All Forum Posts by: Account Closed

@Jasmine Russell

I mainly was learning a lot about business, online business, investing, personal finance and overall self development before I stumbled into learning about real estate in 2019. I initially started with taking advantage of a lot of free resources like books, YouTube and online, before actually signing up for a decently pricey program/course and coaching haha. Well, I don't want to say it was a huge mistake but it definitely could've been avoided and had a lot more money to invest by taking advantage of BiggerPockets and finding more local coaches/mentors which I happened to do with my real estate brokerage after separating from the Marines after 6 years of active duty. 

I became a Realtor in 2020 and happened to get with a really investor friendly brokerage in Oklahoma City,  where most of the Realtor's were all investors, as well as the owner's who are big with investing, coaching, business and apart of all the investor groups and own/run a few. Shortly after I bought my primary home, and 2 rentals all in the 2nd half of the year. I ended up learning a lot more about structuring the businesses for tax and asset protection reasons and manage them for the company. I am now still continuing on the realtor side, picking up with private lending to other investors in OKC to help them with their projects, am considering commercial lending and am still looking at picking up some buy & hold properties.

@Simond Wong, Welcome to OKC! 

There's definitely a lot out there available to do in OKC within investment groups and out! OKC is growing so much and there is a lot of new things popping up all over town with fun activities, places to go/see, do, etc.

I have to agree with @Mary Beatty, to get involved with those groups in order to meet a lot of like minded people and learn! I attend millionaire possibilities, and my broker and her husband Ron put on an investing group, group coaching, coffee w/ real estate investors, Coffee w/ entrepreneurs, etc. Our brokerage is very investor friendly and would all love to meet w/ you and help! Most of these can be found through Mary's link to meetup.com. 

Another group that is good that our friends put on is Wholesalers breakfast that normally goes on once a month on Saturday's. https://www.meetup.com/Real-Es...

A lot of other investors do a lot of other things too like pickle ball, exercise/workout groups, are big in the space, put on events/get togethers, etc. you name it. I'd love having the opportunity to meet, help and also connect you with a lot of other people/resources!

@Kais Rona, You have a lot of great resources and posts here on this thread. Overall, I think you're still in a good position moving forward. If you think that you're stuck in analysis paralysis, that means you still may not have everything you need moving forward, which I would recommend talking and meeting with a lot of other investors at meetup groups, REIA's, learn more here on BiggerPockets, etc.

Building up a team in the area you are thinking about investing in is crucial! Make sure you find good people or other investors in the area too that are heavily active in real estate and are doing a lot of business. By building connections in those areas you also tap into their teams, connections, contractors, vendors, experience, etc.

It sounds like you are in a great position with your work currently and would definitely recommend focusing on education, your business/profession, personal finances, learning and talking to people around you to find some like minded people!

@Renuka Lokare Congrats on being interested & potentially wanting to jump into real estate investing!

I would definitely continue to learn as much as possible from here, reach out on forums about any more questions you'd potentially throughout the process. Connect with investors & investor agents through BiggerPockets to gain insight about great local areas for whichever property/tenant class you are wanting to invest in and great reliable vendors that could serve you throughout the process. Connect with local investors/meetups and try to build relationships with other out of state investors. Since you are looking to be an out of state investor you also definitely want all of the proper systems in place, & a list of potential resources to turn to if you ever need it. Of course there can be tons of potential options for you in order to prepare for your rental property journey so try not to get too stuck in analysis paralysis & continue to build relationships in order to make progress in the right direction! :)

Austin is a great city, hotspot & will continue to grow throughout the future & believe it is a good choice in a potential out of state rental property! 

Chase Busick

Realtor/Investor in Oklahoma City

Sounds like a deal, Congrats! What part of Oklahoma City @Zander Kempf?

@Simon Schermerhorn great thoughts! Were you managing everything from out of state? From the search, buying process, then the rehab & now managing the rental?

@Simon Schermerhorn that's great!!! Loved how you broke down the investment info, property, & outcomes of the deal you did for this BRRRR. Looking towards doing 1st BRRRR soon.

What do you wish you would've known sooner or key aspects that you learned by going through this deal?

@Jake Long congrats on getting to this point! I hope you continue to stay motivated & consistently learn to find strategies that will potentially work for you, your goals & your situation in time! Everybody that has contributed to your thread so far has added some great value! 

I would also try to start connecting in person to many meetup groups, local investors, local REIA's, in order to build your network & connect with in case you have questions along the way. Finding people who can help you on your journey or point you to someone that can will be great!

@Don English I agree with many of Nates points and ideas. Growing up & living in Oklahoma for all of my life I have to say Okc/Tulsa & surrounding areas are probably the best bet to invest in due to the steady growth & life around these areas close to the biggest cities in Oklahoma. I have rentals in Midwest City & NW/central OKC. There's just a higher amount of renters attracted to the cities/suburbs and is where the majority of jobs are. Midwest City is a little more affordable & is a higher renter market, Tinker Air Force Base is right there providing many jobs to both military and civilians with the highway close by providing quick access into the city. Other areas outside the city that will attract a better class tenant is Norman, edmond, shawnee, mustang, moore, piedmont, yukon, etc. 

Not to say that Lawton & Ponca City are bad. There is a military base in Lawton, & I am prior marines & am serving in the guard currently & have to say there's a lot of people that go through the base & area that are just there temporary... Now there is still a good amount that will end up staying for a longer while too, just not as high as the amount that are just going to school/training then shortly moving thereafter & they'll most likely have housing already. There is also a college/university in Lawton too. Ponca City is a lot smaller & doesn't have a lot of the same things around without driving a decent amount of miles away. 

Agreeing with Nate again, there is probably a lot of good affordable deals available that you can see right now that may point to the little demand in the areas. So I would definitely consider that because it may be a while before you get a good class prospective tenant. 

@john Kernan I agree with @Caleb Heimsoth , @Greg Scott & @Mike Dymski on their earlier points made. 

Typically you can avoid paying penalties on Roth 401k's & Roth Ira's contributions that you made after 5 years of being vested. If you use Roth, then the taxes would have been paid up front that year and will allow you to withdraw that money tax free after the vested time. If you withdraw any money other than the contributions like earnings/gains,etc. then you'd have to pay penalties+taxes. If you have traditional, you can do Roth Conversions if you are worried about the taxes and are ok with using the money up til that point. But if you do need or want to use that money a lot sooner, then it may be worth taking a loan, the penalty or whatever is best depending on what info/quotes you get. 

For more about the Roth Conversions and withdrawing retirement account funds early, you can check out https://www.madfientist.com/ho...