Oil Field Employee Looking To Start Investing
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?
Most Popular Reply
@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