All Forum Posts by: Bryan Drury

@Glen Robinson,@Ethan Board, For you young people here it is. Got married in 1988. We wanted to live on our farm but no house on the farm. Bought a used single wide house trailer and moved it in for $12K.Lived in it for 5 years, mice got bad, wife said I'm moving to town with or without you. I'll go!!!Rented out the trailer for 10 yrs collecting $350/month.This paid 3/4 of new house payment. The problems were this. Trailers depreciate, not appreciate. Had to give it away to build a new home on that site.Didnt think long term. We house hacked that next house, and the new one we built on the farm. But those are stories for another day. Seriously, this strategy has been around for as long as man needed housing. It's just maximizing an asset that costs alot to buy and maintain.If more people took action towards this strategy it could improve a lot of household finances.

@Randall Hoeber,We paid $2/sq ft about 4 months ago. Included patching,prepping small holes in drywall, all trim,doors. Two coats on everything, a professional crew did the work on a mid level SFH rental. They did an excellent job. That included materials. We live in Ky, so much different labor market than further north. Good luck

@Ryan Peach,When is the Evansville meetup for January or February? I’m from Owensboro and would like to meet some real estate people. Thanks

Jason, I don't think you have enough equity in the property to make it worthwhile to sell or refinance. Plus, you take a $6K hit from the lender if you do either.Doesn't make financial sense to me to do that.Impatience can be very costly, I know from experience. Smart people learn from their own mistakes, brilliant people learn from others mistakes.I think Nathan hit it square by advising you to increase your income, lower expenses, save and wait until you have more resources.Patience is a great virtue. Good luck

@LanceW,

Welcome to BP, Lance.Take advantage of the wealth of information on the site, plus networking opportunities 

@Ben Leybovich I admire your way of thinking,but sometimes I think your are so full of of ********

@Jay Ingram, Welcome to BP.Income from leasing farmland is dependent upon a lot of things. Grain prices, crop share vs. cash rent,land class etc., local farm operator aggressiveness. In our area farmland does not cash flow unless paid for in cash. If you leverage it then you are going to have to subsidize with off farm income. Long term appreciation rates may make up the difference. Bottom line is it a long term play. I know from experience.Good luck!!

@Andy Lepisto, Welcome to the tribe. What community are you located in. We are in Owensboro,Ky. You will find a lot of networking opportunities and educational information on the site.Take advantage of it. Good luck in your future REI.

@Dimitry , Great advice for Charles Soper, I admire and respect that. I noticed in a previous post that it is wise to establish a paper trail with the filing of form 5500EZ in order to start the statute of limitations, even though your account balance is below $250K.I don't recall reading anything about this in the education section of your website. Could you provide a link to educate me or explain. Thanks for for time and effort!!

Glenn, Welcome to BP.Sent you a collegue request.