave a legacy for our family.Thanks again for writing this up and sharing with us.I'll share with my buddies so that they can benefit also.

@Jordan Lindsey

Hello Jordan,You can get a start on your education here for sure.A lot of excellent content and seasoned investors.Good luck

@Steven Torrez, Comparing your 401k returns with real estate returns may be like comparing apples to oranges. 401k returns are very passive with little input from you.Real estate returns can be alot better or worse depending on your strategy,talent,leverage, and level of involvement.REI can also be as active or passive as you want.As for your question about borrowing from it to get started and avoiding PMI costs, that makes total sense to me.Last year I converted my 401K to a self directed Solo 401K, and it has worked out very well. Good luck.

@Amanda Groover

As far as consolidating debt, that would depend on the interest rate you are paying for each major bill.If you consolidate then you may end up with 1 large bill with a higher interest than the smaller bills individually.You also forgo the ability to negotiate each bill to your advantage.Flexibility may be to your advantage right now.Analyze and talk to each creditor to determine what you can work out to your advantage.

As far as purchasing your first rental, it sounds like you are stressing over current and past bills.That will increase with a rental property.How much stress can you handle?Its best to have cash reserves for personal and business needs.Do you have them?If not the conservative route would be to acquire the cash reserves,educate yourself about rental market, and stabilize your current financial position.That way when Mr. Murphy and his family move into your life you will be better prepared.(Murphy's Law-Anything that can go wrong will).Good luck

@Ryan Peach

Welcome to BP.You've come to right place for REI.I'm an investor in Owensboro.There's a REI meeting in Newburgh this coming Tuesday night at Touroni Pizza.You ought to check it out.Its called the Ohio Valley Real Estate Investors.Look on Meetup.com for more info.See you there.

@John Napier

Welcome to BP.There's a wealth of education and potential network opportunities on this site.Take advantage of it.Im an investor in Owensboro,Ky.Ive attended a BP meetup in Louisville that was beneficial.It was at a local investors rehab project.Probably more in the future.Best of luck

@Logan Roberts

Welcome to BP.It's an excellent resource to learn,and network from.I'm also from Owensboro.You ought to join us for coffee sometime at Starbucks.Good luck in your investing.

@Timothy L Olsen

Welcome to the site.Im from Owensboro,Ky.Where's Wilmore in relation to Lexington?Good luck in your future deals!!!