All Forum Posts by: Michael S.

<DICLAIMER> I have no rental property of my own.  I have only been reading forum posts since February.  I have listened to very few podcasts.  Take this under advisement before trusting anything I say as "gospel truth".
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My wife and I considered buying a double-wide mobile home as our primary residence several years ago.  We were told that the bank would not give us financing because mobile homes depreciate and do not appreciate.

@Brent Paul

<DISCLAIMER> I am a complete newbie.  I don't even own the house I currently live in.  My wife does.  I have been reading BP forums since February.  I live in a small town in NE OK that you've probably never heard of.  I have zero experience.  That being said, be sure to take what I have to say with a grain of salt.  Your mileage may vary

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Whew!  Now that THAT is out of the way, I would say that you should definitely NOT sell your house.  You've listed many reasons why you shouldn't sell.  You're house WILL rent.  I understand that you don't have time/money to deal with the house right now.  You owe $170k on it.  Even if you only rented it for $1500 (the low end of your rental range) it would be paid off in 11.08 years.  I don't remember what the formula for calculating loans is, so the time frame would be a bit longer.  Have you ever played Robert Kiosaki's CashFlow 101?  One of the easiest ways I know of to lose the game is to sell your properties.  So don't.  Just don't.  You got extremely lucky that you were able to purchase that property, and the fact that you know that an investor bid on the property and didn't get it, and you did, should tell you that holding onto the property would be a GOOD thing.

@James Wise

Do you know of a similar book for neighbourhoods in Oklahoma?  I have been reading this forum nearly daily since February, and the other day I had the idea to look up what class Miami, OK fits into, but failed as I'm not quite sure how to word my question.  The OP for this thread mentioned a specific book, and then you reposted his specific book.  That is why I am asking you.  Thank you.

Welcome, Tashina!

I agree with the person above who said that you can change the house after you buy it.  Personally, for me, I would absolutely LOVE a place like that.  I grew up believing that everyone in the world was like me.  I've since found out that they're not.  I'm the type of person who has to constantly ask my wife, "Is this normal?"  I heard a quote the other day, "You can change anything but the land it sits on".  Wish I could remember who to attribute that quote to.  Anyway, I HTH...

Originally posted by @Joshua Davidson:

I’m interested in your quote of the day

Josh Davidson

Thank you

I am too.

Originally posted by @Jim Rohman:

Do you know the book?

Originally posted by @Frank Patalano:

Originally posted by @Jim Rohman:

@Frank Patalano

I don't know anyone who is a rental property investor, have a million questions on how to start, and don't live in an affordable market to get started in.

Sounds like you need to go to some networking events. There are REIAs and Meetups all over the country.

Social Media is amazing too. It it quite easily to network with like minded people.

Bigger Pockets has a book about long distance investing if you need another place to start. 

 I think it's called "Long Distance Investing" by David Green.  He is the current co-host of the BP podcast.  I saw a podcast with him on it just the other day.

Originally posted by @Travis Pattillo:

For me I'm only 17,so my biggest hurdle as of now is acquiring the funds to purchase my first property and get the ball rolling. I'm Planning to use BRRRR strategy and making sure I can buy right

For the moment, you could be investing in REITs. To keep the fire alive. Or you could reach out to a wholesaler and work for them to find/secure leads. Or you could be brushing up on your skills. Using the BRRRR strategy is a big task. (At least to me). I WISH I had been in the mindset I am in now when I was 17.

Originally posted by @Jahzia Williams:

@Frank Patalano

For me the only thing holding me back is that I lack the knowledge of starting real estate I’m nineteen and hearing all these stories of failure backs me away from something I know that could be great for the future.

Lack knowledge?  "If anyone lacks knowledge, let him ask of God."  That's what I'm supposed to say anyway.  It's not very practical advice, is it?  There's plenty of free information right here on BP.  There are literally thousands of people who have done successfully what you and I want to do.  Henry Ford said, "Whether you think you can or think you can't, you're probably right."  Folks in my Facebook circle refer frequently to the Law of Attraction.  I don't know if it's an actual Universal Law or not, but it's worked out well for me.  Granted, I'm only 40.  I remember being 19 though.  Hear the stories of failure, and then forget them.  You'll attract what you think about.

Originally posted by @Mew Kang:

Unsure what type to go after (but looking at multifamily and vacation - really hate idea of flipping or anything very physically intense, and actually not interested in personally seeing it - long distance is good) and how to find the one to partner with (since i dont have any money of my own and lack the experience) 

Do you have a local REIA? If so, go to it. If not, start one yourself. I've seen several ideas for starting REIAs on this thread. Just surround yourself with people who are interested in real estate. Sooner or later you'll get one or two who've actually bought real estate.

Here in the armpit of the Universe (Miami, OK) I walked into our local chamber of commerce and asked about how to contact the local REIA and got the familiar deer-in-the-headlights look from the clerk behind the counter. Yet I know of three other people in this area who do real estate. And I haven't even gone and looked for more yet. One of them is a real estate agent. I plan to gather these three people into a neutral location and get them to teach me what they know.

You lack experience?  I also lack experience.  I bought into the old lie in public school.  The one where they tell you that smart people will never be strong and strong people will never be smart.  I can remember crawling around on the roof of our house pulling loose shingles off when I was 12.  Unfortunately I don't remember much else about back then. 

If you want experience, try doing the work.  At first, it will be very hard.  And unpleasant.  But then it will get easier.  Your muscles will be very sore in the beginning, then they won't be.  You'll be Strong.  And better yet, you'll have experience.  Set goals and meet them.  Then set more goals.  What's the old saying?  "If you want your parents to buy you a dog, start by asking for an elephant."  Send me a connection request if you want and we'll talk more.