All Forum Posts by: Bryan Eugene Long

Bob okenwa I’m definitely not adverse to buying now, I bought my first rental property this year in July. I guess I’m uncertain of what’s going on with the economy and where it’s likely headed and what that means for rent prices. You are right, if the numbers are good then there isn’t really any reason not to move forward.

I invest in OKC, and I wanted to hear from other investors if they think that now is a good time to invest or if you are waiting for something to change in the market. I am seeing different views of whether or not we are going to see deflation in the next few years and what interest rates are likely to do. Basically feeling out investor confidence that now is a good time to invest or not. I am currently in the process of getting a HELOC out on my primary residence and if I choose to use the money I would be banking on interest rates going up where in 10 years I'll be thanking myself for having 30 year fixed debt. My goal is long term wealth, using cash flow to be able to retire.

conventional loans go as low as %5 down I believe, with conventional you just need an appraisal to get rid of the pmi insurance. With a fha you will need to refinance it to get rid of the pmi. With rates as they are its very unlikely it will make sense to refinance later so you will be stuck with the pmi insurance. PMI is mortgage insurance you will be charged if you put down anything less than 20% and can vary from $60 a month to a few hundred a month.

I personally would never spend that kind of money for a class or mentorship regardless who was giving the class, I’d put that money towards my next deal, but I am a rookie at this so take what I say with a grain of salt. I find that you can likely learn whatever you need from YouTube, podcasts, books and talking with someone that’s been at it longer than you and sometimes you need to learn by doing and making your own mistakes. Best of luck

@Jesse LeBlanc that sounds great but where can I learn to do that? I keep hearing use creative financing but that is as deep as it goes….I would love to learn but not sure where to look.  

@Brenden Mitchum thank you for your response, i think your right. Why would you prefer a cash out refi Vs line of credit? I know one is fixed and the other variable but I think I understand that you can’t re use the $ with the equity loan like you can with the line of credit. I’m not sure but I thought closing cost are also lower on the line of credit? My initial thought was use the line of credit as a down and after I have the equity in the house to the refi it and pay off the line of credit and repeat but maybe it would be better to just have the equity loan so it’s fixed and a lower rate? I would love to chat I’m new to this and I got a fire down deep driving me!

Akaso smart lock. There is a you tube video on it. I got one because I invest semi remotely (3 hours away) and it works. Only had it for a few months but haven’t had any problems out of it yet. 

I’m a new investor with one rental property bought and rented out a few months ago. So I have two different ideas how to get my next property and would like to hear people’s thoughts on both

1 use a heloc on my primary residence for my down on one or two properties, using the brrr method.

2 use current rental profit plus a little extra and save for the down which I believe will take me at least 4 years but probably 6-8 years accounting for unforeseen expenses. 

My goal: I’m 39 and plan to use rentals as my retirement, my goal is to have at least $9k a month positive cash flow to be able to retire. I would like to retire no later than my 60th birthday. The risk of option 1 makes me a little nervous and focused at the same time, I don’t want to jeopardize my primary residence. Option 2 is slow and I may not have time to reach my goal. It seems I have 2 roads to choose from is there a 3rd I’m not seeing? And what are the pros and cons of option 1 and 2?

Right now I’m sticking to okc, in fact my parents are under contract for there first rental property in Norman about a mile away from mine. They close at the end of the month. But I also was looking in other places in Oklahoma found a couple places in Ardmore that I could have paid cash for but I was nervous about if the property went vacant how long would it sit… I also looked in Yukon and mid west city. I like Norman but if it cash flows I’m willing to look around. 

Investment Info:

Single-family residence buy & hold investment in Norman.

Purchase price: $152,000
Cash invested: $41,000

3 bed 2 bath 1400sqft, minutes from OU.

What made you interested in investing in this type of deal?

It’s something I was comfortable with, and confident in its rentability. With today’s low rates locked in for 30 years I am renting it for $650 over my mortgage payment which gives me a comfortable cushion if the economy tanks and I have to lower the rent price.

How did you find this deal and how did you negotiate it?

Zillow. Offered 10k over listed price but wasn’t willing to bridge the gap but I did offer to pay 1k over appraisal, luckily for me the appraisal came back at the original asking price and saved me $8k.

How did you finance this deal?

Conventional 20% down

How did you add value to the deal?

We painted inside and out, the flooring was in good condition so we just shampooed the carpet’s. The bathroom vanity tops where in terrible condition so I bought some clearance quartz counters and new faucets and installed those. I got 4 matching fans off Facebook marketplace for a steal and installed them in all the bedrooms and living room. I pressure washed off the black moss on the brick in the back of the house and back patio along with all other concrete surfaces which made it look new.

What was the outcome?

We got some good tenants and things are going great so far.

Lessons learned? Challenges?

Build a good team before starting, I didn’t do a good job of that and have found a new finance person who I will use in the future but didn’t help me on this deal. I’m still on the fence about the realtor I used I hope to replace her with someone maybe more aggressive. I learned I can’t make people go faster than they want to…

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes I worked with a realtor, she did pretty good but not as good as another realtor I use in my home state, unfortunately she isn’t licensed in the state I’m investing in.