All Forum Posts by: Bryan Drury

@Matt L.Good luck!!!

@Brandon Baker, Welcome to BP nation. I also utilize driving time listening to a lot of different podcasts and books. Good luck in your investing journey!!

@Ryan Lawson, Check in Louisville, there are several located there, not sure if they service Western Ky. And possibly Evansville,IN.Good luck in your investing.

@Aaron Smith, You may want to read up on what Jay Hinrich has to say about using a HELOC for investment purposes. He's an experienced investor that made hard money loans to other investors that got caught with HELOC'S maxed out when the bank either froze or called the HELOC. It is a very real risk that you need to plan for. We utilize our HELOC for short term investment purposes also but have reserves in place in case the bank gets disagreeable. That scenario could cause some people a very real problem. Back to the subject line, rate on our HELOC is 3.75% and its not interest only. Cheap money true, but their are some downsides if things go wrong. Good luck in your investments.

Brad, A HELOC can be a useful tool to finance deals in the short term. Many investors use this method but have not been around long enough to experience the down side. I'm assuming your talking about the HELOC being against your personal residence. A bank can freeze or call the HELOC if the contract is worded that way. Read and understand the paperwork,then make sure if the worst happens you have reserves or alternatives in place so you are not in deep water. Jay Hinrich recently posted on BP about this very issue and the hot water investors got themselves into when the banks froze the line. Think about that long and hard and the potential ramifications. Alternatives are good to have in such cases. We use HELOC for investing but are prepared for the worst case scenario. Good luck in your investing.

John,

My thoughts are you need down payment money on the front end to make your private investors comfortable.Perhaps it would be wise to save up some money,get some experience,and then approach your money partners.That's what I would be looking for from someone like yourself.Best of luck in the future!!

@Shawn McClellan,Welcome to BP.A lot of good useful information and contacts.Located across the river and down Audubon Parkway from you.Local meet up is Ohio Valley Real Estate Investors on 4th Tuesday of the month at Carousel Restaurant.Check it out, good luck

@Derrick Atkinson,  I would not rack up student loan debt to learn any of the trades.Those things you can learn on your own by doing them on your own rehab, helping someone else rehab, ect. The money would be better spent on the next deal.Rehabs have to be done to satisfy the market not perfection.Good luck in the future,

@Gary Miller, You might check out Jefferson Lilly and Brad Johnson at Mobile Home Park Investors. They have a fund set up for passive investors that invests strictly in mobile home parks. It may suite your situation or not. I have not participated in the fund so have no experience to comment. I listen to their podcasts to learn about the category.Good luck in your investing.

@Stephen Sawrie, We have several portfolio lenders in our area that will do 5/1 ARM, 20 yr. amortization, 5%interest, 80% L/V, cash out refinance. as long as appraisal comes in high enough and all in price is low enough we can be in the deal for zero out of pocket. We are fortunate to have lenders that will do this, however there is the risk of rising interest rates at reset time. Maybe shop harder and wider. Good luck.