Being a over the road trucker getting into REI

9 Replies

so I am all excited to be here and to learn all I can. That being said I was wondering if anyone else is in my position? My wife and I are truckers gone 2 or 3 months at a time. We stay home for the most a week then gone again. So trying to figure out how to search for a investment then when its purchased do renovation and so on. Also it's just my wife and I. Mothers old and housebound. Any tips or anyone who can relate would be great. Also I am from Tennessee. Thanks in advance for any help.

Brock

Research can be done while on the road using a phone and computer. Do you have an agent working on your behalf to find deals? That would be the first step. It's important to use a REALTOR that understands investment property and even better if they own some of their own. They can keep an eye on the market and try to find deals. You can check the numbers while on the road or during your stops. Offers can be written and signed electronically, you can tour the property with a video call on a smartphone, etc. 

You just need to educate yourself on the technology available today.

first, thank you for the response. I am completely new to all this and what is and is not possible. Guess I just assumed most had to be done on site but those are awesome ideas I will be taking advantage of. I still need to get with my bank and see about a pre-approval and then will be finding a realtor. 

Newbe question here...again. isn't it shooting yourself in the foot getting a realtor that invest? My thinking is if they have a good property they would keep it instead of selling it to you. I know I need to change my thinking about things just trying to learn. Thanks again for any and all help.

@Brock Bowen , newbie here too. Interesting combination you have here - driver and investor. I'd tell you to use all the free resources here you can. There are many free books, video's and podcasts that work on the road. One of their tried and true suggestions is "Driving for Dollars" where you literally drive around looking for deals. Keep in mind as you drive around some of the pointers I have learned on BP are: look for properties that have tall grass, look unoccupied, etc. as potential targets. I certainly have learned just because there isn't a sign in the yard doesn't mean it isn't for sale. The last advice I'd give you that I learned on BP is take the emotion out of the deal. If it's a good deal go for it, if not go to the next one until you find a good deal. Don't rush but take action when the numbers work. We're up to 7 properties in a few months with positive cash flow. The calculators on here are amazing and a great start for new investors like us.

Good Luck. 

@bobbystead first thank you for your comments and congrats on your rentals. That is just awesome. Hope everything continues to go well moving forward. 

I listen to the BP podcast every day. I am starting from show 1 and working my way up. I listen to 3 or 4 a day. My focus right now anyways is small multi-families. I want to do the BRRR strategy on 3 and 4 plexes. That is the plan so far. I wont be starting till spring so I can file this year's taxes. Will get into that in another post so I can ask for more advice.

Thanks again for your suggestions I really appreciate it.

Brock Bowen

@Brock Bowen hi there I'm new to REI, and I'm in the same situation. I just started driving for a trucking company, still in the training phase. After That, I need to decide whether to drive for the company or lease a truck and create an llc. My question is : what are my possibilities to get a loan ?

I know I will be making more money if I have an llc, I wonder if I claim myself as an employee of the llc (w2) it would be easier to get a long.

Anyway any information will be much appreciated 🙏

Originally posted by @Amine Salhi :

@Brock Bowen hi there I'm new to REI, and I'm in the same situation. I just started driving for a trucking company, still in the training phase. After That, I need to decide whether to drive for the company or lease a truck and create an llc. My question is : what are my possibilities to get a loan ?

I know I will be making more money if I have an llc, I wonder if I claim myself as an employee of the llc (w2) it would be easier to get a long.

Anyway any information will be much appreciated 🙏

My first suggestion would be to drive for a company for awhile. I know how tempting it can be to go out on your own. The money that's there is extremely enticing. But let me ask you a question or two. Can you fix your own semi if something breaks? How much are your Bill's right now? What would happen if you buy your own truck and something happens to it. A example would be if the engine is bad. I would never pretend to have all the answers and my situation is different from yours and everyone else's. I have wanted to buy my own truck for years now but I am not mechanically inclined by any means. I know if I hear a noise in just my car I should turn the radio up and head to a shop. But that is alot of money out of pocket on my behalf. If I owned a truck right now that expense is multiplied 10fold because it's a specialty job and truckers get milked hard. My suggestion and that is all it is is to stick with company for awhile get use to the job get some experience under your belt. Mean while you can start throwing money back for a truck....more down payment the less the monthly bill is. And please PLEASE!!! Stay away from companies offering you a lease purchase. There paperwork only shows best case scenarios. they dont care about you no matter what they say. If your bill is 1k a week or paycheck they take that before you see a penny. If that leaves you 10 dollars for the week it dont matter to them. Regardless if you decide a truck is right for you right now shop around. Find a deal and payments that works and makes sense for you. On to REI if you havent bought anything yet or up till now you can and should qualify for a fha loan. Where you only need 3.5% down on anything up to a 4plex. My suggestion and that is all this is is find a good realtor and mortgage broker that can walk with through all this. Now is a good time. Decide what you want before you start looking. Mine was a duplex in a great area. Cost me most of my debt to income and I had to drop some personal money but it worked out well. Also as a side note if your married. You didnt say either way in your message you and your wife can both get a fha loan. Just make sure you are the only one on your mortgage and the same for your wife. I dont know if this helps. I hope it does. If you have any more questions feel free to message me and I will help where I can.

@Brock Bowen thank you man you gave a lot of good info I needed! You’re right about the headaches of the lease option....My primary concern is my ability to get a loan cause in my previous job I couldn’t...

I was essentially thinking to start with an fha loan since I’m gonna be house hacking. My wife’s income is low, and right now she’s been furloughed because of the pendemic so I don’t think we can do 2 loans.

Anyway we’ll see how it goes

Thanks again.

And good luck with your journey.

Originally posted by @Amine Salhi :

@Brock Bowen thank you man you gave a lot of good info I needed! You’re right about the headaches of the lease option....My primary concern is my ability to get a loan cause in my previous job I couldn’t...

I was essentially thinking to start with an fha loan since I’m gonna be house hacking. My wife’s income is low, and right now she’s been furloughed because of the pendemic so I don’t think we can do 2 loans.

Anyway we’ll see how it goes

Thanks again.

And good luck with your journey.

 Also just some fyi if you go owner op you will have to wait either 1 or 2 years to show stable income. With a company you only need a couple of paycheck stubs. Us drivers are considered commission based pay as far FHAloans but you shouldn't have a problem. My wife and I drive team and we both got a fha loan