All Forum Posts by: Bryan Drury

@Lance W.

Welcome to BP nation.You've come to the right place for REI education and networking.There's a tremendous amount of opportunity here if you will take the time to learn and then put that knowledge to good use.

The biggest asset you have going for you is your age and willingness to start now.Take advantage of that situation by learning what values are in your market and being able to confidently identify a good deals.You should know your market backwards and forwards before risking your money.You should explore if you are cut out to be a landlord.It's not for everyone.You need a certain personality to be successful at that strategy.

As far as utilizing your home equity to assist in doing deals.You may have about $40K in equity if I understood your situation correctly.That's a start but you need to have other debt paid down and cash reserves for rentals.Bankers like to see your capacity and ability to pay down debt to extend credit.In short educate yourself and gauge your spouses willingness to support and possibly assist you in this endeavor.It's a lot easier if the spouse is on board.I'm in Owensboro,if you want to meet up sometime let me know.Ohio Valley Real Estate Investors meetup is in Newburgh IN the second Tuesday of the month at Turoni's Pizza, if interested.Good luck

@Jeff Stith,

Appreciate your service to law enforcement and our safety!!!Start now and you will be glad you did 5 years from now.Good luck in your REI.Thanks

@Sarah Cycon

Welcome to BP.Plenty of learning opportunities here.The Ohio Valley Real Estate Investors Group meets in Newburgh IN the 2nd Tuesday of each month.Check it out.Good luck to you

@Justin S.,

I don't quite understand how posting a derogatory heading like that helps you evaluate the issues surrounding the event.Please help me understand your position.Do you have other motives?Thanks

@Chad Justice,

Welcome Chad.You have indeed came to the right place to network,learn, and advance your REI career.When I started many moons ago I too knew some things about construction, trades, remodeling,ect.What I soon found out was that was just the tip of the iceberg.Done correctly REI is about a lot of moving parts.Finance,Law,Marketing,Research,Evaluation are just some of the things you need to educate yourself on toward the strategy you are interested in. Do that and your on your way to success.Good luck.

@Reece O.,I would urge you to look at the bigger picture before forming and operating under an LLC.I believe it was Jay Hinrich that recently wrote a piece on LLC formation and utilization that I wish I had read before forming our LLC.Basically he said unless you have significant amounts of assets to protect your wasting a lot of time and money with LLC formation and maintenance.Also some banks will automatically classify you as a commercial borrower thus eliminating you from conventional lower cost loans available to individuals and maybe not the LLC entity.That's what happened in our case,keeping us from taking advantage of conventional lower cost loans.We had assets to protect but could have done it by borrowing against the property and an umbrella liability policy without the the hassle of the LLC.Bottom line is their are more effective ways to protect your interests other than a LLC and its consequences.Do more and better homework than I did and you may save yourself some money and headache.Good luck in whatever you decide

@Brandon Salisbury

Is the comp of $60K-$75K for the duplex or a SFH?We have a very similar situation with a 4BR/2BA/2Kitchens SFH.Could easily be divided into a duplex but the issue of not having separate HVAC & utilities is a deterrent.Currently rented as a SFH to college students and the returns are excellent because we have so little of our own money invested in the house.Good luck

@Paul Ritter

It can be a very challenging endeavor being a landlord locally much less from a distance.If you target students for your tenants that can be even more challenging also.To do it from a distance you will need a team of people to manage it for you.Including property management,handyman/contractor,attorney,ect.It can be done with success if managed correctly.You also have to ask yourself this question:Am I cut out to be a landlord weather locally or from afar.It takes a special kind of person/personality to be a landlord.Don't make the mistake of finding this out after you have committed to owning and renting property from afar.It will be costly tuition.For a newbie,I think you should try it locally to see if it fits you and your goals.House hacking by renting rooms out of your own house or a duplex,four plex ,situation is what I have suggested to our children as a test run.If it goes well then you can move up to long distance land lording.Just remember Mr Murphy' Law.Anything that can go wrong will go wrong with any worthwhile endeavor.It's easier to manage Murphy locally than afar especially rental property.I know this from many years of experience locally and afar.The biggest thing you've got going for you is your age.I admire and respect a young person for taking the initiative to get involved with REI at a young age.And you are wise in seeking advice from seasoned people.Good luck to you and keep it up.

@Jenn Chien,Welcome to BP Jenn.You've come to the right place for REI.A lot of resources and networking opportunities available.Take advantage and contribute,and it will be returned generously.Good luck in your investing

@Jennifer Slaughtersummed it up well.Farming is definitely a way of life that people will sacrifice allot of blood ,sweat, and tears for.The monetary returns are very risky,low compared to a lot of other REI activities.People fall in love with the romantic side of the business,like the picturesque scenery,animal husbandry,challenges they have no idea about,producing your own food for sale or your own consumption,ect.Just remember this,animal agriculture requires someone there 365 days a year.Either you or someone trusted or vested in the operation.There are lots of reasons why only about 2% of the population is directly involved in agriculture.You would be wise to explore those reasons and see if you can live with it.It can be a great way of life,but it is a hard life.How do I know this? My family and friends have been doing it for a long long time.Good luck to you and your choices