All Forum Posts by: Bryan Drury

Phoenix Harris ,Real estate is a huge multifaceted industry!!There are so many segments to it that it will make your head spin.Sounds like you have already started the process of learning and being a college student you will have more time to explore and learn. I would get out and talk to full time real estate professionals and inquire about shadowing them and possibly interning with them if you see something that really interests you.It will broaden your horizons and let you see what all makes up the real estate industry.The more people you talk to the better off you'll be. Good luck in the future!!!

Michael Mourey ,You typically don't get a conventional loan on a distressed property on the front end of the deal.Most banks won't lend on a distressed asset, if you have a special relationship with a smaller port folio lender then maybe yes.Conventional loans take to long to be able to move swiftly and buy property from motivated sellers.So you need either your own cash or OPM cash to swiftly buy good deals.This cash could come from private lenders,hard money lenders, HELOC,your own cash, etc. It's higher priced cash than a conventional loan and faster to obtain, thus enabling fast acquisitions..Fix the property up and stabilize it, get it rented, then do a cash out refi with possibly a. conventional loan to cash your short term financing guy out.There may be a seasoning period required by some banks.To summarize, buy with short term money, repair,rent, and then refi into longer term cheaper money, thus recycling your short term money to do over.It does work if you find a great deal,your projections are accurate,find the right partners, and execute quickly.Hope this helps, good luck.

@Terry Goettsch, Welcome to the site. You have an advantage in that you are young and if you go ahead and start then time will work wonders in building wealth for you and your family. Just got to pull the trigger. Good luck in your investing!!!

@Stacey Bullock, Welcome to BP. There's a wealth of knowledge on the site. Take advantage of it.I'm just up the road from you.Good luck to you in your investing and move to Florida!!

Welcome George, I'm from Owensboro, have a son attending UK.There is a wealth of knowledge on BP. Good luck in future investments

@Scott Gammenthaler, 

I think Jim Wilcox nailed it on advice on fixing up your property.I know the area and property well.At best it is a class C+ property.I don't think you're going to attract class A&B type tenants to this area,at least not yet. That may change in the future with Alorica locating downtown in the old BBT building.I hope it does, as  we have been a little disappointed in the past on our results with the property nearby.

Anyway, As long as it's safe,clean, and functional I think you will be able to attract prospects and rent the units in a fair amount of time given the time of year.Your bigger issues may be adequate parking, and the business across the street.I can show you what we are doing around the corner from you if you'd like.Good luck

@Shane Newbanks,Welcome to BP.There's a meet up Tuesday night,Ohio Valley Real Estate Investors Association.You can find it on Meetup.com. In Evansville at Carousel, not sure what time.Good luck.

@DeAdrian Rollins,That's the only one I'am aware of.Maybe one in Bowling Green but not sure if it got off the ground or not.Louisvlle has several very active groups.Thanks

@DeAdrian Rollins,Welcome to BP.Not to far from you.I'm assuming the meetup you referred to is the Ohio Valley REI in Evansville???If it's a different event let me know! Good luck in your investing.

@Randy Philpot

As for this being to risky and big for a new investor, I think that depends on how big your britches are and what goes in them.Seriously, it depends on how much risk you and the wife are comfortable with.With new development there are a lot of moving parts and thus more risk.At a minimum I would seek out a developer in your area and attempt to add value to his business in exchange for information and possibly partnering with him.A C class neighborhood won't support new development unless it is in the path of progress and has a lot of potential upside.That's a risk you may or may not want to bite off.The above rents on the 3/2 won't support new construction.

You maybe better off starting with a strategy less complicated and risky.Regardless, I wish you luck.