Humble, TX · Member since 2016 · 7 posts · 0 votes
Hello Investor,
My name is Lance Mosby. I am an engineer in the oil field, and my job requires me to work an average of 3 weeks at a time with about 3-5 days off in between. I am extremely interested in investing in rental properties for passive income, and I was wondering if anyone else had somewhat similar job circumstances, and how you manage to overcome and still build your portfolio?
Investor · Thermopolis, WY · Member since 2012 · 4k+ posts · 4k+ votes
9y
@Lance Mosby, welcome to BP Bud. I worked the oilfield for many years to help get through college. I worked derricks mostly. You have no idea how many roughnecks I have seen making double the wages of nearly any other workers and have nothing left over after 10 years but a 4 wheel drive pickup, a trailer house with a mortgage, and a bunch of guns. You need to look at buying something that will be managed by a professional management company. You can do this by buying local or out of state in a turnkey type of scenario. I would suggest using as little leverage as possible when you start, since oil field work can be unreliable, and you might need to take some of the income to live off of from time to time. What you will need to do is learn the market you want to invest in so you can tell what is a good deal and what rents are for an area. Texas has a hue amount of opportunity. Be careful of slab or foundation issues. Seek help from local investors who you can find here on BP through their area code finder. Finally run deals by us on the forum for feedback by the members. Thre is also a huge amount of information here under the education tab. Good luck
Investor · Thermopolis, WY · Member since 2012 · 4k+ posts · 4k+ votes
9y
@Lance Mosby, welcome to BP Bud. I worked the oilfield for many years to help get through college. I worked derricks mostly. You have no idea how many roughnecks I have seen making double the wages of nearly any other workers and have nothing left over after 10 years but a 4 wheel drive pickup, a trailer house with a mortgage, and a bunch of guns. You need to look at buying something that will be managed by a professional management company. You can do this by buying local or out of state in a turnkey type of scenario. I would suggest using as little leverage as possible when you start, since oil field work can be unreliable, and you might need to take some of the income to live off of from time to time. What you will need to do is learn the market you want to invest in so you can tell what is a good deal and what rents are for an area. Texas has a hue amount of opportunity. Be careful of slab or foundation issues. Seek help from local investors who you can find here on BP through their area code finder. Finally run deals by us on the forum for feedback by the members. Thre is also a huge amount of information here under the education tab. Good luck
Investor · Midland, TX · Member since 2015 · 45 posts · 18 votes
9y
@Lance Mosby Good choice Lance. I'm from the Dallas area but have been working in oil & gas (west Texas) almost 4 years. I started out as a roughneck working 28 days on and 14 days off. Now I'm on the production side with a more favorable schedule and can work on deals throughout the day.
I'm with you on the passive income, buy and hold is a good recipe to fit oil & gas schedules especially when you're in remote locations. This was the route I chose.
Hiring a property manager is a solid move, but I chose to self manage 4 of my properties in DFW while living/working in Midland, TX an average of 24 days per month. This really helped my ability to outsource and manage contractors from a distance. Now I have a foundation and a set of standards I expect from my property manager when issues occur or the turnaround on getting a quality tenant in place that will save you tons on the backend.
My advice to you would be NOT to overthink the process beyond closing on a great deal. Choose a market, zone in and get a great deal. Keep the management side in mind with your hectic schedule and circumstances, but don't let that part get in your way. Hope this helps.
Humble, TX · Member since 2016 · 7 posts · 0 votes
9y
This helps greatly, thank you. I do have have a question for you. Have you or anyone you know invested successfully in west Texas? If so I had a few questions about the market out here in Midland/Odessa.
My name is Lance Mosby. I am an engineer in the oil field, and my job requires me to work an average of 3 weeks at a time with about 3-5 days off in between. I am extremely interested in investing in rental properties for passive income, and I was wondering if anyone else had somewhat similar job circumstances, and how you manage to overcome and still build your portfolio?
I am going to agree with some of the others on here. A Turnkey portfolio is a great way to get started. These types of investments allow you to keep working your full-time job since everything is taken care for you! Just make sure you find a true provider and not one of these companies that simply farm the MLS.
If you have any questions, feel free to send me a message.
Investor · Thermopolis, WY · Member since 2012 · 4k+ posts · 4k+ votes
9y
@Account Closed, sorry I didn't hear that, the batteries went dead dead in my hearing aids. Yes the motors are loud and my lower back has it's share of miseries, I latched iron in the derrick. I think investing in real estate is a great idea. Be sure to look up investors in the area where you plan to buy through the locator here on BP. I want to stress again how helpful the education section can be. I invested for nearly 20 years and I was amazed at what I learned reading through it. It took me over a month of pretty heavy reading to get through it.