San Antonio, TX · Member since 2016 · 30 posts · 6 votes
Hey BP, I am new to the site, I live in San Antonio and am looking to invest in rental properties. My goal for 2016 is to get familiar with my market, do my homework, and talk with local investors to prepare my self for my first deal which I plan to have done by 2017.
I work in the oil field and I am away from home a great deal due to my schedule. I work 10 days in the field and get 5 days off, so my extended time off can be very productive but my time on is spent away in rural areas of South Texas and for the most part un-available.
I was curious if there are any investors on the site that are in a similar situation, and if so do you have any advice for someone starting out.
Property Manager · Katy, TX · Member since 2015 · 1k+ posts · 1k+ votes
10y
Tony,
I work in the oil and gas business as well. I rotated 2 weeks on, 2 weeks off when I first started. Like you I spent the majority of my time educating myself before I actually bought my first deal.
I've said this numerous times on other posts but start out with your goals. Sounds like you have a short term goal on completing a deal by year end but what is the purpose of that goal?
Create long term goals that are anchored to your purpose then build a damn good team around you, that's how to be unstoppable.
Investor / Chief Acquisitions Officer · Billings, MT · Member since 2011 · 91 posts · 24 votes
10y
There are a lot of absentee owners in real estate and many success stories from people working full time and starting real estate careers on here. My big concern would be the availability factor you mentioned. Focus on building a system that might take that barrier and minimize it or all together remove it. Joint ventures? (Partner who can handle things when you're not around) Good property management? (still a big risk if you're unavailable)
Property Manager · Katy, TX · Member since 2015 · 1k+ posts · 1k+ votes
10y
Tony,
I work in the oil and gas business as well. I rotated 2 weeks on, 2 weeks off when I first started. Like you I spent the majority of my time educating myself before I actually bought my first deal.
I've said this numerous times on other posts but start out with your goals. Sounds like you have a short term goal on completing a deal by year end but what is the purpose of that goal?
Create long term goals that are anchored to your purpose then build a damn good team around you, that's how to be unstoppable.
San Antonio, TX · Member since 2016 · 30 posts · 6 votes
10y
Thank you all for the advice, very much appreciate it all.
Cameron,
My long term would be to build a portfolio of numerous rental properties, no real hard numbers set in stone though. I would like to start with a single family or a duplex and see how I progress from there. It seems to me that most everyone I encounter and listened to on the podcast, or in books has said one of the biggest hurdles is just making that initial deal happen. And really i am just trying to get there and make that first deal be successful.
I am looking to real estate as additional income and as a way to gain freedom from my day job much like the many other members of bigger pockets, but I don't know that I necessarily want to look at it as a replacement to my career.
If you don't mind me asking, what was your first deal? Did you get your real estate license before you made your first deal?
Lender · Nationwide Lender · Member since 2015 · 1k+ posts · 814 votes
10y
@Tony Eschete When you are "home" you stay some where? Why not make that one of the units in a 3-4 unit property. Since it will be owner occupied, you will get good rates. And can use FHA 3.5% down to buy.
Good morning. We are also in the oil and gas industry and also in the education phase, as we heard a great guy say. We're interested in flipping to grow capital so we hold and rent. Planning on getting our first deal in 2016. With our first contact what would be the best financing route? We have been thinking conventional for our first flip. Any advice on other lending?