All Forum Posts by: Lara White

@Jacob Montemayor I have several recommendations for some home inspectors I'm happy to share.

1. Jay Stern, Pillar to Post #405-546-5204

2. Shawn Taylor, Inspect 1 #405-819-1820

3. Mike Knox, MK Home Inspections #(405)-301-5637

4. Dan Briscoe, Dan Briscoe Inspections #405-615-9691

@John Leland Bailey Jr I personally think it sounds like it could be an awesome opportunity - as long as it checks out, and is in your plan of course.

I LOVE small businesses, and it's a great way to get some extra income.  One thing you could do that might really benefit you, is to find a small business coach (preferably one that knows the food/drink industry).  They might have some tips/insight that will help.  GOOD luck!  And if this doesn't work out...  check out https://www.loopnet.com/ or find a broker for another business to buy!  

@Blake Dailey Thanks for sharing!! 

@Kevin Kramer  WOW!!! Great job!! Thanks for posting - I love seeing before/after to see what people do/how they revive the house.

@John Leland Bailey Jr That's great! Being a small business owner is a lot different than a real estate investor (I do both!). You will need to understand having employees, taxes, quickbooks (probably). It can be very hands on. But I think there are ways to do it long distance. You will need a manager (you will have to find and hire them) that you can totally trust - you won't be there to check in, so they have to be honest, or you'll risk it all. Is that something you feel comfortable doing? Have you looked at their books/financials? How did you hear about his business? Will you set it up as an LLC or an S-corp? How many employees will you have? Do you know what type of ordering system you will need/how will you get supplies? What type of merchant/business services will you use? Do you have a lawyer to look over the purchase agreement? They will need to help you set up your Operating Agreement, Business Resolutions, etc.. You will need business insurance/not as easy to get as personal home/car insurance. Worker's Comp. Payroll... I'm asking hard questions, I know, but you want to ask a lot of questions!!

@Aman Shahi I think one of the most important factors in OOS investing is your local team where you want to invest.  Find a good REA (you can probably search them through here on BP Forums) and start asking questions/make a connection. What city/areas are interesting to you?

@John Leland Bailey Jr Where are you going to be stationed? At a remote location, or a big base with lots of good internet?  I know when my husband is at a remote location...it's hard to communicate - and we both can get very frustrated, but when we were in Japan, we had great internet and no problems/delays in being able to talk to people back stateside.  I think that would be one of the first things to consider. Another thing, how long will you be gone? Will you be able to come back easily or never/only after your tour is up?  (I am only asking these for you to think about them, not for answers - I get OPSEC.)  

@Kanoelehua Lee Your local REA should be a wealth of information! They are (or should be) your boots on the ground, and be able to give you more than one recommendation in each area (so that you can interview them and see who you like best).  If they don't have any suggestions...I would find another REA personally.   You could also search through this Memphis RE forum here on BP: https://www.biggerpockets.com/...  Good luck and keep us updated when you get your property!

@Kevin Kramer  Awesome job!! How long did it take you to do the full rehab?  Post some before and after pics.

What's your next goal?

@Nick Kouli Hi Nick, you are doing amazing to be only 22 and already thinking about how to qualify for your first house loan!  A couple of things you could do: start saving for a downpayment and reserves (for maintenance/rehab), and find a good lender that can help guide you to the best loan product for your situation.  Since you already have good credit, I would say you are on the right path!  Good luck!