All Forum Posts by: Lance Thomas

@Garrett Smith I live in Norman and have two properties here but lack of inventory is a problem. Gotta be super patient. I’m finding better luck in Moore these days.

I have a recommendation of someone in Norman. She’s fantastic and my wife and I use her. I’ll send you her info if you’d like. 

Well, my wife is a Realtor, so I have access to the MLS (not that all deals are there). I've been fortunate in that I haven't had anything really bad happen in my investing. That said, I think rushing a deal because I've got money needing an investment vehicle is the biggest challenge for me. Patience is really a key to long-term success. Sometimes you really want it to work, but the numbers just aren't there or the timing just isn't right. When that happens, just resist the urge to say, "screw it" and proceed. It might work out in the short-run, but over the long term, you'll burn yourself.

Other than that, make sure your brother really knows what's what with the property management aspects. It seems like being a property manager would be easy and hassle-free, but it's not. My wife and I manage some of our properties, but I'm in the process of exporting that to a professional firm because the short term savings aren't worth our long-term sanity. 

Finally, as a first-timer or new investor, I can't reiterate the numbers enough. Make sure you figure in all the costs, including the anticipated costs over the life of your ownership. 

Good luck.

Find yourself a Realtor to start. That's your hub. Heck, I'd interview 2-3 and decide who fits best with you. Of course, there are lots of materials on here to read and learn from, but a person on the ground (unless your brother is a Realtor) will be helpful. Being in McCurtain County, it'll be interesting what kinds of things you can find and what kinds of deals you can make work. Both you and your brother should get deep in the financial of it so you know you're not tossing funds into a money pit. 

When I started, I read a boat ton of books, including a couple of Brandon's and a couple by Frank Gallinelli. 

Good luck. 

Sorry for asking a redundant question. I couldn't see the info at the top of the page from my phone apparently.

Sounds great. I know you said buy and hold, but with interest rates as low as they are and homes like this flying off the market above appraisal value, why not sell that and leverage yourself into something (or multiple somethings) and just cash flow them over the long term? You've probably reasoned this out, which is why I'm asking. Just wanting to gain your insights.

@Ben Scott date time and place?

@Kazi R.

I drive a 2020 Subaru Ascent now. But before that I drive a 2003 Corolla. I’ve always felt if I hired the right tenants, then what I drove wouldn’t matter. Also I’m not flashy otherwise and people can pick up on that.